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Monday, April 8

8th Apr - US Close

Previously on MoreLiver’s:

Current Specials

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Roundups & Commentary
Markets – Between The Hedges
Daily Interest Rate Monitor – Global Macro Monitor
The Closer – alphaville / FT

Tomorrow’s Tape – WSJ
Europe: Financials Drop To 7-Month Lows – ZH
Morning Briefing (Asia) – BNY Mellon

Kohl confesses to euro's undemocratic beginningseuobserver
Former German Chancellor Helmut Kohl admitted he would never have won a referendum on the adoption of the euro in his country and said he acted "like a dictator" to see the common currency introduced.

Margaret Thatcher Was Freakishly Correct About Why The Euro Would Be Such A Big Disaster BI

Three New Lessons of the Euro Crisis Project Syndicate
While some observers argue that the key lesson of the eurozone’s baptism by fire is that greater fiscal and banking integration are needed to sustain the currency union, many economists pointed this out even before the euro’s introduction. The real lessons of the euro crisis lie elsewhere – and they are genuinely new and surprising.

European stocks: Uptrends broken

The lesson from Cyprus is that large bank deposits are potentially at risk in other struggling Eurozone countries Europp / LSE

Is Cyprus More Important Than You Think?EconoMonitor

The Commission on Portugal: Is This for Real?fsaraceno
To summarize, the Commission is happy that the Portuguese government chose to ignore a ruling of its constitutional court (“welcomes that…”); it threatens to cut funding if the Portuguese government does not follow its prescriptions (“it is a precondition for a decision…”); it is in a state of denial on confidence (“the growing investor confidence…”); it recommends that democratic discussion does not take place (“it is essential that key political institutions are united in their support…”) This goes beyond my wildest thoughts.

New Trouble for Euro in PortugalNYT

The ECB, OMT, and Moral HazardKrugman / NYT
So as I said, there is some clear moral hazard here; the ECB’s intervention has let some people off the hook, and encouraged them to continue with bad policies. But the people in question aren’t spendthrift governments, they’re pain-inflicting troika members, who have been given license to keep on inflicting pain.

Germany’s Net Foreign Assets Exceed €1 Trillion; 10 Compete Failures of the EurozoneMish’s

Q1 Earnings Preview - Can The Banks Save The Quarter?ZH

Inequality and monetary policyalphaville / FT
Charts du jour, labour force participation kill the old editionalphaville / FT

Structural Employment ProblemsBig Picture

Weak Jobs Report Is Sign of Weak Jobs Report. Period.View / BB

Vanishing workforce weighs on growthWP

Why Abenomics MattersCFR

Be excited, be, be excited: BoJ editionalphaville / FT

Risk limits are made to be broken alphaville / FT
FT Alphaville is (still) poring over (and enjoying) the staff report from the Senate Permanent Subcommittee on Investigations on the JPMorgan “whale” trades in its Chief Investment Office that lost the bank over $6bn.

The Intellectual Contradictions of Sado-MonetarismKrugman / NYT
So sadomonetarism is intellectually inconsistent. It wants to blame central banks for all the instability in the economy, it preaches a doctrine of non-intervention, but it can only make the case by insisting that financial markets are irrational and unstable to begin with, in which case it’s hard to see why laissez-faire makes sense under any conditions.

Bail-In vs. BailoutDavid Kotok / The BigPicture