Should Finland accept more economic responsibilities, if it would bring stability to
the eurozone? That
was the question the country’s national broadcasting company polled
recently. Given that the question was loaded (if it would bring…), results were strictly against further
commitments. This is something that even the euro-crazy Social Democrats and
National Coalition parties currently sitting in the government can hardly
ignore much longer. YES 22%, NO 66%, DON’T KNOW 12%.
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer
– alphaville / FT
Market
Commentary – A
View From My Screens
Tyler’s European Summary – ZH
Europe's Equities Catch-Down To Credit
Tyler’s US Summary – ZH
Dow
Down Six-In-A-Row As QE-On Hopes Fade Into Close
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
Are Current Account Imbalances to blame for
the euro disaster –
Economonitor
…the combination of a current account deficit
plus a budget surplus meant that Goldilocks was going to get murdered by the
necessary balancing item—an unprecedented sustained private sector deficit… Any
EMU nation can be blown up by its banks even while running a current account
surplus.
Six Observations about the Euro – Marc
to Market
Bearish on
the euro
Italian banks: Heading for a Spanish scenario? – Saxo
Bank
Let me first explain the dynamics of a bank’s
value by repeating one of the most important investment theses: Buying banks is
about being long credit and leveraged 10-20 times.
Acronym
dictionary from Goldman Sachs.
Euro snakes and ladders – The Economist
Europe’s leaders climb slowly upward, but all too often are then dragged back
down
The UK government has
announced it will prepare a wide-ranging study of the EU so that any future
statements about 'meddlesome' Brussels may be backed up by
hard evidence.
FED / QE
QE3, the market functioning fear factor – alphaville
/ FT
Bernanke
back in June: …each of these nonstandard
programs does have various costs and risks associated with it with respect to
market functioning, with respect to financial stability, with respect to the
exit process…
Monetary policy: QE sera, sera – Free
exchange / The Economist
In the bitterest of ironies, Mr Bernanke is
giving America a Japanese recovery. He is doing so, seemingly, because pushing
inflation temporarily above an arbitrary target is an unthinkable prospect,
even though doing so would almost certainly, by his own convincing argument,
have a huge impact on America's enormously costly unemployment problem.
QE, or not QE? – The Economist
An assessment of the most controversial weapon
in the central banker’s armoury
The Fed's Harmful Monetary Policy – Reason
From a long-term perspective, the Federal
Reserve is doing more harm than good right now to economic stability.
OTHER
Negative Interest Rates and the Currency War – Marc
to Market
Some observers have suggested this is a new
front in the currency wars. While recognizing the competition between
countries, this formulation seems to be an over-generalization. There seems to
be at least three different reasons that have driven rates so low.
Macro Stocktaking Unearths 10 Questions – Macro
Man
For Stocks, a Big Line in the Sand – MarketBeat
/ WSJ
Macro, earnings bad, but not bad enough for QE,
and market sitting at technical levels.
Big market
and news roundup.
IN FINNISH
Hieman rahan arvosta
– mistä fiat-raha saa arvonsa – Tyhmyri
Euroalueen
pankkipuutarhassa kilisee – Sami
Miettinen / US Puheenvuoro
Valtaosa
suomalaisista: Ei lisäapua kriisimaille - enemmistö uskoo euron murtumiseen – YLE