The Mess That Greenspan Made - Part 8

Boomtown, USA

We haven’t heard much about the fallout from what appears to be an energy boom in the process of going bust about 500 miles Northwest of here in Williston, North Dakota, but that’s not surprising. These things seem to take a while to pan out.

One thing seems pretty likely if oil prices stay anywhere near current levels for any length of time – we’ll no longer have any trouble finding a hotel room when passing through the area.

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Friday Morning Links

MUST READS
Strong job, wage gains open door to mid-year rate hike – Reuters
Oil Heads for Biggest Two-Week Gain in 17 Years – Bloomberg
Oil price ‘yo-yo’ continues, traders try to find bottom – The Week
U.S. Edges Closer to a Dangerous Proxy War with Putin – Fiscal Times
Tsipras, Putin agree to boost bilateral cooperation – Ekathimerini
A Greek morality tale: Why we need global debt restructuring – Guardian
Dagong Ratings Agency: World heading for financial crisis worse than in 2008 – Tass
US Secrecy Slammed After New Claims That Saudi Royals Supported Al Qaeda – Vice News
The Evolution of Millennials: They’ve Become the Ben Franklin Generation – HuffPost
These Are The Ex-Lawmakers Who Could Barely Wait To Sell Out – vocativ
Obamacare penalty payers ask, ‘Where’s my refund?’ – CNN/Money
IRS Rehires Hundreds Of Problem Former Employees – Forbes

MARKETS/INVESTING
Stock futures edge up ahead of jobs report – MarketWatch
The 2015 bargain: emerging market stocks – CNN/Money
How Wall Street Is Fighting to Rip Off Your Retirement Money – Fiscal Times
New stock market indicator shows 2015 will be profitable – MarketWatch
Haselman: “Investors Are Now Playing An Epic Game Of Chicken” – Zero Hedge
Gold down before U.S. jobs data; heads for weekly fall – Reuters
This hedge fund heavyweight could be holding US$6 billion in gold – CEO.CA
Experts Underline Importance Of Gold/Dollar Decoupling – GoldSilverWorlds
‘Inexorable decline’: Iron ore price hits new low – Mining.com
A Stealth Bull Market Developing in Gold – Capitalist Exploits

ECONOMY/WORLD/HOUSING/BANKING
The long-term GDP-energy tie – Our Finite World
Globalisation everywhere, except in the growth numbers – voxeu
Texas Swagger Fades as Oil Town Finds Itself in OPEC Squeeze – Bloomberg
What Piketty and Summers Don’t Tell You About Income Inequality – Inet
Early Look: Deflation Clouds Loom Over China’s Economy – WSJ
Brazil January Inflation at Fastest Pace in Nearly 12 Years – Bloomberg
Denmark Cuts Interest Rates for Fourth Time in a Month – NY Times
Two Capitol Hill Democrats Seek Details on Fed Leak Probe – WSJ
Central bank surprises: Who’s next? – CNBC
Fed Updates – Fed Watch

 

Timing is Everything Pretty Important

The combination of sharp increases in the cost of higher education (and the corresponding crushing debt load for many), the long-lasting effects of the Great Recession, and the reality that an undergraduate degree is the new high school diploma has made things surprisingly difficult for Millennials and, as noted in this report from the New York Fed, one of their responses is to live at home while in their twenties in rapidly rising numbers.

Yes, I’m a sucker for a good .gif, but this one is pretty illustrative of how policy makers in the U.S. and elsewhere are affecting an entire generation. When it becomes the rule, not the exception, for twenty-somethings to spend an inordinate amount of time living at home for financial reasons, then something has gone terribly wrong in the world.

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Thursday Morning Links

MUST READS
European Central Bank toughens its stance on Greece – BBC
ECB tightens screws on Greece, aims to cut bank funding – Telegraph
The ECB Nixes Greek Bonds Possibly Triggering The Run To Grexit – Forbes
Wall St. Pays Bankers to Work in Government, Doesn’t Want Anyone to Know – New Republic
Seabreeze Partners’ Kass: Confidence in Fed May Now ‘Disintegrate’ – MoneyNews
Singer: “The Consequences Of Monetary Manipulation Are Unknowable” – Zero Hedge
September 11 conspirator Moussaoui says Saudi royals backed al Qaeda – Reuters
NBC Anchor Brian Williams Cops to Fibbing About Iraq War Story – reason.com
Joe Biden Visits VICE Media’s Brooklyn Headquarters – Vice News
Argentina’s president mocks Chinese accent – MarketWatch
The Folly of 1845: Texas and the Evils of Annexation – Mises

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
Japan stocks retreat as Greek concerns mount – MarketWatch
Oil Plunges, Inventories Soar to Record, Glut Gets Worse – Wolf Street
The Great PE Multiple Expansion: Why The Market Must Crater – Contra Corner
Treasuries Drop on Speculation Rates Don’t Reflect U.S. Strength – Bloomberg
Gold falls on Greek uncertainty, U.S. data eyed – Reuters
In a world of negative interest rates even gold starts to make sense – Telegraph
Central Banks can’t stimulate demand and will ruin their currencies trying – GMM
How junior mining companies hit the reset button – Mining.com
Thinking of switching from gold to gold miners? – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
Full Employment – Bloomberg
Does a Trio of Gloomy Readings Portend a Weak Jobs Number? – Barron’s
Piketty Diagnoses Japan’s Sick Economy – Bloomberg
China’s Total Debt Load Equals 282% of GDP, Raising Economic Risks – WSJ
Devaluation by China is the next great risk for a deflationary world – Telegraph
What You Need To Know About China’s Growth Moves – WSJ
Don’t Put Millennials in a Housing Market Box – Voice of San Diego
Overseer of GSEs Takes Cautious Steps to Strengthen Housing Market – NY Times
Fed’s Rosengren: Weak Inflation Is Key Challenge for Central Banks – WSJ
Fed optimism could cost the economy dearly – MoneyWatch
Bank of England keeps interest rates steady – AP

 
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