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Thursday, September 15

15th Sep Early - Rogue Squadron

Summary: Breaking news, UBS reports $2 billion loss on "rogue trader". In my opinion, losses are losses, were they authorized or not. My linkfests from yesterday were huge, here. And follow me on Twitter or email me.

News roundups:
Thursday Watch – Between The Hedges
News That Matters – The Trader

George Soros: European Treasury is the only way to avoid a meltdown and another Great Depression
** Does the Euro Have a Future? – The New York Review of Books

“In my opinion, I think the EMU will continue to kick the can until they are forced to break out a bazooka of some sort. This means they either implement Eurobonds, Euro TARP or some other measure that leads in the direction of effective fiscal transfers and fiscal union.”
** Macro Minute – Euro update – Pragmatic Capitalism

“the lack of foresight among Europe's politicians that has gotten the euro zone into this mess will persist, placing the European financial system in danger. And then, as Courtis says, there would be nowhere to hide.”

Policy of secrecy lessens trust, increases moral hazard

The current eurocrisis was not a surprise – it was discussed by British politicians already in 1990

Shadow banking trouble, European banks signing private repo agreements with U.S. banks

They have already bought the periphery. They are not stupid and for throwing good money after bad, they want things – namely, WTO membership.

Delivering Alpha conference, some outtakes:

Very good research from MSCI-Barra

Full research piece from Zacks Investment Research