Some of my older (t-one week) hand-picked links that have not been featured on this blog previously. Especially some of the entries in Operators-section are worth your time. I’ll do a later blog entry on news/stuff published over the weekend.
I thought about splitting this entry to two in order to have “content to publish tomorrow”, but realized I’m not a magazine that has to fill pages around ads. I’ll just keep throwing in everything I have that I think is valuable.
As always, please leave an anon-comment if you like/dislike something or have suggestions or requests. Hire me.
EURO CRISIS
IMF European section’s director opens up on the importance of austerity, productivity , tech and integration to solve the crisis. Also links to to IMF CEO’s statement how astonishingly successful European integration has been.
The Solution Is More, Not Less Europe – IMFDirect via Economonitor
IMF report on sovereign trouble’s serious effect on the economy, supporting ECB and commission hard liners. Also links to the IMF spillover-report
The IMF wakes up – Financial Times
Italy’s situation and troubles and its’ role in the crisis – in short, bad and large.
Little time for Italy – Manasse, Trigilia via VOX
Gloomy report from Royal Bank of Scotland’s rates strategist
Fiddling while Rome and Madrid burn – Financial Times
Stratfor’s long report. First a link to a summary and then to the full report.
The European Experiment in context – Humble Student of The Markets
The Divided States of Europe – Stratfor Global Intelligence
Roubini thinks waiting will not work and has some suggestions
The Eurozone’s Last Stand – Economonitor by Nouriel Roubini
This is how our great leaders pushed the banks for ”voluntary” solution
Who holds what maturity of the PIIGS-debt
Collective action problem du jour – Financial Times
Nice overviews on several end game-solutions
EU Running Out of Rabbits; 60% of Germans Have "Little or Very Little Trust in Euro" - Mish's Global Economic Trend Analysis
30-Year Extend-and-Pretend Plan for Greece, Ireland, Proposed Amid Total Confusion; Plane Crash Looking More Likely – Mish's Global Economic Trend Analysis
ECB balance sheet pump and stealth-support to PIIGS has been discussed elsewhere. This is slightly more academic approach to the issue.
A balance sheet view on Target – and why restrictions on Target would have hit Germany first – Clemens Jobst via VOX
Lawrence Summers states his opinion. I’ve previously written a heart-warming opinion on him, but you can probably check the wiki entry on him and read Stiglitz’s view for my points.
How to save the eurozone – Financial Times
Goldman answers 10 questions on Italy – Financial Times
SocGen’s stress test special report on Monday in full. Must read and save
Interpreting SocGen’s previous Monday’s report on stress tests: most banks surprisingly ok even if worst happens. A lot less credible is the actual CDO-like solution pushed by the EU
European bank admirers anonymous – Financial Times
EU Stress Tests Fail to Convince Analysts - Bloomberg
The True Elephant In The Room Appears: Trillions In Commercial And Industrial Loans To Europe's Insolvent Countries – Zero Hedge
Italy’s problems with charts in two minutes
Italy has 6 Dangerous Problems Which Could Smack the European Economy – Wall St. Cheat Sheet
Good summary but nothing that has not been covered elsewhere.
Current situation looks and feels like ERM break-up but nothing has been learned. Speculators, markets blamed, forced choice between bank crisis and austerity – or a balance between the two.
The sovereign-debt crisis has echoes of the ERM debacle – The Economist
Who picks up the check?
By engulfing Italy, the euro crisis has entered a perilous new phase—with the single currency itself now at risk – The Economist
Argues for the necessity of a federal union
Argentina 2001 and Greece 2011, comparison and lessons
FINANCIAL CRISIS
Bank failure rates show no sign of abating
FDIC Bank Failures – The Big Picture
Surprisingly interesting article with some links worth checking out
Raging Inequality May Cause Unrest and Violence In America and the Rest of Western World – Zero Hedge
Really radical ideas again from my favorite folio hatter
You Want to Fix the U.S. Economy? Here's a Start – Of Two Minds
S&P gets tired on debt ceiling clownery and threatens to downgrade everyone whose credit is connected to U.S.
S&P Threatens To Downgrade Everything – The Big Picture
The horrifying AAA debt-issuance chart - Reuters
The Debt Crisis: If Treasury Bonds Aren't Safe, What Is? – The Wall Street Journal
Krugman points out that none of the guilty parties has been sanctioned in any way.
Letting Bankers Walk – The New York Times / Paul Krugman
Historical depths and lengths of downcycles
Understanding financial cycles – Claessens, Kose, Terrones via VOX
SEC increased max allowed leverage of IB’s in 2004. Leverage increased from 13 to 30-40 levels in couple of years and here we are.
The Panic of ’08 Revisited – “It’s the Leverage, Stupid!” - Economonitor
Total debt of sovereigns and financial sector has never been this high. Deutsche’s report is not polite.
Welcome to the Global Sovereign Crisis, says Deutsche – Financial Times
Two nice ones in defense of credit raters
US vs Moody’s, S&P and Fitch – The Aleph Blog
In Defense of the Rating Agencies V (summary) – The Aleph Blog
OPERATORS
Warren Buffett’s friend and partner is 87 years old. Probably the last interview
Notes from the Final Conversation with Charlie Munger – Gurufocus.com
GS’s trading activity lower
Goldman Sachs Disappoints With Earnings of $1.05 Billion – The New York Times / Dealbook
Goldman slumps on 'disappointing' quarter – CNN Money
Consumer Financial Protection Bureau gets a new director, known to be tight (previously targeted AIG, ML) Banks have already whined about this, but very, very carefully.
Wall Street’s Newest Regulator a Longtime Foe – New York Times Dealbook
Long interview of what, how and why
Mr. Dalio’s, of Bridgewater fame, book ”Principles”. Link to the doc at the bottom of the page.
The World’s Greatest HF Manager Dalio’s Principles – The Trader
Discusses also other cash-heavy HF’s. Money looking for opportunities causes what?
Very good article on Galleon’s insider dealing, what happened, how they tried to evade authorities and how they finally caught them
Very, very good article and interview on Bridgewater’s Ray Dalio.
Mastering the Machine – How Ray Dalio built the world’s richest and strangest hedge fund – The New Yorker
HFT’s found a new org as their spokesman . Expect lobbying.
Fast Traders, in Spotlight, Battle Rules – The New York Times
EMERGING
Iran’s influence growing, Saudi-Arabia accommodates as they cannot rely on keeping their own crazies under control, or the help of U.S., as America is over-extended. Article links a lot to Stratfor articles.
Gold price and the average incomes in India&China show a strong positive correlation.
Do China and India Hold The Key to The Gold Trade – Pragmatic Capitalism
N11-countries after BRIC boom?.
The Next Eleven – Financial Post
BRICs
MISC.
Everything (still) depends on Saudi-Arabia
War Game Exposes Grim Reality: Few Oil Crisis Options – National Geographic
IMF’s SDR as the new world currency. A bit folio-hatty but good reading
Guest Post: Doing The Global Currency Shuffle – Zero Hedge
Mankiw b-slaps Summers but does find some ideas and quotes from him good, and lists them
The Always Quotable Larry Summers – Greg Mankiw’s Blog
Large pie graph good for wallpaper.
Foreign Owners of U.S. Federal Debt as of April 2011 – Brass Magazine
Equity, Bond, and Money Market Fund Flows versus Returns – Can Turtles Fly
What is the Sector Rotation Model Saying in July 2011 – Afraid to Trade
This presentation has already been posted elsewhere, but here it is anyways
Monitoring and Adapting to Quant Factor Rotation – Starmine / Thomson Reuters
Comparison of FB&G+ segmentation and valuation
DIVERSION
F-Secure’s Mikko Hyppönen’s video presentation
Fighting Computer Viruses, 25 Years Later – TED: Ideas worth spreading
Classic: Citibank ex CEO Walter Wriston interviewed by Predictors-author. Deputy Sec of Def calls him regarding encryption patent application: ”He ain't gonna get that patent, and you're never going to use that cipher overseas. Is that clear?”
The Future of Money – Wired / Thomas A. Bass
Statistician cracks scratch lottery tickets and finds out he can tell the winners beforehand. What would you do?
Cracking The Scratch Lottery – Wired
Another guy cracks slot machines
What the Mafia Can Teach The Legitimate Businessman-book’s author used to do heists for the Gambino-family.
One chart says it all.
America’s inefficient health-care system: another look – Consider The Evidence
Netflix-history teaches some points why content does not rule
My favourite comic.
Give room to your strengths and do not accommodate your play to environment
Almost everyone gets an A nowadays
A History of College Grade Inflation – The New York Times
Google’s employee number 59 tells about the first years – free chapter one..
The Beginning – The Wall Street Journal
Source criticism etc. discussed briefly
CME announces the end of pork bellies futures. Makes me a sad panda.
No, no, no it ain’t CME babe – Financial Times