The Mess That Greenspan Made - Part 8

What’s Wrong with Australia?

Via this item at Zero Hedge comes the chart below from Reuters depicting the state of the world, interest rate-wise, strongly suggesting that rate cuts are in the offing down under.

Of course, word came yesterday that the U.S. central bank is desperate to make a token interest rate increase in six weeks and, with everyone else going in the opposite direction, the unintended consequences of this action should be exciting to watch.

Thursday Morning Links

Fed puts December rate hike firmly on the agenda – Reuters
December Still Very Much A Live Meeting – Fed Watch
A strong dollar could derail the Fed’s interest rate plans – Fortune
Charts Run Counter to Fed Talk of Rate Hike – Wall St. On Parade
Republican debate runs off the rails – Daily Mail
The 15 most explosive moments of the GOP debate – Politico
Priebus: CNBC debate moderators improper, unprofessional – The Week
CNBC’s asking price for ads during GOP debate: $250,000 – CNN/Money
Marco Rubio’s Big Night at the Republican Debate – New Yorker
Third GOP Debate Ushers In The New Trump – U.S. News
Yeah, Jeb Bush Is Probably Toast – FiveThirtyEight
Cruz Rips Press At CNBC Debate – RCP
The ‘mad money’ debate – Politico

Futures lower as December rate hike back in play – Reuters
Market to the Fed: We can survive rate hike – USA Today
Is There A Bubble In Leveraged ETFs? – Barron’s
One Trader Loses It Over Draghi And Yellen’s Lies – Zero Hedge
China Stocks Extend Biggest Retreat in a Month in Hong Kong – Bloomberg
Why oil rallied despite 5 weeks of rising supplies – MarketWatch
What keeps stock strategists (and their clients) up at night – MarketWatch
Gold up as dollar falls, but close to 2-week low on Dec rate hike talk – Reuters
Gold takes a hit as investors increasingly look for a Fed hike in Dec. – MarketWatch
Gold price drops $30 after Fed –

Obama’s economy in 10 charts – CNN/Money
Student Loan Debt: A Closer Look – Advisor Perspectives
Today’s War Against Deflation Will Make Us Poorer – Mises
Pressure mounts on Brazilian Congress to impeach president – Reuters
San Francisco, Home To A Wild Housing Market – here & Now
Landlord Boom a Bigger Risk for Aussie Bad Debts Than Businesses – Bloomberg
Deutsche Bank to cut 15,000 jobs as it stumbles to €6bn loss – Telegraph
Owning Half of Japan’s ETFs May Not Be Enough for Kuroda – Bloomberg
Why the UK should be hiking interest rates ‘more urgently’ than the US – BI


Confidence is High

Hoisting up this photo of Federal Reserve Chair Janet Yellen from this Fortune story today about how the central bank is, basically, flying blind when it comes to inflation since the Phillips Curve stopped working … well, it just seemed like a good idea this morning in advance of today’s expected non-action on interest rates from the Fed.

Here’s a simple suggestion – since it is now clear that newly created money from the Fed goes exclusively into financial instruments rather than anything that factors into consumer prices and, certainly, not workers’ wages (and “trickle-down” appears to be broken too), maybe the braintrust in the Eccles building should look more at stock prices (way up), bond prices (way up), home prices (way up), etc. to gauge whether or not they’ve done enough.

There’s also this rather embarrassing graphic via Marketwatch today:

Wednesday Morning Links

For Fed, a Rates Puzzle Looms – WSJ
Fed Unlikely to Raise Rates, as Pressures Mounts – NY Times
How Mario Draghi will stop Janet Yellen from raising rates for years – MarketWatch
Sweden’s Riksbank Expands QE Program as ECB Stimulus Weighs – Bloomberg
Sweden ramps up QE and hints rates could go further into negative territory – Telegraph
Rate Alert! 8 European Countries Now Have Negative 5-Year Yields – Confounded Interest
Millennials: 70% Want To Be Debt Free, 66% Won’t “Gamble” In Stocks – Zero Hedge
The worse things get for you, the better they get for Wall Street – Burning Platform
The New Budget Deal Is Washington Vote Buying at Its Finest – Fiscal Times
New polling strength makes Marco Rubio a top target at debate – USA Today
Hillary Clinton tells Colbert: I’d let big banks fail – Politico
Health threat of sugar is vastly underestimated, study claims – Guardian
Is Bacon Really Bad for Your Health? –

Global shares rise as Riksbank helps ease Fed wait – Reuters
Six Reasons to be Bullish on Stocks – U.S. News & World Report
Why investors are worrying about another US recession – Telegraph
UBS Analyst Who Called Emerging-Market Rout Sees Gain Fading – Bloomberg
Inside the Old Psych Hospital Reborn As a Home for Money Managers – Bloomberg
Gold extends gains above $1,170 ahead of Fed statement – Reuters
Commerzbank, HSBC: China Gold Imports Confirm Strong Demand – Kitco
Russia, China increase gold holdings as central banks expand stimulus –
The Circle of Gold – GoldSilverWorlds

No one (not even Janet Yellen) understands inflation – Fortune
Food stamps do much more to fight poverty than we thought – Vox
Why Are More Young Adults Still Living at Home? – St. Louis Fed
U.K. Economy Slows in the Third Quarter – Wall Street Journal
China Steel Head: Demand Slumping at Unprecedented Speed – Bloomberg
China ‘not frightened to fight a war with the U.S.’ over South China Sea – The Week
US home values and rents steadily rising in a resilient housing market – newser
Kuroda’s Stimulus Toolkit: Here Are Options for Bank of Japan – Bloomberg
Professor Bernanke’s Bogus Contra-factual – Contra Corner
Why the Fed should just stop talking – MarketWatch


Death Knell for American Consumersim

No, not really.

And, actually, it’s not clear what’s more interesting in this report from Indianapolis about REI closing on Black Friday this year – the announcement itself or how stunned the reporters are that there may be something fundamentally wrong about the American way of life.

Also see this interview with CEO Jerry Stritzke where he details how REI is very, very different than other retailers, meaning this is not likely the beginning of a trend.

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