The Mess That Greenspan Made - Part 8

Tuesday Morning Links

MUST READS
Commodities crash could turn Australia into a new Greece – Telegraph
Gold Leads Commodities ‘Mess’ That Has Investors Smarting – Bloomberg
Is Gold a Stupid Pet Rock or a Bedrock Asset? – GoldSilverWorlds
Liquidity deficit speeds up record Shanghai gold rout – Mineweb
Bloomberg Commodity Index Falls To Lowest Point Since 2002 – Confounded Interest
Puerto Rico Says Services Come Before Agency Debt Payment – Bloomberg
Russian Town Near Ukraine, Once Quiet, Now Buzzes With Military Activity – Bloomberg
Schäuble was ready to give Greece €50 billion to quit the euro – Heard in Europe
New Data Show How Bad Things Were for Greek Banks – Bloomberg
Greece’s Euro Exit Back on the Agenda Next Year – Bloomberg
Donald Trump Is The World’s Greatest Troll – FiveThirtyEight
The end of capitalism has begun – Guardian

MARKETS/INVESTING
Global stocks steady as Greece relief rally runs dry – AP
Oil prices struggle around $50-a-barrel mark – MarketWatch
The Nasdaq Is Flashing a Dot-com Era Warning Signal – Fiscal Times
The Remarkable Dominance Of US Equity Performance – Capital Spectator
Chinese stocks rise as Shenzen gains 20% on July low – MarketWatch
Still no reason to be long gold and silver – Factor
Gold’s fall threatens to sink mining M&As – Mineweb
Analyzing PBOC Official Gold Reserves Increment – BullionStar
China’s Total Gold Holdings Much Higher – GoldCore
Gold Warns Again – Alhambra Partners

ECONOMY/WORLD/HOUSING/BANKING
Where rents are rising the fastest – CNN/Money
Debating the merits of calling student debt a ‘crisis’ – MarketWatch
For Many Firms, China’s ‘New Normal’ Spells Doom – WSJ
Japan demands China halt oil exploration in part of East China Sea – Reuters
China Is Turning Beijing Into a Megacity Six Times The Size of NYC – Gizmodo
Dealing With the Pressure of Being Married Without Children in China – WSJ
U.S. Housing Market: Is the Roof About to Cave In (Again)? – Market Oracle
The Fed’s Confusion Over the “Natural Rate” of Unemployment and Inflation – Mises
Now that the Fed will raise rates, can it? – USA Today
Fixing the Fed’s Liquidity Mess – WSJ

 

10-Year Asset Class Performance

A pretty interesting graphic from this story at Business Insider on how various asset classes have done over the last ten years and so far in 2015.

You wouldn’t know it from its recent performance, but the yellow metal still looks pretty good going back a decade, even though it bottomed out about five years prior in what’s now referred to as “the Brown Bottom”, when the Tony Brown and the Bank of England loudly sold about half their remaining gold stock at prices that were at generational lows.

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Friday Morning Links

MUST READS
The Greek Deal Needs More Eurofudge – Forbes
Germany’s Tone Grows Sharper in Greek Debt Crisis – NY Times
German parliament backs negotiations on new Greek bailout – Reuters
Grexit Still on the Table Even With EU’s Latest Band-Aid – Bloomberg
Nasdaq surge is triggering 2000 bubble flashbacks for strategists – MarketWatch
China Gold Reserves Top Russia in First Disclosure Since ’09 – Bloomberg
China raises gold reserves for the first time since April 2009 – forexlive
China Increases Gold Holdings By 57% In First Update Since 2009 – Zero Hedge
Shadow Lenders Are Pushing Into Risky Real Estate Deals – Bloomberg
The “Leveraged Loan” Time Bomb Goes Off – Wolf Street
6 things the government spends more on than the Pluto mission – Vox
The California drought is even worse than you think – CNBC

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Three Years Down in a Row System – Meb Farber Research
BlackRock Isn’t ‘Dangerous’ And ETF Liquidity Isn’t Free – Barron’s
Oil Set for Longest Run of Weekly Losses Since January on Glut – Bloomberg
3 Keys to Navigating a Low Return Environment – PragCap
Greed is still trumping fear, and that’s bad for stocks – MarketWatch
China Unleashes $483 Billion Margin Trader to Stem Stock Rout – Bloomberg
Gold near 8-mth low on Fed hike prospect, platinum breaches $1,000/oz – Bloomberg
Why The Texas Gold Depository Is Important – GoldSilverWorlds
Credit deflation and gold – GoldMoney

ECONOMY/WORLD/HOUSING/BANKING
Different Strokes for Different Folks – Atlanta Fed
The Effect of the Strong Dollar on U.S. Growth – NY Fed
How Likely is Hyperinflation in the U.S? – Advisor Perspectives
China ‘Absolutely’ Resolved to Reform Economy, World Bank Chief Says – WSJ
As Lula Corruption Probe Begins, Brazil’s Crisis Heats Up Again – Bloomberg
Home prices still a long way from the peak – after inflation – O.C. Register
The Fed’s ‘Risk-Management’ Case for Raising Rates Soon – WSJ
The Fed and African-American Unemployment – On the Economy
Yellen Has the Best People, but Kerry’s Are the Most Loyal – Fiscal Times
The Case For September – Fed Watch

 

Unsound Banking

Lots of banking news today, such as this Bloomberg story on Wall Street’s Wild West and word from Zero Hedge that auto loan rejection rates just hit record lows.

In this overview of contemporary banking, the problems are neatly summarized thusly, a point that may seem quite obvious but that, increasingly, seems to be forgotten now that U.S. home prices and stock prices appear to have reached a permanently high plateau:

The main problem with banks nowadays is that a lot of them have abandoned their traditional role as providers of long-term financial products in favor of short-term gains that carry much higher risks.

Also see:

Thursday Morning Links

MUST READS
Greece passes austerity bill as Athens police clash with protesters – Guardian
IMF. Report Shines Uncomfortable Light on Greece’s Financing Gap – NY Times
Schaeuble Shrugs Off Greek Vote Saying Euro Exit Is Best – Bloomberg
Greece’s anti-austerity riot in pictures – MarketWatch
Fed’s Yellen reiterates she expects rate hike this year – USA Today
Janet Yellen To Jobless African-Americans: You’re On Your Own – HuffPo
Puerto Rico Says It Failed to Send Money for Bond Payments – Bloomberg
Obamacare: Still Failing and Picking Your Pocket – Fiscal Times
The Disastrous Loan Deal That Shows Wall Street Still Has a Wild West – Bloomberg
Why Most of the World’s Banks Are Headed for Collapse – International Man
Auto Loan Rejection Rate Falls To Lowest Level On Record – Zero Hedge
Blame the Banks – Atlantic

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Beijing’s battle with bears moves into futures – Reuters
The ‘Dollar’s’ Grand Masterpiece Almost In Full View – Alhambra Partners
Billionaire Paul Singer: China Crash Is ‘Way Bigger Than Subprime’ – Bloomberg
Chinese shares recover as hundreds of firms resume trading – MarketWatch
How you’re being misled by retirement-saving advice – MarketWatch
Gold slides to four-month low as U.S. rate rise looms – Reuters
Are Gold Miners Oversold? These Charts Show Not All Glitters – Bloomberg
If you’re feeling bullish on China, consult Dr. Copper – Mineweb
BHP Billiton to take a $2.8 billion write-down on US assets – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
Inflation Is Low, but U.S. Consumers Still Feel a Pinch – WSJ
Why America’s workforce is shrinking and Europe’s isn’t – CNN/Money
China’s Debt-to-GDP Ratio Just Climbed to a Record High – Bloomberg
European car sales surge 15 percent in June – AP
Japan will allow its military to fight overseas for the first time since World War II – The Week
Australian Housing Market Making Money Off of Chinese Stock Doldrums – Realty Today
U.S. foreclosure activity in first half of 2015 fell to 10-year low – Reuters
Hispanic and First-Time Homebuyers Could Boost Housing Market – Origination News
Bank of Canada Sees Global Economy, Freaks Out, Cuts Rate – Wolf Street
Fed’s Williams Repeats View Rates Will Likely Rise This Year – WSJ

 
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