EURO CRISIS
Taboos still left: Eurobonds and reintroduction of national currencies
Europe’s Last Taboos – Project Syndicate
“..markets seem to be seeing is disaster on the periphery and the Japanification of the core. And I can’t say they’re wrong.”
Italy Bonds Smacked in Selloff, Yields Now Approach Spain; Vote of "No Confidence" on Debt Plan – Mish’s Global Economic Trend Analysis
Nouriel Roubini’s good, concise column: “...quite generous to banks, and does not provide enough enhanced debt sustainability to Greece.”
Long and somewhat technical piece that is of interest to only headstrong FI people trying to understand Greek bond swap.
A Greek bond swap oddity – alphaville / FT
FINANCIAL CRISIS
All That Matters: Today's DC Agenda – Zero Hedge
Highlights Nomura’s piece on what has happened to sov bonds after the AAA’s gets downgraded: yields fall (But is U.S. different?)
What the final deal is likely to look like – Washington Post
Chinese credit rating agency says will cut US rating in any case early next week
Dagong Says Will Cut US Rating As Early As Monday – Zero Hedge
Long story, briefly: if they can’t solve this when it is peanuts, how can they solve the debt/fiscal mess when in a decade or two it has become serious?
Why the Debt Crisis Is Even Worse Than You Think – Businessweek
PIMCO’s chief executive and co-chief investment officer
After the debt-ceiling standoff is resolved – Washington Post
Financial Stability Oversight Council’s 2011 Annual Report actually makes good points (warning about ETF’s, HFT, structured notes, collateralized commercial paper, repo market). I think I’ll read this.
A year in financial instability – alphaville / FT
OTHER
High level of margin debt, just like during previous market tops. I know, I posted the same chart yesterday. But you didn’t check that, did you?
2007 deja Vú? – the trader
Implied volatilities are bearish?
IV Skew Updated - MacroStory
HSBC May Cut More than 10,000 Jobs – Advanced Trading
EMERGING / COMMODITIES
India’s former finance/foreign/defense minister says nothing interesting but admits, as the headline says, that the road currently traveled will not accommodate future growth
Asia’s BRICs Hit the Wall – Project Syndicate
Highlights from Citi’s piece point to Central and Eastern European countries being at most risk. How about all those cheap CHF mortgages for households?
Emerging Europe and eurozonitis – beyondbrics / FT
“Emerging markets are almost entirely the source of this increased demand, with China accounting for 41 percent of demand growth over that time period, the IEA forecast says”
The Freight Train That is Chinese Oil Demand …. – Pragmatic Capitalism