Jesse Livermore (1877 - 1940) |
- MoreLiver
To the links:
FX option vols – Saxo
Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
EURO CRISIS
Recapturing the losses of the crisis – alphaville / FT
Some banks made such awful losses during the crisis they opted to store the losses on balance sheets for a sunny day when they started making profits again.
Monti and Merkel: Financial tax must cover whole EU – euobserver.com
and Sarkozy wants an agreement before elections, or it would implement it alone.
PIIGS et al
Market Implies Greek Devaluation To 1530 Drachma Versus Euro – ZH
MSCI analysis: Greeks entered the EMU in January 2001 at 340.75 Drachma to the Euro, the current market is pricing in a massive devaluation to around 1530 Drachma to the Euro.
Debunking the 7 per cent threshold – alphaville / FT
SocGen: Any such threshold yield would need to take into account countryspecific fundamentals, and the characteristics of debt issued discussed above, including its duration and its composition.
Italian yield curve steepens as bill rate collapses – Sober Look
In spite of this impressive performance, a great deal of risk is still priced into the longer-term paper. The yield curve has gone from "inverted" to "extremely steep" as the probability of default shifts further out in time
Art Cashin Explains Why The One Key Indicator That Matters For Italy Is Flashing Red – ZH
The immigrants still come to their way station of Patras (hope still blooms). But now, after a couple of weeks in Greece, they are trying to hop ships going the other way.
The immigrants still come to their way station of Patras (hope still blooms). But now, after a couple of weeks in Greece, they are trying to hop ships going the other way.
…who will blink first. Hungary may blink since the country’s leaders may not wish to find themselves outside the EU and forced into default. Or alternately, some of Orban’s advisers may already accept this scenario as an inevitability, and welcome default as the only way of getting to grips with the forex debt problem.
ECB
Important sidebar about central banking – Mosler Economics
Email from Nomura’s JJ Lando: Whatever money the ECB creates winds up on deposit in its member banks, whether or not it is ‘used’ to buy sovereign debt, ‘used’ to make loans, or not used at all.
ECB meeting press conference statement – ECB
ECB Meeting: ECB prefers to wait and see – Danske (pdf)
Cautious on the economy, happy with liquidity – Free exchange / The Economist
European Central Bank in Graphics – Reuters
Collection of charts – hat tip to The Trader.
OTHER
EMEA Weekly – Danske (pdf)
The Perils of 2012 – Joseph E. Stiglitz / Project Syndicate
Global economic rebalancing is likely to accelerate, almost inevitably giving rise to political tensions.
Given all of these large and small risks, businesses, consumers, and investors have a strong incentive to wait and do little. The problem, of course, is that when enough people wait and don’t act, they heighten the very risks that they are trying to avoid.
Financial sector regulation for growth, equity and stability – BIS
With emerging markets perspective, full conference proceedings from 15-16 Nov
DIVERSION
Artificial intelligence and robotics, the next disruptive force? – Saxo
How Facebook’s Expected $100 Billion IPO Breaks Down – Mashable
Nice infographic
Banksters and Gangsters with Eliot Spitzer – The Big Picture
Reminiscences of a Stock Operator – trading-naked.com (pdf)
Full book in pdf format.