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Wednesday, June 12

12th Jun - US Close: Karlsruhe and mixed

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT
US: Bonds, Stocks, Dollar Pounded In First Dow Jones Three-Day Losing Streak Since 2012 – ZH

How Germans Caused The Euro Zone Debt CrisisEconmatters
Michael Pettis: 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.

Leaving the debts behindFree exchange / The Economist
The migratory solution to euro-zone unemployment: in the absence of a mechanism for debt mutualisation across the euro area, I worry about some of the knock-on effects of large-scale migration.

Europe’s Way OutProject Syndicate
Dani Rodrik: Ultimately, European economic union requires a reduction in structural and institutional heterogeneity (especially in labor markets) among its members. But the eurozone faces a short-term problem that is more Keynesian in nature, and for which longer-term structural remedies are ineffective at best and harmful at worst.

Portugal: IMF Completes Seventh Review Under an EFF Arrangement, Approves €657.47 Million DisbursementIMF

Take-aways from the German Constitutional Court hearing on OMTNordea
I still consider a “Yes, but …” decision by the court as likely, giving the ECB the benefit of the doubt.

German top court 'not interested' in saving euroeuobserver
Germany's top court does not care whether ECB bond-buying has saved the euro, but only whether it complies with German law, its leading judge has said.

Germany Grapples (Again) With The Choice Between Its Constitution And The EuroTestosterone Pit

German Constitutional Court live blogOpen Europe
One of the most important cases in the Court's history?

Debt crisis: ECB hauled before Karlsruhe courtPresseurop

ECB Court Probe Focuses on Limits to Monetary PolicyBB

ECB rebuffs Bundesbank call for new limits on its mandateReuters

The second Greek rescue programme was not merely late, but also insufficient, making a third programme inevitableEuropp / LSE
Last week the IMF published a review of the financial assistance given to Greece during its debt crisis. One of the key limitations identified in the report was that debt relief for the country was provided far later than it should have been.

When Did IMF Change Its Mind?WSJ
How the International Monetary Fund's inquest over its handling of Greece's debt crisis affects what it said in public back in April 2011.

Two view of income inequalityHumble Student

Yellen overwhelming favorite to replace Bernanke at Fed: Reuters pollReuters
Yellen likely to replace Bernanke at Fed MacroScope / Reuters

Fed Tapering: Asset Class SensitivityThe Big Picture

Overvalued Housing Market Not the Same as BubbleWSJ
The OECD made some waves last week when it said Canada’s housing market was one of the few countries under its watch that is both overvalued and vulnerable of suffering a correction.

Interest rate warsalphaville / FT
The paradox is that the run-up in US interest rates, which is arguably the primary driver of these global rate increases, is well below the average and median globally.

Money markets not benefiting from rising ratesSober Look

The overstated inflation dangerFT
Martin Wolf: A high rate may be a risk in the very long run – but right now the risk is that it may be too low

Fierce Selloff in Emerging Market Currencies; India Intervenes to Stop Plunge in Rupee; Brazil Steps Up Real Intervention; Root Cause of CrisisMish’s

Rakennemuutos ja suhdannetaantuma – kuinka valehdellaan taloudestatyhmyri

Matti Vanhanen vaatii sisäistä devalvaatiota eli taloudellista tuhoatyhmyri

Suomalaiset päättäjät haluavat Suomen väkisin Kreikan tielle?tyhmyri

Last in - first out - Akateeminen Talousblogi
Ruotsissa työnantajan pitää irtisanomistilanteessa aloittaa irtisanomiset viimeksi taloon tulleista. Suomen työlainsäädännöstä tällaiset säännöt puuttuvat. Kumpi siis onkaan parempi järjestelmä.

"Tämä jos mikä on kohtalonkysymys koko hyvinvointivaltiollemme"verkkouutiset
Eduskunta keskusteli keskiviikkona valtion taloustilanteesta.

Vähittäiskaupan myynti kasvoi huhtikuussa 1,8% YoY – Tilastokeskus
Rakennusyritysten liikevaihto väheni tammi-maalisk. yli 5% YoY– Tilastokeskus
Peruskoulun oppilaista 13 prosenttia sai tehostettua tai erityistä tukea – Tilastokeskus
Lukiokoulutuksen opiskelijamäärä väheni edelleen – Tilastokeskus