The Mess That Greenspan Made - Part 8

Wednesday Morning Links

Italy falls back into recession – BBC
RBI’s Rajan Sees Risk of Financial Markets Crash – WSJ
How you’ll know if it’s time for a market crash – MarketWatch
Putin Lashes Out at West as Poland Cites Ukraine Invasion Threat – Bloomberg
Putin signs historic $20B oil deal with Iran to bypass sanctions – Telegraph
Vladimir Putin threatens to tip over the global house of cards – Arabian Money
Too-big-to-fail banks’ living wills are inadequate, regulators say – LA Times
Bitcoin-Like Money Is Ecuador’s Latest Dollar-Saving Plan – Bloomberg
How Student Loans Are Shaping Mortgage Approvals – WSJ
Thieves defeat keyless entry to break into cars – USA Today
NYC Pensions: ‘They’re Never Going to Catch Up’ – MoneyNews
Is New York the Next Detroit? – Bloomberg
Trump sues to get name off casinos – AP

World stocks fall on Russia-Ukraine concerns – AP
Are stocks at highs sucker bets? – USA Today
The Trend Is Your Friend Till It Isn’t – Bloomberg
Yields are sending a disturbing message: Bond pro – CNBC
Kass: Pressures Pile Up on Markets –
High-frequency trading takes root in U.S. securities class actions – Reuters
What Happens When Companies Stop Buying Back So Much Stock – HuffPost
Treasuries Gain Pushes Yield to Two-Month Low on Ukraine Tension – Bloomberg
Gold steadies as risk aversion on Ukraine offsets strong dollar – Reuters
Gold: July ETF Inflows ‘Slowed Down the Price Decline’ – Barron’s
Copper price tumbles on dismal China data, Indonesia exports –

American Workers Are Older Than Ever – Businessweek
The most popular gauge of world growth is useless – MarketWatch
On Calculating the Wages of Angels Dancing on Pinheads – Alhambra Partners
Italy Recession, German Orders Signal Euro-Area Struggle – Bloomberg
Early Look: China’s Economy Seeing a Summer Rebound – WSJ
Five Chinese Ghost Cities That Came Alive – BullionStar
India to Become Single Market for First Time – Bloomberg
UK homeowners start to sell in panic on uncertainty – Telegraph
U.S. Home Prices Slowed Down in June – WSJ
Wells Fargo loosens standards for jumbo mortgages – Reuters
Fed’s Fisher: FOMC Moving Toward Hawkish Stance – WSJ
Feds: Banks’ ‘living wills’ no good – Politico


Elizabeth Warren on Banks and Student Loans

From just last week, watch Senator Elizabeth Warren (D-MA) grill Consumer Bankers Association CEO Richard Hunt on the slow progress being made by commercial banks to allow the discharge of student loan debt that was co-signed by parents or grandparents of children or grandchildren whose lives were cut short.

You have to wonder how long it will take for the culture and practices of Washington D.C. to wear down Ms. Warren. Most of what she advocates is simply common sense, however, most of this common sense runs counter to the vested interests of powerful forces that remain firmly in control of what goes on in the nation’s capital.

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Tuesday Morning Links

China Services Index Falls to Record Low – Bloomberg
S&P: Wealth gap is slowing US economic growth – AP
The Real Solution to Wealth Inequality – The Nation
Blame These Five Sectors for a Weak U.S. Economy – NY Times
ISIS just took a town in Lebanon. Wait, Lebanon? – Vox
Isis brings war to Lebanon – and it could be key to a masterplan – Independent
Europe’s tough new regime for banks fails first test in Portugal – Telegraph
Lacker Says Markets May Be Surprised by Pace of Rate Rise – Bloomberg
Fed’s 3rd Bubble This Century Heading For 20% Tumble – Contra Corner
Has paper money outlived its purpose? – Money & Banking
World War One and the End of the Bourgeois Century – Mises
Asia’s Next Crisis Is a Flood of Debt – Bloomberg
History of Ebola outbreaks – CNN/Money

Europe up but Asian stocks dip on China – AP
Why the Bond Market Is Poised for a Plunge – Fiscal Times
Warning: That plunge in stocks is just the beginning – MarketWatch
Gird Your Portfolio for Inflation Over Growth – Real Clear Markets
Is it just a pullback, coming correction or beginning of bear market? – USA Today
Treasuries Catching Up to Corporate Bonds on Demand for Safety – Bloomberg
Gold up slightly but limited by dollar, European equities – Reuters
Gold Industry Takeovers Climb to Highest in Three Years – Bloomberg
Gold Mining: Fuel Costs Explode Over The Past Decade – SRSrocco Report
Chinese Gold Demand 1063 MT YTD – BullionStar
Gold may be entering a golden age – MarketWatch

How America’s Top Industries Have Changed, 1990-2013 – WSJ
Federal Government Pays Workers $5 Million to Not Work – Fiscal Times
Conflict between US-led and China-led economic architecture – voxeu
In Asia, Corporate Cash Piles Come Under Attack – WSJ
India holds rates steady on monsoon worries – Channel News Asia
Russia sanctions risk British jobs, warns JCB boss – Telegraph
Mortgage closing costs soar more than 20% – CNN/Money
Goldman Sachs’ on House Price Seasonal Adjustments – Calculated Risk
U.S. housing market: Stuck in a multi-year hangover – Fortune
Inflation Hawks: The Job Killers at the Fed – HuffPost
Spot The “Data Dependent” Fed Policy – Zero Hedge
Can China fight the Fed? – MarketWatch


After rising for six weeks, gold and silver prices fell for the third straight week as bearish forces strengthened, the most important being an improving U.S. economy that has led many investors to think the Federal Reserve will raise interest rates sooner rather than later.

GoldThough the disappointing labor report on Friday cast new doubt on the pace of the recovery and led to a gold market rally, data released earlier in the week on economic growth and wage increases pointed to a less accommodative central bank and a stronger dollar later this year and early in 2015.

Safe haven demand continues to be one of the very few positive near-term catalysts for precious metals and, given recent developments in Ukraine and the Middle East, this could drive prices sharply higher at any time. B

ut the lack of Asian buyers over the summer and the ongoing weakness in broad commodity markets will make it difficult for metal prices to rise in the month ahead and positive seasonal factors may not help either.

The gold price fell below the key $1,300 an ounce level on Tuesday and added to those losses after better-than-expected GDP growth was reported on Wednesday and rising wages were reported on Thursday.

The metal ended July with a loss of over two percent and, as shown below, has recently made a mockery of the regular seasonal patterns by moving opposite the norm over each of the last four months…

[To continue reading this article, please visit Seeking Alpha and to access precious
metals commentary that Tim only shares with subscribers, join Iacono Research.]

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