The Mess That Greenspan Made - Part 6

From the “pissed off, disillusioned, ex-Wall Street,  independent, intentionally-unnamed, now permanently ex-pat bloggers” who offer up fare at the NotQuant blog comes the image below, prompted by a paper(.pdf) from the Philadelphia Federal Reserve about the supposedly unintended consequences of monetary policy.

Interestingly (but not surprisingly, given the dismal set’s detachment from the real world in cases such as this), economist Makoto Nakjima doesn’t even question whether this particular unintended consequence is really unintended, stating unequivocally:

Monetary policy currently implemented by the Federal Reserve and other major central banks is not intended to benefit one segment of the population at the expense of another by redistributing income and wealth. Any decisions regarding redistribution are considered to be the province of fiscal policy…

Yeah, right.

Thursday Morning Links

MUST READS
Greece seeks bailout extension – euobserver
Merkel Tells Tsipras It’s Time to Back Talk With Action – Bloomberg
Tears as Greek state TV returns to air after austerity shutdown – Reuters
Iceland: The economy that came in from the cold? – Independent
Russia says U.S. coerces Kiev and violates arms treaties – Reuters
Dimon: Elizabeth Warren May Not Understands Global Banking – Bloomberg
Bond crash across the world as deflation trade goes horribly wrong – Telegraph
Pimco Issues Inflation Warning at a Time When Costs Are Falling – Bloomberg
What’s Fraying Nerves of Treasury’s Financial Stability Folks – Wall St. on Parade
The Fed fears lifting interest rates, ex-insider says – MarketWatch
Oops! Philly Fed Admits QE widens inequality – NotQuant
How the Next Financial Crisis Will Happen – WSJ

MARKETS/INVESTING
Global stocks rise on Greece hopes – AP
Two more years of Bull? – Reformed Broker
The Return Of The Bond Vigilantes – Capital Spectator
Rising cost on U.S. rate swaps raises worries – Reuters
Three Seismic Shifts Shaking Up the World of Energy – Bloomberg
MSCI backs itself into corner on China share inclusion – Reuters
Gold snaps 3-day rally as dollar rises – Reuters
Indian Silver Imports On Track To Smash All Records – SRSrocco Report
Gold bulls lose key ally as diehard coin buyers vanish in US – Bloomberg
Gold price: Reasons not to fear the Fed – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
$15-an-hour minimum wage passed in L.A. – USA Today
Why Cheap Gas Hasn’t Lit a Fire Under Consumers – Fiscal Times
Rental America: Why the poor pay $4,150 for a $1,500 sofa – Washington Post
Economic Automatons Attack James Grant’s The Forgotten Depression – Mises
Beijing is enjoying rare phenomena: blue skies and rainbows – Quartz
European Central Bank Economists Find That Austerity Works – WSJ
Sydney house prices ‘crazy’: Stevens – Business Spectator
Why Do We Celebrate Rising Home Prices? – Mises
Axel Weber Tells Yellen, Draghi & Co: You’re Doing it Wrong – Bloomberg
World Bank sees slower global growth, urges Fed to wait on rates – Reuters

 

Rising Inequality and Lost Decades

I don’t think this video is new (it was stumbled upon at this story at Vox about how bankers actually went to jail in Iceland after the financial crisis), but with the stock market rebounding sharply and set for new all-time highs, it’s worth another look.

Also see How Will the Economy’s “Lost Decade” Play Out in 2016? by John Cassidy at The New Yorker. It will surely be interesting to see how this all plays out between now and the election next November (I’m not hopeful, just curious).

Wednesday Morning Links

MUST READS
New Greek proposal gets mixed reactions – euobserver
Charts Show Economic Unraveling for Greece – Bloomberg
Iceland put bankers in jail rather than bailing them out – and it worked – Vox
New toys for flash boys in China’s fledgling derivatives market – Reuters
Of Pool Parties, Police Brutality, and Institutional Racism – reason.com
McKinney pool party: White kids’ response to racism is good news – Vox
Americans student loan debt rises at $3K per second – MarketWatch
How Will the Economy’s “Lost Decade” Play Out in 2016? – New Yorker
Chipotle’s Hourly Workers Get Sick Leave And Vacation – HuffPo
What’s swelling the ranks of involuntary part-timers – CBS News
America’s part-time worker problem – CNN/Money
The Triumph of Occupy Wall Street – Atlantic

MARKETS/INVESTING
U.S. stocks poised for upbeat day – MarketWatch
Calling the Turns: Why Timing Is So Hard – Research Affiliates
MSCI Won’t Add ‘A-Shares’ to EM Indexes — Yet – Barron’s
Panic Before Everyone Else Does – The Burning Platform
A stock market ‘leading indicator’ is tanking. But why? – CNN/Money
German Bonds Decline With 10-Year Yield Reaching 1% – Bloomberg
Gold gets boost from soft dollar, Greece worries – Reuters
How central banks will push up the gold price – Mining.com
The Redeployment of Asia’s Forex Reserves – Caixin Online
Silver: Breakout Or Breakdown? – Secular Investor

ECONOMY/WORLD/HOUSING/BANKING
The Rise of a New Economic Underclass—Millennial Men – Fiscal Times
The 2nd Stage of Recovery: Wage Negotiating Power – Reformed Broker
Is China Knocking on Deflation’s Door? – Caixin Online
Kuroda Says Hard to See Yen Dropping More, Spurring Surge – Bloomberg
Hong Kong’s fight for democracy is entering its last round – Quartz
UK Housing Market Grossly Over-inflated By Low Interest Rates – Confounded Interest
Survey: Most Americans believe the housing crisis isn’t over – Vox
The FOMC, the Board of Governors, and Fed interest rate policy – Bernanke’s Blog
QE Begins to Screw Investors – Wolf Street
The QE Placebo – Project Syndicate

 
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