The Mess That Greenspan Made - Part 9


In this Bloomberg story, misery indexes (i.e., the combined unemployment rate and inflation rate) are calculated for countries around the world yielding the following results:

Based on this Cato Institute report that puts its annual inflation at just shy of 300 percent per year, Ukraine has the potential to far surpass Venezuela, Argentina, and South Africa.

Also, there’s lots more related data in this table at The Economist where, for some time now, they’ve refused to publish the government reported inflation rate in Argentina,  kindly characterizing it as “unreliable”.

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Tuesday Morning Links

Nasdaq hits highest level since 2000 – Reuters
Nasdaq at 5,000: Time to be very, very afraid? – LA Times
China’s Debt Binge Spawns Asset-Backed Bond Boom – Bloomberg
Greece eyes last central bank funds to avert IMF default – Telegraph
Greece’s Bailout Extension No Panacea for Bond Market – Bloomberg
Theater Of The Absurd: Spain To Provide 14% of Third Greek Bailout – Zero Hedge
Walker’s War on Workers and the Wall Street Journal’s Cleaned-Up Coverage – NEP
Will the Democratic Nominee for 2016 Take on the Moneyed Interests? – Robert Reich
The Other Obamacare Lawsuit Moving Through the Courts – Fiscal Times
How Americans define “rich,” in one chart – Vox
Retirement at the End of a Rope – Mises
Ukraine Hyperinflates – Cato Institute

Global stocks limp after Nasdaq milestone – AP
Europe is the market to watch now – Financial Post
Chinese stocks fall as liquidity concerns emerge – MarketWatch
SEC’s Gallagher: Corporate-Bond Market Poses Systemic Risk – Bloomberg
What would the Dow look like if it included Apple? – Reuters
Company Cash Bathes Stocks as Monthly Buybacks Set Record – Bloomberg
Gold above $1,200 as dollar eases, U.S. rate outlook caps gains – Reuters
Gold appetite in February highest in nearly a year – MarketWatch
‘Worst bear market in decades’: Kaiser at PDAC –
MEXICO: World’s Number One Silver Producer Slips In 2014 – SRSrocco Report

ISM manufacturing PMI falls to 13-month low – Nasdaq
The Deflation Bogeyman – Project Syndicate
How’s that deflation working out for your? – TBP
The 15 Most Miserable Economies in the World – Bloomberg
The Eurozone: on the road to recovery with a lingering risk – Sober Look
German retail sales surge at fastest pace in seven years – Reuters
Ukraine’s central bank hikes key rate to 30% – MarketWatch
Does The Fed Have a Currency Problem? – Fed Watch
Bill Gross: Central banks have gone ‘too far’ – CNBC
Janet Yellen Is A Coward – Global Slant


Too Successful?

Der Spiegel devoted a recent issue of their magazine to the subject of climate change and, in the process, posed the question of whether capitalism is responsible. One look at the chart below from the lead story would suggest an affirmative response.

This is, of course, another case of attempting to find a single root cause where there may, in fact, be many contributing factors, a point that is fleshed out in this comment:

Ironically, both Adam Smith and Karl Marx wrote that capitalism must be controlled and regulated by governments because a system dedicated solely to the amassing of wealth would destroy itself. Unchecked capitalism, as evidenced by global warming, provides an example.

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Monday Morning Links

Fed Ushers in a New Era of Uncertainty on Rates – WSJ
China’s central bank cuts interest rates as slowdown deepens – AP
Nemtsov murder prompts major anti-Putin rally – euobserver
Are the Germans Going to Crash the World Economy? – Politico
The Next Subprime Crisis Will Ride on Four Wheels – New Republic
The Warming World: Is Capitalism Destroying Our Planet? – Spiegel
Naomi Klein Interview: ‘The Economic System We Have Created Global Warming’ – Spiegel
Jihadi John’s Past Has Ignited a Debate About Britain’s Treatment of Muslims – Vice News
Obamacare’s Survival Hangs on Four Words at U.S. High Court: Q&A – Bloomberg
14,600 blighted properties demolished in Ohio under program – Washington Times
Don’t bother to save – there’s no point any more – Telegraph
Periphery Fragility List – Credit Bubble Bulletin

Futures rise, Asian stock markets higher – USA Today
Dot-com deja vu: Nasdaq closes in on its record high – AP
Plan to Exit Stocks Within the Next 8 Years? Exit Now – Hussman Funds
Five reasons retail investors should act like institutions – FP
Treasuries Rally as Yellen Sees Low Inflation Declining Further – Bloomberg
Gold hits 2-week high as China rate cut seen spurring buying – Reuters
Could China actually have 30,000 tonnes of gold in reserves? – Mineweb
Union Budget 2015-16 proposes steps to monetise gold, contain imports – The Hindu
PDAC 2015: Optimism clashes with reality on day one of conference – FP
The pros and cons of investing in gold – Bankrate

As Oil Prices Fall, Houston Shudders – NY Times
Dearth of jobs a barrier to post-bankruptcy Detroit’s growth – AP
Euro zone Feb prices fall less than expected, unemployment down – Reuters
China’s economic growth expected to slow to 7% in Q1 – CNA
Argentina’s Bonds Are Doing So Well, It Tried to Sell More – Bloomberg
UK manufacturing recovery ‘back on track’ as output rises – Telegraph
UK house prices fall 0.1 percent in February – Guardian
Bedazzled by the Bewilderment Surrounding the Fed’s Behaviour – First Rebuttal
Negative yields: What could go wrong? – CNBC
My Presentation To Janet Yellen – Forbes

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