The Mess That Greenspan Made - Part 8

As the world’s smartest and most influential economists scratch their collective heads amidst the growing realization by investors that once omnipotent, omniscient central bankers don’t really understand what it is that they are doing (presumably, if they did understand how this all works, they would have fixed things by now) … gold just sits there.

The British seem keen on exiting the European Union as bund yields in Germany go negative and, to the surprise of many, Fed Chief Janet Yellen, unarguably the world’s most important economist, gives the clear impression that she’s quite baffled by it all … it’s not all good.

Thursday Morning Links

MUST READS
Wary Fed Rethinks Pace of Hikes – WSJ
Dovish Fed tips German 10-year bond yield to record low – Reuters
Yellen Says Forces Holding Down Rates May Be Long Lasting – Bloomberg
Government bond yields tumble as Brexit retakes spotlight – CNBC
Gold just scored a ticket to ride higher from Fed’s Yellen – MarketWatch
The British government hits the panic button over the Brexit vote – MarketWatch
Carney Hits Back on Brexit Charge as Poll Shows Leave Ahead – Bloomberg
Trump to GOP Leadership: Sit Down and Shut Up – Fiscal Times
Our Worst Presidents Came In With A Lot Of Experience – Five Thirty Eight
Johnson, Weld to Get CNN ‘Town Hall’ Treatment – reason.com
How Cereal Marketers Invented the Modern Breakfast – The Atlantic
USDA: People Make the Choice to Eat Unhealthy Food – Mises

MARKETS/INVESTING
Stocks: 6 things to know before the open – CNN/Money
FTSE 100 falls amid global economic worries – BBC
The stocks reacting most to the Fed’s call – USA Today
China Dumps Stocks along with Treasuries – Bloomberg
Rapid trading aids investors: Opposing view – USA Today
The Proof That Most Investors Are Their Own Worst Enemy – Forbes
Six things that could shake the markets out of their doldrums – MarketWatch
Gold climbs to 2-year high as Fed cools rate hike talk – Reuters
The Fed decision could spur a new rally in gold: Strategist – CNBC
China’s exhausting its gold reserves at 5 times the global rate – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
The Gig Economy Explained – Visual Capitlist
OK, I Get it, the US is a Service Economy, but this Looks Terrible – Wolf Street
Venezuela sends in the army to deal with food shortage protesters – Vice News
Putin’s Reliance on American Commerce Has Never Been Greater – Bloomberg
Venezuelan Hyperinflation Looks Frighteningly Familiar… – Zero Hedge
Islamic State is committing genocide against Yazidis – Vice News
Too broke to afford a house: Americans miss out on home equity gains – My Budget 360
Housing Bubble 1.0 vs Bubble 2.0; “Green Shoots” and “Shadow Demand” – Hanson Advisers
The Vanity of Central Bankers and the Common Sense Rule – DiMartino Booth
The Fed and other central banks have lost their magic powers – MarketWatch

 

(Not So) Golden Years

Breaking down the chart below (found in this Economic Policy Institute report) by age would be helpful as there is surely a big difference between a 30-something and a 55-year old when it comes to retirement savings, however, it still shows the rather bleak outlook for many Americans while in their golden years, save for the top 10 percent who will likely be disappointed to find out how far a couple hundred thousand dollars will go.

The data for the top one percent would likely be pretty shocking to the rest of us, a situation that is not likely to change absent a rebound in the political fortunes of Bernie Sanders.

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Wednesday Morning Links

MUST READS
What to expect from the Federal Reserve meeting – LA Times
Five Things to Watch at the June Fed Meeting – WSJ
Will Janet Yellen Save the Markets Again? – The Street
Not June, Not Likely July, More Likely September – Bloomberg
Exclusive: ECB would pledge to backstop markets after a Brexit – Reuters
How The Obama Administration Became Earth’s Largest Arms Dealer – Ammo.com
World’s Top Weapons Manufacturers Show Off Their Latest in Paris – Vice News
The Deepest Money Pit Atlantic City Has Ever Seen Re-Opens – Bloomberg
Paul Ryan twists himself into a pretzel over Donald Trump’s Muslim comments – Vox
Russia ‘is poised to release emails from Hillary Clinton’s private server’ – Daily Mail
Can Trump And Clinton Transform The Electoral Map? – Five Thirty Eight
Americans’ Confidence in Institutions Stays Low – Gallup
What Consumers Owe Uncle Sam – Bloomberg

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Soros, Icahn, et al. – The Billionaire Bears Club – Value Walk
Bubble News From The Nosebleed Section – Contra Corner
Machines Beat Humans in Quest to Time Market Bottom – Bloomberg
Nobody Is Left To Buy Stocks, JPM’s Top Quant Says – Barron’s
Scared investors flee to cash at highest levels since 2001 – CNN/Money
Opinion: Investors, now is your last chance to dump bonds – MarketWatch
Gold eases from six-week high ahead of Fed decision – Reuters
What Happens When Big Money Moves Into Silver? – SRSrocco Report
5 things to know before you buy a gold ETF – Secular Investor

ECONOMY/WORLD/HOUSING/BANKING
America’s Workforce Runs on Uppers – Jstor
Why this Economy Feels Even Crummier than the Data – Wolf Street
Here’s Why Job Seekers Are So Miserable These Days – Fiscal Times
U.S. Third Fleet expands East Asia role as tensions rise with China – Reuters
In Photos: Tear Gas, Blood, and Molotov Cocktails in Central Paris – Vice News
London Rents Eating Up 57% of Twentysomethings’ Income – Bloomberg
How I Helped Inflate the Housing Bubble – Bloomberg
Summers: The Fed is making the same mistakes – Washington Post
The Fed’s nauseating roller coaster year – CNN/Money

 

I Feel the Earth Move

Another diversion from what can be be found in the news today, including a surprising amount of interesting new stuff (e.g., sub solar points and Lahaina Noon).

Of course, the Monty Python gang had some thoughts on this as well..

Whenever life gets you down, Mrs.Brown
And things seem hard or tough
And people are stupid, obnoxious or daft
And you feel that you’ve had quite enough

Just remember that you’re standing on a planet that’s evolving
And revolving at nine hundred miles an hour
That’s orbiting at nineteen miles a second, so it’s reckoned
A sun that is the source of all our power

So remember, when you’re feeling very small and insecure
How amazingly unlikely is your birth
And pray that there’s intelligent life somewhere up in space
‘Cause there’s bugger all down here on Earth

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