The Mess That Greenspan Made - Part 8

Debt: The Descent into Madness

I think Grant Williams is right when he says that more books will be written about the last ten years and the next ten years than any other period in modern history and, importantly, writers are not likely to look kindly upon the current crop of central bankers.

With the gold price now closing in on $1,400 an ounce (and perhaps set to go much higher), look for more from Mr. Williams and others who have endured a difficult few years due to a struggling market for precious metals and related investments.

Thursday Morning Links

The Italian job – The Economist
Italy: Europe’s next domino to fall? – CNN/Money
Deutsche Bank: World’s most dangerous bank? – BBC
Europe Banks Close to Breaching Crisis Lows – Bloomberg
Brexit Impact: 3 More UK Property Funds Suspend Trading – IBT
FBI director to face Republican fire over Clinton email probe – Reuters
Hillary Clinton Should Have Been Indicted … but That Doesn’t Matter – Fiscal Times
The terrifying implications of Donald Trump’s remarks about dictators – The Week
Trump May Be First Republican To Lose White College Graduates – Five Thirty Eight
Programmed to Kill: The Growing Epidemic of Cops Shooting Dogs – Rutherford Institute
Obama-Era Suicide Rate in U.S. Highest in 30 Years – Breitbart
The Shrinking of the American Lawn – The Atlantic

Stocks: 5 things to know before the open – CNN/Money
Chart watchers diverge on outlook for stocks – USA Today
Cruel summer for U.S. refiners as margins tank – Reuters
Hedge Fund Wants to Use Atomic Clocks to Beat High-Speed Traders – Bloomberg
Don’t fight the central bank gang that might hand us Dow 20,000 – MarketWatch
World Out Of Whack: Is Kyle Bass Going To Be Proven Correct? – Capitalist Exploits
Gold steadies as dollar firms, but Brexit concerns support – Reuters
Gold hits fresh two-year high as UBS declares the start of new bull run –
DoubleLine’s Gundlach: Gold remains best investment in ’shaky’ world – Reuters
Chinese Gold Demand 973t In H1 2016, Nomura SGE Withdrawals Chart False – BullionStar

Why the U.S. Needs a Strong Jobs Report – Bloomberg
No Help To The Global Economy From US ‘Demand’ – Alhambra Partners
The 1% are recovering from 2008 recession while 99% are still waiting – Guardian
The long-term decline in US prime-age male labour force participation – voxeu
Indians students prefer to work for RBI rather than American tech giants – Quartz
I read the UK’s huge Iraq War report. It’s even more damning than you think. – Vox
China’s innovation economy a real estate bubble in disguise? – Reuters
Millions of Spenders to Come Back From the Mortgage Crisis – Bloomberg
Fed minutes: Rate hikes on hold until Brexit impact clearer – Reuters
Just One Word Describes This Fed – Zero Hedge


For many years now it has been my belief that Darwin’s natural selection was no longer a factor in human evolution, but a quick review of this list of selfie-related injuries and deaths (prompted by this Marketwatch story about the latest incident) has me rethinking that a bit.

That latest entry for a 51-year old German man appears to be an outlier – this seems to be an under-30 phenomenon and mostly in Asia.

Tuesday Morning Links

Pound hits new low on Brexit nerves – BBC
Property funds halt trading as Brexit fallout deepens – Guardian
Brexit Vote Underscores Limits of Direct Democracy – Spiegel
FBI’s decision proves rules don’t apply to rich and powerful – The Hill
Criminal charges against Clinton could have set new legal standard – Politico
FBI Rewrites Federal Law to Let Hillary Off the Hook – National Review
President Obama’s “blunt” explanation for Hillary Clinton’s unpopularity – Vox
Swing State Polls And National Polls Basically Say The Same Thing – Five Thirty Eight
Donald Trump’s Appeal to Rust Belt Workers – NY Times
The problem with making America great again – USA Today
Monkeys Turn into Grumpy Old Men, Too – Scientific American
Why Snapchat isn’t just for teens anymore – CSM
When Oil Boomtowns Go Bust – Vice

Stocks: 6 things to know before the open – CNN/Money
3 Things to Know About Record-Low U.S. Yields – Bloomberg
Brexit can’t stop the market from doing what it wants to – MarketWatch
The Poisonous Gap Between Paper Wealth and Real Wealth – Hussman Funds
Trapped in a privileged bubble, markets can’t feel winds of political change – MarketWatch
Major Asset Classes June 2016 Performance Review – Capital Spectator
Gold hits 2-year high as Brexit fears shake markets – Reuters
Gold Hits Two-Year High as Analysts Tip Further Rises – The Street
How high can silver go? – Secular Investor

The Rage of Those Left Behind – Manhatten Institute
How Wall Street is breaking America’s kneecaps – The Week
Globalisation and polarisation in the wake of Brexit – voxeu
Can post-Brexit London retain its crown as a global hotspot? – Telegraph
Brexit has put the UK in an impossible position. This Venn diagram explains why. – Vox
Emergency measures needed to pull Venezuela back from total collapse right now – Quartz
Iraq war report could get Tony Blair impeached—9 years after he left office – Vice News
Teardowns and Shadow-Flipping: Living Inside the Vancouver Housing Bubble – Wolf Street
CoreLogic: Home prices keep rising, demand not letting up – Housing Wire
Sweden Girds for Negative Rates for Longer Amid Brexit Turmoil – Bloomberg


Per this story at Scientific American, they’ve been writing about fireworks for 170 years now, digging into their archives today in advance of Monday’s national birthday.

There’s some real fireworks going on in precious metals markets lately, particularly for silver that has embarked on another violent ride higher.

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