Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global Macro Trading
The Closer – alphaville / FT
US: 19 out of 19 – ZH
EUROPE
With declining birth
rates and an ageing population, Europe is
facing the threat of a democratic decline by the middle of the century. Facing
similar challenges, the US has recently moved to reform its immigration
policies, thus allowing greater numbers of migrants to encourage growth.
Taking Stock of Capital Ratios – WSJ
With earnings season
for European banks now all done and dusted for the first quarter, it seems
timely to have a glance at their capital positions.
Excess German savings, not thrift, caused the
European crisis – mpettis
One of the reasons
that it is been so hard for a lot of analysts, even trained economists, to
understand the imbalances that were at the root of the current crisis is that
we too easily confuse national savings with household savings.
Right into the dollar zone – Free exchange
/ The Economist
My Sunday post on the
importance of inflation in Germany seems to have been misunderstood by, among
others, Tyler Cowen.
Germany expects Austria and Luxembourg to take part in the EU-wide effort to clamp
down on tax evasion, even though the two countries last week blocked a key EU
proposal on the topic.
PIIGS
Is it only going to
get worse before it gets better? Societe Generale think so: as the chart says,
they’re expecting it to reach 30 per cent in 2015
Monetising the… ECB – Yanis
Varoufakis
The Greek government
borrowed €4.2 billion from the European Stability Mechanism (ESM) in order to
repay the… European Central Bank (ECB) €5.6 billion, leaving the ECB with a
profit of €2 billion plus from this hideous transaction. Re-pay what exactly?
UNITED STATES
FED
Fed’s Bullard: Adjustable Bond Buying Best Fit
for Policy – WSJ
The Federal Reserve
should press forward with its bond-buying campaign, but be willing to change
its size to reflect shifting economic currents, a U.S. central bank official said.
A Fed official at the
heart of the monetary-policy decision-making process said he's open to changing
the pace of central bank bond buying when economic conditions warrant, although
he added an uncertain outlook means it's still unclear whether the purchases
should be boosted or cut.
Two Issues for the Fed: How and When – Marc
to Market
It serves his interest
to indicate it is data determined and that more data is needed. If this does in fact materialize, we suspect
it would be supportive for US Treasuries while weighing on the dollar. To the extent that the FOMC minutes show that
there are some at the Fed who think it should be doing more, it may also push
the markets in the same direction.
MARKETS
361 Capital Weekly Research – The
Reformed Broker
Chart Of The Day: S&P 500 vs EBITDA – ZH
Are Market Valuations too High? – Turnkey
Analyst
ASIA
That soaraway Nikkei and the yen – alphaville
/ FT
The main driver behind
the super soaraway Nikkei which is up 45 per cent since the start of the year —
foreign investors.
OTHER
New financial
forecasts – Nordea
or direct to full pdf.
The Rules, Part
XXXVII
– The Aleph
Blog
CFA Institute Magazine (May/June
2013) – CFA
Institute
Research Review | 5.21.13 | Risk Management
& Asset Allocation – The
Capital Spectator
FINNISH
Julkisuuslainsäädännön
asiantuntemus puntarissa – Jyrki
Virolainen
Pelastaako
talouskasvukaan enää meitä? – Henri
Myllyniemi / piksu
Tukholman
mellakat Financial Timesissa – Henri
Myllyniemi / US Puheenvuoro
Portugalin
pankit eurojohtajille: Lopettakaa tulella leikkiminen –
Juha
Remes / piksu
Äärioikeiston nousu ja uho – Hannu
Visti