Morning Journal--The mounting economic disaster in Europe

Economics

   This Week’s Data

            The August Philadelphia Fed manufacturing index came in at 28.0 versus expectations of 20.0.

            http://www.calculatedriskblog.com/2014/08/philly-fed-manufacturing-survey.html

            July existing home sales rose 2.3% versus estimates of a 0.7% decline.

            http://www.calculatedriskblog.com/2014/08/existing-home-sales-in-july-515-million.html

            The July leading economic indicators increased 0.9% versus forecasts of +0.6%

   Other

            The mounting economic disaster in Europe (medium):

            http://www.telegraph.co.uk/finance/economics/11047107/Nobel-economists-say-policy-blunders-pushing-Europe-into-depression.html

            The economic outlook from an optimist (medium):

            http://scottgrannis.blogspot.com/2014/08/great-news-fed-is-likely-to-raise-rates.html

            More from Hilsenrath on Fed policy (medium):

            http://blogs.wsj.com/economics/2014/08/21/new-fed-exit-strategy-emerges-and-foreign-banks-big-winners/?mod=WSJBlog

            More data on income distribution from the Census Bureau (medium):

            http://www.zerohedge.com/news/2014-08-21/stunning-charts-showing-just-how-much-richer-rich-have-gotten-while-poor-drown-debt

Politics

  Domestic

Friday morning humor (cartoon):

http://www.zerohedge.com/news/2014-08-21/artists-impression-president-obamas-urgent-matters-washington

Welcome to Obamacare (short):

http://www.zerohedge.com/news/2014-08-21/obamacare-disaster-businesses-philly-fed-finds

GAO says Obama broke the law (medium):

http://www.zerohedge.com/news/2014-08-21/disturbing-pattern-continues-administration-broke-law-bergdahl-swap-gao-says

  International

            Argentine peso collapses (short):

            http://www.zerohedge.com/news/2014-08-21/argentina-peso-collapses-fastest-pace-8-months-hits-record-low

            Russian convoy enters Ukraine (medium):

            http://www.zerohedge.com/news/2014-08-22/russian-humanitarian-convoy-enters-ukraine-without-authorization-ukraine-considers-m

            Chuck Hagel’s assessment of ISIS (short):

            http://www.zerohedge.com/news/2014-08-21/chuck-hagel-goes-full-fearmonger-isis-poses-greater-threat-911-prepare-everything