The Mess That Greenspan Made - Part 6

Greekovery

Add the title above to the growing list of oddly amusing new words prompted by the ongoing crisis in Greece though, from the looks of the graphic below from this story at the Telegraph, they may be a bit premature.

Though Ireland appears to have pulled back from the abyss, never to return, the Italian economy is not looking so hot these days along with Cyprus that, until their own crisis a few years back, was flying (relatively) high.

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Tuesday Morning Links

MUST READS
EU raises eurozone forecast despite bleaker Greek outlook – AP
Bail-out uncertainty plunges Greek economy back into turmoil – Telegraph
Reserve Bank of Australia cuts official cash rate to record low 2% – SMH
Iraqi forces plead for help as Islamic State closes in on refinery – Reuters
How Much Finance Is Too Much: Stability, Growth & Emerging Markets – IMF Direct
Why Elizabeth Warren Makes Bankers So Uneasy, and So Quiet – Bloomberg
After shocking fundraising totals, Bernie Sanders defends socialism – alternet
California Water Shortage Grows as Lake Mead Nears Crisis – The Trumpet
Drought’s Extremes Tallied at Record-Low Lake Mead – NY Times
3 out of 4 retirees receiving reduced Social Security benefits – MarketWatch
Why the wealthy can’t get off the treadmill – UBS
How to make espresso in outer space – CNN/Money

MARKETS/INVESTING
Stocks cautious after plunge in Chinese market – AP
China stocks slump on tighter margin rules, IPOs – Reuters
Liquidity drought could spark market bloodbath, warns IIF – Telegraph
German Bonds’ Five-Day Selloff Hits Skids With No Greek Progress – Bloomberg
Homebuilder ETF Sees Record Outflow Amid Housing Worries – Barron’s
Bill Gross: The Bull Market ‘Super-Cycle’ Is Nearing Its End – Bloomberg
Stock investors: ‘Sell in May’ could be your best move now – MarketWatch
Gold cuts losses as dollar pauses; focus on U.S. jobs data – Reuters
Gold Market Remains Neutral As Long Short Specs Rise – CFTC – Kitco
U.S. Fears a European “Lehman Brothers” – GoldCore

ECONOMY/WORLD/HOUSING/BANKING
Endangered Species: The Self-Employed Middle Class – of two minds
America’s trailer park residents poor, but owners are getting rich – Guardian
Venezuela’s Economy Suffers as Import Schemes Siphon Billions – NY Times
Forget Tanks. Russia’s Ruble Is Conquering Eastern Ukraine – Bloomberg
China’s exports face growing pressure – trade ministry – Reuters
Australia’s Sacred Cow Threatens Banking System – Wolf Street
The Real NYC Condo Boom Isn’t in Manhattan – Bloomberg
Yellen says she met with analyst named in rate leak probe – Fox News
Central Bankers Reconsider Inflation Targets They Can’t Hit – Bloomberg
Blogger Ben’s Basically Full Of It – Contra Corner

 

This story at The Nation about Baltimore’s economic ills that have led to this city being the country’s latest hotspot on police conduct and inequality points to a Pew Research poll from a couple of years ago that provides the following take on how vastly different household assets and debts are between blacks and whites in the U.S.

Note that these are averages, not medians, and the latter would show a much more accurate picture of the “typical” black or white American.

Nonetheless, the asset-to-debt ratios and the components of each offer compelling evidence of just how broad the economic/financial divide currently is between races.

Monday Morning Links

MUST READS
Why Baltimore Burns – The Nation
David Brooks Is Not Buying Your Excuses, Poor People – NY Magazine
Who’ll pay the milkman when Greece runs out of cash? – Economic Times
Greek Jobless Legacy Adds to Danger for Tsipras as Funds Dwindle – Bloomberg
‘Warning lights’ flash over Greece and France as manufacturing stumbles – Telegraph
Poverty edging into 2016 presidential race amid city unrest – AP
Buffett Says Minimum Wage Increase Isn’t Answer to Income Gulf – Bloomberg
The Dollar Joins the Currency Wars – Roubini, Project Syndicate
Economic Policy Turned Inside Out – Roach, Project Syndicate
Two Point Three Sigmas Above the Norm – Hussman Funds
Quasi-Capitalism and Crowded Trades – CBB
‘Inequality Is a Choice’ – NY Times
A Sense of an Ending – Gross, Janus

MARKETS/INVESTING
Stock Futures gain ahead of factory orders – MarketWatch
Takeover Fuel Begins to Flow as S&P 500 Bull Run Makes History – Bloomberg
Oil hits 2015 high as traders look beyond ample current supply – Reuters
Study reveals valuable purpose of naked short selling – NY Post
Here’s how a stock market sounds when the bubble bursts – MarketWatch
Gold rebounds from 6-week low but dollar recovery caps gains – Reuters
Russia is hoarding gold; you should worry – Washington Times
China’s SGE gold flows still at high level – 51t last week – Mineweb
Silver – Four Years Later – Silver Seek

ECONOMY/WORLD/HOUSING/BANKING
GDP Number Signaled A Healthy Economic Boom – RCM
5 Tufts students go on hunger strike over janitor layoffs – AP
Price rise slows eurozone factories – BBC
Venezuela to nationalise food distribution – News24
China PMI shows biggest drop in factory activity in a year – Reuters
Singapore Wants Kids to Skip College: Good Luck With That – Bloomberg
Win or lose, Cameron’s political career hangs by a thread – Reuters
The Most Overvalued Housing Market In The World – Zero Hedge
Taylor on Bernanke on Monetary Rules – WSJ
Bernanke’s Rebuttal – WSJ

 
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