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Wednesday, December 14

14th Dec - How to punctuate

News (Wed morning) – BTH
News (Wed morning) – The Trader
Market Preview – Saxo Bank
  Italian bond auction and EZ IP
Morning PreviewBNY Mellon
  comments Europe and Iran

Live Blog: The OPEC meetingThe Source / WSJ

FX option vols – Saxo
Markets Live – alphaville FT
Debt crisis: live – The Telegraph
EZ crisis Live blog – The World / FT

Then to today's links: 

Taverna talk of fiscal union will remain just thatJohn Kay 
The purpose of the planned mechanisms is to avoid a break-up of the eurozone and the measures will fail in their purpose if they do not offer a reassurance that no member will be allowed to fail. But the necessary consequence of providing that reassurance is that Europe loses its only effective leverage against recalcitrant members.

De-xia VuMacro Man
Various bits of the market have been behaving in odd ways, that could have many different explanations in isolation. But when seen together, TMM reckon they have figured out what is going on.

Collateral crunch, commodity financing editionalphaville / FT
Look at any financial market long enough and it starts to resemble the repo market. Conventional sales and buybacks. Islamic finance. Covered bonds. Commodity contango or backwardation trades. Most of them have some form of sale and later buyback of assets, inbuilt into the trade.

The Book of JobsJoseph E. Stiglitz / Vanity Fair
Forget monetary policy. Re-examining the cause of the Great Depression—the revolution in agriculture that threw millions out of work—the author argues that the U.S. is now facing and must manage a similar shift in the “real” economy, from industry to service, or risk a tragic replay of 80 years ago.

China Prepared to Let Housing Prices Sink in Spite of Economic Slowdown; Transition to New Regime Underway; Decoupling in ReverseMish’s
The above statements from China provide a big hint that China finally realizes its infrastructure/Real Estate/Export model is dead.

Chinese property: game over?beyondbrics / FT

Trade Ideas for 2012Global Macro Trading

Steve Cohen says insider trading rules are "vague"Reuters

Deutsche On Five FX Lessons Learned in 2011ZH
1) High level of uncertainty does not mean large market moves. 2) Monetary policy no longer mattered for FX. 3) Best way to play the Euro-area crisis was not to use the euro. 4) There are no new safe havens. 5) There is no EM.

At home with Benalphaville / FT
We learn of a quiet man that likes to shoot hoops and read Kindle books about Nazi Germany. A man who doesn’t do lunch with Ron Paul (who can blame him), steers clear of the Washington social scene but keeps a beady eye on his mortgage.

Physics EnvyWSJ
Book review: Emanuel Derman’s Models Behaving Badly.

Presenting The Three Unscripted Sentences That May Have Cost Jon Corzine His FreedomZH
Why did they not stay with the script?

When Incentives Go BadThe Psy-Fi Blog
Strings Attached: Untangling the Ethics of Incentives by Ruth W. Grant

What Facebook knows about youTAZ
Austrian law student asked FB to send him all their data stored about him. He was sent a cd with 1222 PDF files. Notice the links at the bottom of the article. Also flowingdata.

Augmented Reality for Six-Year-Oldstechnology review