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Sunday, March 3

3rd Mar - Weekender: Economics & Markets

Last week's Econ&Markets here.

Previously on MoreLiver’s:

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Doomed to fail?Free exchange / The Economist
Many agree that central banks need to rethink their objectives and tools in light of the crisis. Few, however, agree on what those new objectives should be or what the available tools actually are.

Time For A Spring Cleaning: The Global Economy Will Thank YouiMFdirect
It is still winter in the northern hemisphere, but there is never a bad time for spring cleaning. I suggest that policymakers de-clutter their to-do lists by focusing on three priorities. These policies will help economies grow and will significantly improve financial and monetary stability in 2013 and beyond.

Global PMI SummaryZH

Real robot talkFree exchange / The Economist
What if the robots really make humans uncompetitive in labor markets: “just because everyone could be made better off by progress doesn't mean that everyone will be made better off. There must be an institutional framework in place to ensure that the gains from growth are shared.”

Sovereign default and the rules of
Policymakers charged with sovereign debt restructuring would do well to take an engineer’s approach: know what’s broken, and know exactly what your solution aims to fix. This column argues that Europe may yet face several complex sovereign defaults and, like engineers, in dealing with these defaults we must find a way to avoid characteristically panicked policymaking.

Finance has always been more profitablenoahpinion
Finance, which accounts for only about 8% of GDP, reaps about a third of all profits.

Does Dodd-Frank really end 'too big to fail'?Wonkblog / WP

'How To (Maybe) End Too Big To Fail'Economist’s View

What do you want? The Volcker Rule!alphaville / FT
When do you want it? Last summer when you said we’d have it!

Opaque finance, again, and solutionsInterfluidity
That existing institutions are difficult to police doesn’t mean that we shouldn’t do our best while we are stuck with them.

IMF lending and banking
The IMF’s role in past systemic banking crises has been hotly debated. Indeed, prominent intellectuals have criticised the Fund for creating or exacerbating crises. This column discusses new evidence showing that IMF lending programmes are in fact associated with a lower probability of banking crises occurring in future.

Booms and Systemic Banking CrisesEconomist’s View
Banking crises are credit booms gone wrong.

Why we must cap banker bonusesre-define

Bonuses: The Essential GuideHITC

Druckenmiller: "I See A Storm Coming"ZH

In Wall St. Tax, a Simple Idea but Unintended ConsequencesDealBook / NYT
A financial transaction tax seems to be a winner for everyone, but a century of experience with the tax suggests that it is not as successful as thought.

Financial Media Wakeup Call: The Big DisconnectThe Reformed Broker

Over 200 Market Tips From 60 Traders And Investorsbclund
Free downloadable booklet

Hedge fund links – what we’re readingMarket Folly

Lessons From Ray Dalio: Hedge Fund Market WizardsMarket Folly

Are You an Investor or a Speculator? (Part One) Total Return / WSJ
Are You an Investor or a Speculator? (Part Two) Total Return / WSJ

What Is the Difference between Investing and Speculation?CFA Institute

Warren Buffett’s 2012 Annual Shareholder LetterPragCap

Warren Buffett to American CEOs and Investors: Man UpThe Reformed Broker

Comments on the Berkshire Hathaway Annual LetterThe Aleph Blog

Charlie Munger: The Psychology of Human MisjudgementThe Big Picture
Audio of the often referred to speech by Charlie Munger on the psychology of human misjudgement given to an audience at Harvard University circa Jun 1995. Mr. Munger speaks about the framework for decision making and the factors contributing to misjudgements. c. Jun 1, 1995