25th Aug Early - Apple's Jobs is out

EURUSD much too comfortable with the upside

Summary: Steve Jobs resigns, hurricane hitting the east coast U.S. next weekend (and not referring to the central bankers), euro sclerosis continues. Today the first two links in Financial Crisis section are the best. Also lots of Apple links.

EURO CRISIS

German President Wulff accuses ECB of violating its mandate with the purchase of PIIGS bonds.

Germany fires cannon shot across Europe's bows – The Telegraph

Merkel Rejects Euro-Area Breakup, Presses Debt Cuts – BB

Imbalances in the EMU unsustainable, may jeopardize the long-run stability.

The Euro and the Sustainability of Current Account Imbalances – EconoMonitor

China is not in love with the euro anymore

End Of “Mariage Blanc” Is Nigh – The Source WSJ

Greek Two-Year Yields Surge to More Than 44% to Deepening Bailout Concern – BB

Euro Zone Weighs New Plan on Greek Bailout Collateral – WSJ

Banks face $340bn state-backed bond refi hole – Reuters

Bank Default Swaps at Record High as Fed Boost Bets Evaporate - BusinessWeek

FINANCIAL CRISIS

Matt Taibbi: “If there's no deal, then everyone in bankland may have to scramble for more capital to satisfy The Street that they can withstand the lawsuits.”

Obama Goes All Out For Dirty Banker Deal – Rolling Stone

The unconventional alternatives.

Fantasy Fed options – alphaville FT

Jackson Hole will be a Black Hole for Those Hoping for QE3 – naked capitalism

Tullett Prebon’s long research paper on England is “more than applicable in any place that has too much debt, too little cash flows, and not enough growth.”

Project Armageddon: Tullett Prebon "Thinks The Unthinkable" – Zero Hedge

Did the stimulus work? A review of the nine best studies on the subject – Ezra Klein WP

OTHER

Hurricane Irene could be "big threat" to Northeast - Reuters

Will Hurricane Irene Wreck The East Coast? – Zero Hedge

In response to the BIS publication yesterday

Derivatives ‘Data Gaps’ May Hide Threats to Stability of Financial Markets – BB

Repositories may need collateral data – International Financing Review

U.S. market-cap weight vs. rest of the world is low. Time for it to go higher?

US vs Rest of the World – Bespoke Investment Group

EMERGING

Why China’s Debt Problems Are Worse Than America's – Business Insider

two-day nationwide strike, three months of protests by university students

Chile protests: long, hard road ahead – beyondbrics alphaville

STEVE JOBS

The ultimate Steve Jobs resignation linkfest – Abnormal Returns

Apple Without Jobs: Analysts Say to Stay the Course – MarketBeat WSJ

Jobs Resignation Erases $52B From S&P 500 – BB

With Resignation of Jobs, Will Apple Warm to Deals? – DealBook NYT

Apple Competitors in Asia Up on Jobs’s Resignation - WSJ

DIVERSION

BoA’s internal memo of what employees should answer if asked

If Anyone Comes At You With Questions About Bank Of America… - DealBreaker

A good response to Spiegel’s “Out of Control”-article.

More Germans Express Opposition To Financial Speculation; Views On Naked Mud Wrestling Unclear - DealBreaker

Complexity is a Cash Cow (but not for you) – Expect(ed) Loss

OK site with Liar’s Poker-type texts. Stuff we all know is true.

The Break Up – I heart Wall Street