The Mess That Greenspan Made - Part 8

The Neverending Crisis/Bailout in Greece

It’s not hard to see where this is all headed in Greece – the Sunday referendum will result in a “Yes” vote (for the bailout package rejected by the Greek government last week) and the result will be an interim bailout prior to another election where the people will again vote for what sounds good (i.e., promises of a better deal than they vote for on Sunday).

This Bloomberg story provides the following flowchart:

There should really be a box at the top, something like, “Greece fails to meet terms of bailout”, along with a loop from the “Next bailout” box at the bottom.

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Wednesday Morning Links

MUST READS
Greece makes concession but no deal seen before Sunday vote – AP
Greece Compromise Bid Faces Resistance as Trust Fades – Bloomberg
Greece, Missing I.M.F. Payment, Is Called Effectively in Default – NY Times
Greek Pension Rationing Begins; Poll Shows Tsipras Backed – Bloomberg
Goldman Sachs Doesn’t Have Clean Hands in Greece Crisis – Wall Street on Parade
Why Greeks Still Want to Keep the Euro, in One Chart – Wolf Street
Greece: Where Has All The Money Gone? – Confounded Interest
While the World Watches Greece THIS is Happening – Capitalist Exploits
Puerto Rico Bonds Fall to Record Low as Debt Crisis Worsens – Bloomberg
Donald Trump Could Lose $78.5 Million For Pissing Off Mexicans – Vice News
Mexico pulls out of Trump’s Miss Universe pageant – CNN/Money
The Case for Polygamy Begins – reason.com

MARKETS/INVESTING
Markets bounce on leaked bailout memo – USA Today
Bill Gross Warns About Liquidity In Next Crisis – WSJ
What moves the stock market? – voxeu
China’s biggest stock market just lost 5% in a single hour – CNN/Money
Young Fund Managers Lose Out in China Stock Rout – WSJ
Entire S&P 500 Free Cash Flow Is Going Back To Shareholders – Zero Hedge
Gold around four-week low on dollar, hopes over Greek crisis – Reuters
Sorry gold bulls, metal’s best forecaster expects more declines – Mineweb
China targets counterweight in gold trade with yuan fix – Reuters
Gold: A Safe Haven No More? – GoldSilverWorlds

ECONOMY/WORLD/HOUSING/BANKING
The Economy’s Missing Metrics – NY Times
China’s Economy Signals More Weakness – WSJ
Why Jeb Bush’s growth strategy could work for the UK – Telegraph
For Germans, economics is still part of moral philosophy – Vox
Carney: UK stability outlook has ‘worsened’ in light of Greece – BBC
Home Price Gains Ease in April According to the S&P/Case-Shiller – S&P
Affordable Housing Crisis Grows as Apartment Rents Skyrocket – alternet
Fed’s Bullard Shrugs Off Greek Events, Points to Chance of Sept Rate Increase – WSJ
The state of global monetary policy, in one sentence – Vox
Confirmation bias and bubbles – Money Illusion

 

Grisis, Granks Grosed, Grexit Grossible

Just think … someday we’ll be able to have a little chuckle as we look back at the long-running Greek financial crisis and marvel at what policy makers were able to accomplish within a dysfunctional system that should never have allowed Greece to join it, the nation only being able to do so thanks to some Goldman Sachs financial engineering.

From Martin Rowson at The Guardian.

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Tuesday Morning Links

MUST READS
Greece holds last-minute debt talks – BBC
Greece would challenge forced euro exit – euobserver
Loads of Debt: A Global Ailment With Few Cures – NY Times
Merkel says door open for talks with Greece – AP
Greek PM hints he’ll quit if people back bailout offer – CNN/Money
The Greek Catastrophe Is Finally Here (Unless It Isn’t) – Politico
Greece Staggers Into Economic Unknown With Bailout Expiring – Bloomberg
Why Is this Tiny Nation Causing Stock Market Losses Around the World? – Wall St. on Parade
Puerto Rico governor calls for bankruptcy; adviser says island ‘insolvent’ – Reuters
Puerto Rico facing historic default on its $72 billion debt – USA Today
Citigroup Overtakes JPMorgan as Top U.S. Derivatives Dealer – Bloomberg
San Francisco Hotels Are World’s Priciest as Rates Surge – Bloomberg
Australia’s Great Barrier Reef at Risk – Atlantic

MARKETS/INVESTING
European stocks fall again on Greece crisis, Asia rebounds – AP
Chinese Stocks Surge After Biggest Intraday Swing Since 1992 – Bloomberg
U.S. investors are dumping stocks for the wrong reason – MarketWatch
A wicked spike in volatility puts two big bullish trends at risk – MarketWatch
Gold slips as Greek crisis knocks euro – Reuters
Gold Up And S&P Down? – GoldSilverWorlds
Investors add most gold to funds in 5 months – Mineweb
Europeans Buy Coins and Bars Due to Greece Crisis – GoldCore
India Hoards Silver; The Disconnect In Stocks & Bonds – SRSRocco Report

ECONOMY/WORLD/HOUSING/BANKING
Gigs with Benefits – New Yorker
The “Hangover Theory” of 2008-2009 Fails Because of Timing – WCEG
The Economics of George Orwell – Roger Farmer’s Economic Window
Abe Tackles World’s Heaviest Debt Burden – Bloomberg
WikiLeaks Doc Allege ‘Economic Espionage’ Against France – Vice News
China’s Communist Party: Still Big, and Getting Bigger – WSJ
Report: Sydney’s crazy housing market no mere craze – Reuters
The housing market has an inequality problem – Yahoo! Finance
SF Fed: Robin Hood Economic Policies May Not Boost Economy – WSJ
Events Continue to Conspire Against the Fed – Fed Watch

 
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