The Mess That Greenspan Made - Part 8

Wednesday Morning Links

MUST READS
George Soros bet big on gold – CNN/Money
Fighting the Next Financial Crisis – Project Syndicate
Why millions of US workers will now get overtime pay – CSM
Wildfire causes evacuation of Canadian oil sands camps – Mining.com
Facebook Trending team worker: the most toxic work experience of my life – Guardian
Sanders wins Oregon, battles Clinton in Kentucky, Trump wins Oregon – AP
An Exhausted Democracy: Donald Trump and the New American Nationalism – Spiegel
Why Pennsylvania Could Decide The 2016 Election – Five Thirty Eight
Clinton campaign wrestles with how to attack Trump – Politico
People are angry, but about politics, not the economy – Vox
The Mind of Donald Trump – Atlantic
Reality bites the GOP – The Week

MARKETS/INVESTING
Stocks: 6 things to know before the open – CNN/Money
The ‘black swan’ that could sink surging oil markets – CNBC
Goldman Sachs loses faith in stocks and warms up to oil – MarketWatch
George Soros Sells Stocks, Buys More Gold, Why Investors Should Care – Forbes
Global funds fear ’summer of shocks’ despite boom in money growth – Telegraph
The Commodity That No One Knows About But Everybody Wants to Buy – Bloomberg
Gold slips on dollar after U.S. data boosts Fed rate rise expectations – Reuters
Gold Demand Just Had Its Strongest-Ever First Quarter – US Funds
Junior Miners Surge as Global Elite screams: ‘Buy Gold’ – Secular Investor
Texan Plans to Build Gold Depository – Mises

ECONOMY/WORLD/HOUSING/BANKING
The Humungous Depression – The Burning Platform
A Growth Rate Weighed Down by Inaction – NY Times
UK employment hits fresh high as jobs market weathers uncertainty – Telegraph
China Needs Fewer Skyscrapers, Says Manager of Country’s Tallest Building – WSJ
Japan’s economy dodges recession in first-quarter, sales tax decision eyed – Reuters
There’s a strange consumer paradox playing out in India right now – Quartz
China April home prices accelerate, recovery spreads to smaller cities – Reuters
Recession-scarred Millennials fuel growing interest in tiny homes – USA Today
Revolving Door Swings As Feds Take Posh Jobs At Big Banks – Daily Caller
Fed Officials Come Looking For A Fight – Fed Watch

 

Stay Away from the Wildlife!

The story of a father-son couple in a rented SUV in Yellowstone National Park attempting to rescue a bison calf from the cold has made the national news in recent days.

It ends badly, as it would have regardless of the tourists’ actions.

The latest from East Idaho News can be found here.

FWIW – from what I’ve read, the calf had been rejected by its mother and was approaching people (not that this should have made a difference in how the tourists acted).

Tuesday Morning Links

MUST READS
ICBC to be first Chinese lender to own London vault – BBC
Make America Gold Again: Calls for Gold Standard Are Back – Bloomberg
China is Doubling Down on State Directed Growth – Gave Kal Capital
BlackRock’s Fink Concerned About China’s Rising Debt – Bloomberg
Raghuram Rajan and the Dangers of Helicopter Money – New Yorker
EU referendum: More than 300 business leaders back a Brexit – Telegraph
Cameron’s sham deal with big firm to bully Brits into staying in EU – Express
How Donald Trump turned the tables on The New York Times – CNN/Money
‘We’re running a f—ing casino’: Politician tells all in manifesto – NY Post
Trump, Clinton face most diverse electorate in history – The Hill
The economic source of the current anger – Washington Post
The age of impunity – Boston Globe

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
Oil prices take a breather after hitting 2016 high – MarketWatch
Shadow Banks Make Diciest Loans While Wall St. Retains Risk – Bloomberg
Mark Spitznagel beats drum for tail risks as markets stall – Financial Times
Election Years Are Steeped in Markets’ Least Favorite Thing: Uncertainty – NY Times
Gold down as stock market recovery curbs investor interest – Reuters
Mining deals plummet in value as commodities bust continues – ABC.net
ETF pile-on continues as gold gains for second straight day – Mining.com
Gold, it turns out, has a seasonal pattern of weakness – MarketWatch

ECONOMY/WORLD/HOUSING/BANKING
GDPNow and Then – Atlanta Fed
Once upon a time, there was a middle class – My Budget 360
UK Inflation Falls for the First Time Since September – NY Times
China’s Economy Is Past the Point of No Return – National Interest
China State Media: Cultural Revolution ‘Can Never Occur Again’ – WSJ
Venezuela’s President Is Sending Troops to ‘Protect’ the People – Vice News
Germany sees more arson fires at refugee centers – Rappler
A Nation of Housing Haves and Have-Nots – of two minds
Chinese investment in U.S. real estate tops $300 billion: study – Reuters
As China Revamps Regulation, PBOC Gears Up for Central Role – Bloomberg
Economists – Alhambra Partners

 

Innovation Then and Now

Neil Irwin’s romp through the history of American innovation from the mid-1800s onward provides a pretty interesting perspective on how we got here, leaving most historically informed readers underwhelmed at the latest developments when they’re compared to such undertakings as the building of the Brooklyn Bridge back in 1880s.

It’s all relative, as they say…

A hundred years from now they’ll look at current cancer therapy like we look at blood-letting today (not an original comparison, but one worth repeating) – innovation and achievement must be measured in the context of the period that they occurred.

It would have been interesting to go back another 50 years or so to look at life in early 1800s America – consider that, prior to the invention of the telegraph and railroads, nothing traveled faster than a horse. For example, Andrew Jackson’s war-hero status earned in the Battle of New Orleans actually came two weeks after the War of 1812 had officially ended.

Monday Morning Links

MUST READS
Goldman: Oil surplus has come to a ‘sudden halt’ – MarketWatch
OPEC signals greater oil glut in 2016 as its output surges – Reuters
China Slowdown Shows Debt Addiction Will Be Tough to Shake – Bloomberg
What Was the Greatest Era for Innovation? A Brief Guide – NY Times
Mark Zuckerberg to meet with conservative media figureheads – CNN/Money
Priebus Shrugs Off Trump Controversies: ‘People Just Don’t Care’ – Fiscal Times
Trump threatens Amazon payback for Washington Post articles he doesn’t like – Vox
Could the Latest Trump Stories Be Different From the Rest? – The Atlantic
Elizabeth Warren is emerging as top Democratic attacker – Boston Globe
Blowing Bubbles: QE and the Iron Laws – Hussman Funds
Ominous Portents – Credit Bubble Bulletin
The Endgame – GoldMoney

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
Jim Cramer doesn’t beat the market – MarketWatch
What If Everything Is Overvalued? – A Wealth of Common Sense
Rise of the billionaire robots: how algorithms have redefined hedge funds – Guardian
Wall Street’s Bond Forecasters Splinter as Fed Credibility Wanes – Bloomberg
No More Room To Borrow – US Leverage Ratio At 100 Year High – Contra Corner
China’s Debt Bomb: No One Really Knows the Payload – Visual Capitalist
Gold gains ground as equities and dollar retreat – Reuters
Gold demand just had a major growth spurt – Mining.com
Central Bankers’ Wisdom Faulted as Gold Holdings Surge 25% – Bloomberg

ECONOMY/WORLD/HOUSING/BANKING
NY & Atlanta Fed Project Q2 GDP Rebound – Capital Spectator
Reconciling the 3 Narratives About Global Growth – Bloomberg
Venezuela’s ’state of emergency’: How the country slid into crisis – CNN
A British politician decided it was a good idea to bring Hitler into the Brexit debate – Quartz
China Is Pissed About the Pentagon’s New Report on Its Military Activity – Vice News
5 Reasons Why Investors Shouldn’t Cheer China’s Property Market Recovery – WSJ
Why is everyone so worried about another housing bubble? – OC Housing News
Waves Not Cycles; The Difference of Heavy Monetary Influence – Alhambra Partners
ECB Admits: “We’re the Magic People” in a Clown Show – Wolf Street
We Need Central Bankers Who Speak Their Minds – Bloomberg

 
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