The Mess That Greenspan Made - Part 9

What Greece Owes the IMF

One of the more interesting graphics about the looming (but, on Tuesday, probably actual) Greek debt default via this item at the Council for Foreign Relations:

Of course, Greece hasn’t defaulted on anything yet and it’s still possible they’ll kick the can down the road again somehow. Nevertheless, this is an impressive pile of debt that will have to be reckoned with someday, perhaps starting tomorrow.

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Monday Morning Links

MUST READS
Grisis – NY Times
The Day The Euro Died – Forbes
Greeks can withdraw €60 a day – euobserver
Greece Shuts Banks, Imposes Capital Controls – Bloomberg
Greek debt crisis: What investors can expect next – MarketWatch
This chart explains why Greece and Europe can’t agree – Vox
To the Brink: Why It’s Time for Greece to Call the Euro Quits – Fiscal Times
German, Dutch banks ‘well-prepared’ for Greek financial ructions – Reuters
BIS: The world is defenceless against the next financial crisis – Telegraph
Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’ – NY Times
Economic Crisis Looms For Puerto Rico, Report Says – NPR
Durable Returns, Transient Returns – Hussman Funds

MARKETS/INVESTING
Stocks set to tumble as Greece faces the brink – MarketWatch
The one thing stopping you from early retirement – USA Today
The Last Crisis May Set the Stage For the Next One – RCM
China stocks crash into bear territory as margin calls bite – Fortune
Five Questions About the PBOC’s Latest Easing Measures – WSJ
Have the Saudis misjudged the impact of lower crude prices? – Sober Look
Gold climbs as fears over Greece knock stocks, euro – Reuters
Gold Fund To Serve The New Strategy Of The Silk Road – BullionStar
Nervous Chinese investors dive back into gold – Mining.com
Remain Long On Gold And Gold Mining Stocks – Secular Investor

ECONOMY/WORLD/HOUSING/BANKING
A novel explanation the black-white wage gap – voxeu
Joseph Schumpeter on “Liquidationism” – DeLong
China’s Economy Not Immune to Market Sickness – WSJ
Turkish Police Use Water Cannons, Rubber Bullets on Gay Pride Parade – Vice News
Euro Economy Tarnished by Greek Crisis Savors Stimulus Tailwind – Bloomberg
California drought impacting housing market – Sacramento Sun Times
IMF: Fed Should Keep Rates at Zero Until Mid-2016 to Avoid ‘Dark Corners’ – WSJ
The Test Of Central Bank Omnipotence May Be Upon Us – Mark St. Cyr
The Standard Definition of Money is in Error – Another Amateur Economist
Does the Fed finally realize forward guidance is folly? – MarketWatch

 

GDPNow Now Higher for Q2

Not that a growth rate of 2.1 percent for the U.S. economy in the second quarter is anything to write home about (particularly after registering another negative result for the first quarter), but things appear to be looking up a bit here mid-way through 2015 per the latest update of the Atlanta Fed’s GDP Now real time economic forecast tool.

It was yesterday’s biggest monthly gain in consumer spending since 2009 that pushed GDPNow over the 2 percent mark for the first time this year. Recall that GDPNow nailed first quarter growth (or the lack thereof) earlier this year when most analysts were expecting a growth rate of somewhere around two percent. It should be interesting to see how this turns out late next month when the advance estimate for Q2 is reported.

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Friday Morning Links

MUST READS
China’s Market Selloff Accelerates – WSJ
Chinese Stocks Tumble, Morgan Stanley Says Don’t Buy the Dip – Bloomberg
The Biggest Threat To Chinese Stocks: “Shadow Lending” Crackdown – Zero Hedge
Rajan: World economy may be slipping into 1930s Great Depression problems – ET
John Roberts saved Obamacare again – and used Antonin Scalia’s words to do it – Guardian
The 7 Best Lines from Justice Scalia’s Blistering Obamacare Dissent – Fiscal Times
Tsipras Meets With Merkel, Hollande Before Saturday Aid Decision – Bloomberg
Greece’s debt battle stirs austerity row in bailout poster-child Ireland – Reuters
Confederate Flag Purge Goes Nuts, Hits Harmless Strategy Games – reason.com
Who was Alexander Hamilton? Militarism, High Finance and Checking the Democracy – NC
Pentagon: Russia ‘playing with fire’ with nuclear saber-rattling – Reuters
Here’s why California’s drought will hurt you – MarketWatch

MARKETS/INVESTING
China stocks plunge, other markets eye Greece – AP
Jurassic World: 7 reminders for investors – Fortune
Actively managed funds roar back — here are the best – MarketWatch
The S&P 500 P/E Ratio Is 19, Unless It’s Actually 27 – Bloomberg
How hedge-fund geniuses got beaten by monkeys — again – MarketWatch
Why Jim Rogers is buying what everyone else is selling – MarketWatch
Gold rises ahead of talks to clinch Greek debt deal – Reuters
Why SGE Withdrawals Equal Chinese Gold Demand And Why Not – BullionStar
Latest Swiss gold export data confirms China/HK breakdown – Mineweb
SGE in talks with CME to list contracts – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
Why Don’t The Poor Rise Up? – DOTE
The Middle Class is Under More Pressure – St. Louis Fed
Canada’s Oil Patch Goes Into Convulsions – Wolf Street
How China hopes to make it big in sports – Caixin Online
China issues scathing report on U.S. human rights abuses – Quartz
Man Decapitated in France and Islamist Banners Found on Site – Vice News
Supreme Court upholds key tool in fighting housing discrimination – Washington Post
How monetary systems cope with a multitude of dollars – Moneyness
Santa Claus in Sweden – Alhambra Partners
IMF to Fed: Drop the dots – Reuters

 
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