The Mess That Greenspan Made - Part 8

Little Man Takes a Ride

From ViewMixed comes the image below depicting a tiny man riding on the back of a woman who saw fit to have herself photographed after he jumped on (either that or it’s a good example of “forced perspective“, a concept that one can learn more than you’ll ever want to know about by watching the Lord of the Rings DVD bonus material).

Another pretty good one can be found here and, of course, this being 2015 with a now pretty mature internet, you could probably spend the rest of the day amusing yourself with forced perspective images via a simple Google search.

Friday Morning Links

MUST READS
U.S. Economy Added 280,000 Jobs in May – NY Times
IMF urges Fed to delay short-term rate hike -Washington Post
Greece postpones IMF payment; snap elections possible – Reuters
Greece PM Tsipras to face MPs’ anger over debt talks – BBC
Greece Raises Stakes in Showdown as Payment to IMF Deferred – Bloomberg
Fed’s Tarullo, BlackRock’s Fink cite bond market liquidity concerns – Reuters
You Call This a Bond Rout? Wait Until the Real Selling Starts – Bloomberg
Central Bankers Fret about the Terrifying Moment When Liquidity Evaporates – Wolf Street
400 Billion Reasons Why Ebbing Currency Reserves Threaten Bonds – Bloomberg
The “Better Than Cash Alliance” Has an Orwellian Plan – Money Metals Exchange
Watch Stephen Colbert obliterates his beard – Vox
What’s Causing Baltimore’s Crime Spike? – Atlantic

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Unnerving end to week could finally break stock logjam – MarketWatch
The stock market is long overdue for a big drop – CNN/Money
Financial markets and the economy: Two forces – Economist
OPEC agrees to keep pumping as global oil glut fears persists – Reuters
Facts and Fantasies About Commodity Futures Ten Years Later – Alpha Architect
Gold slips ahead of U.S. jobs data, set for third weekly fall – Reuters
Russia To Boost Gold, Foreign Reserves To $500 Billion – Kitco
End of an era as largest gold ETF drops out of top 10 – Mining.com
12 reasons to own gold now: Part 2 – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
Fracking and the Texas Non-Miracle – Krugman, NY Times
The dollar is the biggest enemy of the U.S. economy – MarketWatch
Is The Outlook Improving For A US Economic Rebound In Q2? – Capital Spectator
High Inflation Makes Ukraine’s Troubled Situation Worse – NY Times
Venezuela’s currency isn’t worth a penny – CNN/Money
Early Look: China May Data Likely to Show Signs of Growth Recovery – WSJ
Miami’s Hot Condo Market Cools as Dollar Derails Buyers – Bloomberg
Mortgage rates: ‘Definitely in panic mode’ – CNBC
Stiglitz: Fed’s Zero-Rate Policy Boosts Inequality – WSJ
Fed policy helping rich get richer: BlackRock pro – CNBC

 

Gundlach: No Rate Hikes This Year

“Bond King” Jeffrey Gundlach explains why U.S. bond yields are rising sharply and then throws a little cold water on the idea that the Federal Reserve will be able to start normalizing interest rates later this year in this CNBC interview with Rick Santelli.

Also in the “no 2015 rate hike” camp is Chicago Fed President Charles Evans who, according to this item at the WSJ Real Time Economics blog, when it comes to inflation, wants to see the “whites of their eyes”.

Thursday Morning Links

MUST READS
Late night talks fail to reach Greek deal – euobserver
Greece at loggerheads with creditors over reforms for cash – AP
Europe has no choice – it has to save Greece – Telegraph
Angels and Demons: Ukraine, One Year After Poroshenko – Spiegel
What you need to know when a 10% correction finally hits – USA Today
Interest rate hike could send U.S. bank stocks to new heights – FP
People Are Worried About Bond Market Liquidity – Bloomberg
Does the Fed Care Too Much About the Bond Market? – Barron’s
OPEC ministers will likely keep output target on hold – AP
OPEC moots $80 as new ‘fair’ oil price – but will it stick? – Reuters
Bernie Sanders’s ‘Socialist’ Charade – National Review
Google founder defends accident records of self-driving cars – AP

MARKETS/INVESTING
Futures fall on global bond selloff – AP
The great bond sell-off – MoneyWeek
Bond Rout Wipes Out 2015 Gains – Bloomberg
China stocks seesaw on signs of tighter brokerage lending – AP
Is go-nowhere market set to break out — or break down? – USA Today
Why that ‘guarantee’ on your annuity might be a red flag – MarketWatch
Allure of cash grows as fear of market correction rises – MarketWatch
Gold wilts on upbeat U.S. data, hopes for Greek deal – Reuters
Gold Bashers – Just For You! – GoldSilverWorlds
Gold Verses Fractional Reserves Part 2 – Mises

ECONOMY/WORLD/HOUSING/BANKING
What the Jobs Data Will and Won’t Tell Us – Bloomberg
US economy expanded between April and May says Federal Reserve – BBC
The Minimum Wage Is Almost Irrelevant to California’s Poor – RCM
Inequality Troubles Americans Across Party Lines, Times/CBS Poll Finds – NY Times
The Cost of Oil’s Slump: Saudi Economy Shows Slowdown Signs – Bloomberg
It’s time for the EU’s biggest reform, say France and Germany – Telegraph
China State Firm Seen Facing Debt Pressure as Bonds Due – Bloomberg
Where the Housing Crisis Continues – NY Times
Bank of England leaves interest rates at historic 0.5pc low – International
St. Louis Fed’s Bullard: Appropriate to Think Fed Will Wait to Raise Rates – WSJ

 
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