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Saturday, April 6

6th Apr - Weekender: Linkfest

Europe, US, Asia - and some Finnish-language stuff as well. Big news is still Bank of Japan,

Previously on MoreLiver’s:

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Brussels blog round-up for 30 Mar - 5 Apr Europp / LSE
A turbulent Easter for Cyprus, Iceland’s crowd-sourced constitution canned, and is the Eurogroup opaque?

The ECB’s actual mandate – a reminderSocial Europe
Price stability is currently assured (if anything there is a risk of deflation) and so the ECB must, under the Treaty, do all it can to achieve these goals for as long as the situation of there being no threat to price stability prevails. There is thus a clear current requirement to pursue as expansionary monetary policies as possible. It is not sufficient to say that the stance is “accommodative”.

Charlemagne: Banking disunionThe Economist

Letter from Berlin: Franco-German Left Mired in DifficultiesSpiegel
Germany's Social Democrats had hoped that François Hollande's victory last spring would provide them with some momentum. But Friday's visit to Paris by SPD candidate Peer Steinbrück has highlighted the difficulties facing the European left. A renaissance this election year seems unlikely.

Tax Scandal: Ex Budget Minister's Failings Threaten French GovernmentSpiegel
Former Budget Minister Jerome Cahuzac shocked France this week by admitting to tax evasion. The scandal represents a potential disaster for the struggling Socialist government and could increase pressure from the public and the political opposition against President François Hollande.

'Secrecy-Cloaked Companies': Deutsche Bank Criticized for Offshore OperationsSpiegel
As part of an international reporting project on offshore companies and trusts, two German newspapers are reporting that Deutsche Bank helped to establish some 300 such entities through its operations in Singapore. The news isn't entirely new, but criticism of the company is growing.

Tax Haven Revelations: German Offenders Face Tough Road AheadSpiegel
German officials are demanding details on hundreds of alleged tax cheats uncovered by the "Offshore Leaks" report this week. With tighter laws in place, anxious violators probably won't get off as easy as before.

Bridgewater Asks "Could Italy Blow Up The Euro?"ZH

Italy’s non-government: Napolitano steps in—and outThe Economist

Portugal court rejects some government austerity measuresReuters
Portugal's constitutional court on Friday rejected four out of nine contested austerity measures in this year's budget in a ruling that deals a blow to government finances but is unlikely to derail reforms two years after the country's bailout.

Abe’s European spring breakMacroScope / Reuters
Japan stimulus sends euro zone yields to record lows

Trends behind declining LTRO balancesSober Look
Italy overtakes Spain as the largest LTRO borrower

US Macro Data Plunges Most In 10 Months ZH

No Reason to Panic – Yetdshort
The S&P 500 Index continues to trend within three bullish trend channels of varying degree.

Trade Deficit in U.S. Unexpectedly Narrows on Oil ImportsBB
Trade Deficit declined in February to $43 BillionCalculated Risk

Special report: China and the internet – The Economist

North Korean tensions: Inside the cult of Kim The Economist

Coping with North Korea: Korean roulette The Economist

Crisis in Korea: Obama Must Change US Approach to Stop Kim – Spiegel
North Korea's most recent irrational behavior has made clear the government's indifference to sanctions. Some believe China is the only country that can talk Pyongyang into toning down its rhetoric. In reality the United States can do much more to calm the situation.

Kuroda’s move will unleash copycat loosening – The A-List / FT
With the announcement by Haruhiko Kuroda, the Bank of Japan’s new governor, of the doubling of the monetary base within the next two years at most, the Japanese authorities committed to do “whatever it takes” to achieve their newly assigned objective — an inflation rate of 2 per cent. Two questions should be raised. First, why such a drastic step up in monetary expansion? Second, will it work?

Japan: A cunning plan Buttonwood’s / The Economist
Generate inflation and consumers will start spending, business confidence will improve and growth will resume. This will reduce the government's annual deficit and reduce the real value of the debt over time. Problem solved. But what about investors?

Abenomics Takes Off: Can Japan Un-Doom Itself?The Atlantic
14 years later, Japan is finally taking Ben Bernanke's advice

The Promise of AbenomicsProject Syndicate
Joseph E. Stiglitz: Japanese Prime Minister Shinzo Abe is doing what many economists have been calling for in the US and Europe: a comprehensive program entailing monetary, fiscal, and structural policies. As many Japanese rightly sense, Abenomics, with its focus on monetary, fiscal, and structural policies, can only help the country’s recovery.

Abenomics is the only way to stop Japan's debt compound crisis The Telegraph
Those who say Japan has been muddling through just fine in permanent deflation with an overvalued yen are indeed "macro-tourists". No nation can allow itself to atrophy in this way. The surprise is that it took Japan so long to wake up.

Interactive: Stash Your CashICIJ
How to move your funds off-shore.

Business Cycle Monitor: Recovery moderatingDanske Bank (pdf)

What We're Reading ~ Hedge Fund Links 4/5/13market folly

This brave new worldalphaville / FT
Cyprus may not be a template but as Pawel Morski said, the actual template is probably not going to look all that different.

Capital controls: Cash cowed The Economist

Buttonwood: Where did all the money go? The Economist

A world of cheap money The Economist
Six years of low interest rates in search of some growth

Economic policy: A world of cheap money The Economist
The Federal Reserve is making a better job of it than the European Central Bank

Tarvitaanko Suomessa työväenpuoluetta?Hannu Visti

Keskuspankit, rahapolitiikka ja markkinamonetarismiThomas Brand / Nordnet blogi

Rahoitusmarkkinat – Tilastokatsaus 4 / 2013 Suomen Pankki

Asuntolainaan ei kattoa, Fiva pettyi, kiinteistöala ilahtuiMTV3

Saksa sen kun porskuttaaJussi Tuormaa / TalSa
Heikot sortuu elontiellä, mutta Saksa sen kun porskuttaa… Miksi juuri tämä maa pärjää nykyisessä suhdannetilanteessa?

Korkman osinkoverotuksen lopputuloksesta: Eurokriisikin alkaa tuntua helpolta asialtaYLE
Verovalmistelussa voisi nojautua selkeämmin virkamiehiin. Silloin riskit valuvioista voitaisiin välttää, arvioi Aalto-yliopiston professori Sixten Korkman.

Saksalla on kokemusta siitä kuinka hoidetaan liiallinen velka ja valuutan yliarvostus ilman devalvointia tyhmyri

EK:n Kokkila mukana pikavippibisneksessäKaleva