July 20th Early

EURO CRISIS

The euro and the endgame – BBC

Sovereign Crisis Erodes 75% Junk Bond Gains as Losses Spread: Euro Credit – Bloomberg

Merkel to Meet Sarkozy for Talks on Debt Crisis – Bloomberg

A credible commitment for the Eurozone – Cooley, Marimon via VOX

Default is a function of national interest, not of external obligation – Pragmatic Capitalism

The Romans always copy the Greeks (including the repo market) – Financial Times

Wake up and smell the BTPs — again – Financial Times

Yes, Greece could devalue (while staying in the euro) – Financial Times

How Greece Could Trigger Another “2008″ Event – Phoenix Capital Research via Zero Hedge

The Italian Breaking Point: 7% yields – Pragmatic Capitalism

Larry Summers on How to Save the Rich: "No Big Financial Institution in Any Country Should be Allowed to Fail"; Pure Idiocy at its Finest – Mish's Global Economic Trend Analysis

GENERAL

The U.S., Europe and China – a summary of my macro views – Dan Alpert’s Two Cents via EconoMonitor

Exposing China's Mysterious Multi-Trillion Shadow Banking System – Zero Hedge

Gambling on Sovereign Default May Seriously Disrupt Equity, Bond Markets – Norfolk / Seeking Alpha

The three key issues for the market – Pragmatic Capitalism

The Bright Spots in Hedge Funds – The New York Times Dealbook

The ultimate Apple Q3 earnings linkfest – Abnormal Returns

Tax Reform: The Overlooked Solution – Lance Roberts / Streettalk via dshort.com

DIVERSION

The Half-life of Words – Infectious Greed

“One of the easiest ways to differentiate an economist from almost anyone else in society” –

Brainstorm Tech video: Larry Summers on debt, bubbles, and Obama – CNN Money

The Untold Story of How My Dad Helped Invent the First Mac - Fastcodesign