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Sunday, May 26

26th May - Weekender: Linkfest

Previously on MoreLiver’s:

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Brussels blog round-up for 18 – 24 MayEuropp / LSE
Little movement on tax evasion, an olive oil u-turn and are there too many European Commissioners?

The euro crisis: The sleepwalkersThe Economist
And if euro-zone leaders stumble on? Like Japan, Europe will be under a shadow for years to come. The cost will be measured in disillusion, blighted communities and wasted lives. Unlike Japan, though, the euro zone is not cohesive. For as long as stagnation and recession tear at democracy, the euro zone risks a fatal popular rejection.

Speech Vítor Constâncio: Implications of the SSM on the ESFSECB

Europe Opens $80 Trillion Shadow Banking Pandora's Box ZH
Will seek to collapse repo "collateral chains"

Press release TARGET 2012 Annual ReportECB
Publication TARGET Annual Report 2012ECB (pdf)
Increase in volume and value of payments processed

Cyprus bank accuses troika of misleading EU ministerseuobserver

Cyprus & the troika: off to a rocky startBrussels blog / FT

Italy's Grillo seeks EU membership referendumeuobserver

Euro-Zone Bonds Move Back into LockstepWSJ
Government bonds in the euro zone are increasingly shadowing each others’ movements, in the latest sign the woes of the single currency are fading from the forefront of investors’ minds.

Discussion in Spain on Leaving the Euro; Euro Exit ManifestMish’s

The Spanish economy: On being propped upThe Economist
Spain’s pain likely to continue despite some promising reforms

Spanish unemployment: Indignant, undignifiedThe Economist

Europe’s Lost KeynesiansProject Syndicate
Kenneth Rogoff: There is no magic Keynesian bullet for the eurozone’s woes.

Ken Rogoff: For Europe, Debt Relief for the Periphery, Not Fiscal Expansion at the CoreDelong

Europe Needs Structural ChangeWSJ

Europe’s Keynesian ProblemKrugman / NYT
Brad DeLong tries to find nice things to say about Ken Rogoff’s latest. But he tries too hard.

Open letter to KrugmanCarmenReinhart

Fed’s Bullard: ECB May Have to Consider New Stimulus MeasuresWSJ
The risk of a disorderly breakup of the euro zone has diminished in the past year but the ECB may need to consider new stimulus measures if the prospects for the 17-nation economy don't improve, a top Fed official said.

The Markets and the Fed’s Punch BowlWSJ

Parsing the Federal ReserveFree exchange / The Economist

Great Graphic: Focus on US EquitiesMarc to Market

Weekend Sentiment SummaryThe Short Side of the Long

Analysis: Not All Good News in Durables Report – WSJ
Advance Report on Durable Goods – US Census Bureau (pdf)
Hard to See Pattern in Durables Goods Report – WSJ
Durable Goods Orders increased 3.3% in April – Calculated Risk
Durable Orders Glass Half Empty—Still – Marc to Market
Durable Goods Rise More Than Expected In April – The Capital Spectator
Spot The Trend In US Durable Goods And CapEx Spending – ZH
Excluding aircraft down 1.5 percent in April, weaker than expected – Handelsbanken

BNP Warns On Japanese Repression: Echoes Of The 1940s FedZH
But a much bigger problem is Japan’s exploding public debt. With the debt already the largest of the developed nations, it could snowball out of control if an upturn in interest rates causes interest payments to escalate. So, even if 2% inflation is achieved, the BoJ’s zero-rate policy and massive JGB purchases will have to continue until the debt is made more manageable.

Japan’s Swinging Bonds - A Future Economic CrisisWSJ

Monetary policy is not interest rate policy - Japanese versionWorthwhile

Nikkei Downtrend (1982-Present)The Big Picture

Abenomics 101 - The 15 Most Frequently Asked QuestionsZH

IMF Searches Soul, Blames EuropeWSJ
In the second of its mea culpas, the IMF examines past debt restructurings and what could be improved in the future.

The IMF Revisits Sovereign Debt Restructuring, Not the SDRMPIIE

Living in Terror of Dead Economistsfsaraceno

Book Bits | 5.25.13The Capital Spectator

The banking crisis as a giant carry trade gone
A pernicious aspect of the Eurozone crisis is the ‘doom loop’ linking European banks and governments. This column argues that poor European policy choices in the wake of the 2008 Global Crisis worsened the problem. Rather than being forcefully recapitalising as in the US and UK, many Eurozone banks were left undercapitalised and free to gamble for redemption. In what may be the greatest carry trade ever, they borrowed cheap, first in short-term debt markets and then from the ECB, to invest in high-yield but risky sovereign debt. Substantial bank recapitalisations against sovereign-bond losses is the way forward.

How a Big-Bank Failure Could UnfoldEconomix / NYT

Secrets From The Sexist Pitchbook Of One Of Wall Street’s More Notorious FirmsBuzzfeed
BuzzFeed has obtained the “Golden Pitchbook” used by top brokers at John Thomas Financial. In its pages: How cold-calling brokers pressure prospects to buy stocks from the troubled firm.