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Monday, May 20

20th May - US Close: Waiting




Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT
US: Gold's Best Day In 11 Months As Stocks Close Red – ZH


EUROPE
The housing conundrumCoppola Comment
House prices in the UK are too high…So we cannot force down house prices, we cannot force up real incomes and we cannot vastly increase the fiscal deficit. The housing conundrum resembles one of those games of the "there's a hole in my bucket" variety - a mind puzzle, if you like.

Spanish Banks: New Look at Restructured LoansMarc to Market
The continued decline in house prices, the contracting economy and high unemployment point to the likely increase in bad loans. While this may be generally appreciated, another problem is emanating from loans to households and businesses that have already been restructured.

Jobless Youth: Europe's Hollow Efforts to Save a Lost GenerationSpiegel
Europe is failing in the fight against youth unemployment. While the German government's efforts remain largely symbolic, Southern European leaders pander to older voters by defending the status quo.

The ECB can't substitute for periphery financial reformFree exchange / The Economist
Huw Pill / Goldman Sachs: While there is certainly a risk in doing nothing to support credit creation in the periphery, aggressive credit easing policies do not appear to offer a good trade-off. Rather, more structural policies supporting efforts to undertake the painful but necessary re-booting of the peripheral financial system are to be preferred.

UNITED STATES
Boom or Bubble?The New Yorker

Bernanke weighs in on robot wars; brings Keynes for backupalphaville / FT
(from last Saturday’s speech) If technology is becoming resource-like in its “curse” potential, not all of us are necessarily better off for its advancement.

What to expect from Bernanke testimony and Fed minutes this weekMacroScope / Reuters
Bernanke's Testimony to Congress and FOMC Minutes Previewtothetick

Macroeconomic MachismoKrugman / NYT
So if you like, the problem is Seriousness rather than sadism. On foreign policy, it’s always 1938; on economic policy, it’s always 1979. And the colossal muddle goes on.

OTHER
Who Invented TBTF (Too Big to Fail)?Minyanville
Aaron Brown: So TBTF is a myth. It is the monster under the bed, the dragon on the edge of the map. We never had it, and we certainly do not have it now.

Daniel Dennett's seven tools for thinking The Guardian
Cognitive scientist and philosopher Daniel Dennett is one of America's foremost thinkers. In this extract from his new book, he reveals some of the lessons life has taught him

What Can One of The Great Coaches of All Time Teach You About Leadership?Farnam Street