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Saturday, June 22

22nd Jun - Weekender: Markets, Other, Off-Topic, Finnish

Weekend linkfest to markets, econ, players, and off-topic and Finnish articles.

Previously on MoreLiver’s:

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The Illustrated History Of High YieldZH

Worst May Be Over Already for the Carry TradeWSJ
The current sell-off in relatively high-yielding major currencies is one of the worst since 1980.

Watch these lines in the sand!Humble Student
Is this just a minor correction or the start of something worse? These are some technical lines in the sand that I am watching.

The EM “sell-off”, chart du jouralphaville / FT

The most important charts in the worldBI
We asked our favorite analysts, traders, economists, and strategists across the Street for the charts that they deem the most important right now, and this is what they sent us.

Weekend Reads for Financial AdvisorsCFA Institute
Fragile Nest Eggs, Happiness, and Luck vs. Skill

Conventional and Unconventional Fiscal and Monetary Policy OptionsEconoMonitor
The focus of this article is principally on Europe (including the UK, Cyprus, and others), Japan and the United States, and other countries suffering generally from inadequate private demand, high unemployment, a deflationary tendency, a liquidity trap and a high level of public debt.

Beatings Will Continue Until Morale ImprovesMacro Man
FOMC beating, PBOC beating, Hedge fund beating.

OTC Derivatives Market Analysis Year-End 2012ISDA (pdf)
Pulls together data from a variety of sources to show the impact of some key trends, like clearing, portfolio compression and netting, on the underlying market.

Derivative Trade Tear-Ups Cut $48.7 Trillion in 2012, ISDA SaysBusinessweek

Book Bits | 6.21.13The Capital Spectator

How Austerity Has FailedThe New York Review of Books
Martin Wolf: The right approach to a crisis of this kind is to use everything: policies that strengthen the banking system; policies that increase private sector incentives to invest; expansionary monetary policies; and, last but not least, the government’s capacity to borrow and spend. Failing to do this, in the UK, or failing to make this possible, in the eurozone, has helped cause a lamentably weak recovery that is very likely to leave long-lasting scars. It was a huge mistake. It is not too late to change course.

Bridgewater "Pure Alpha" Global FX Exposure SummaryZH
Big short bets in EUR, JPY and AUD, offset by a long GBP exposure, as of May 31.

Ray Dalio's Equity And Rates Exposure SummaryZH

De Gaulle’s Words of WisdomCraig Willy
On Nations, multinational government and EU politics

Introducing “ISDA risk” – it’s like basis risk, but more annoyingalphaville / FT
With the proposals being circulated by Isda on behalf of at least some big market participants, the specter of doubt around the economics of a payout under the status quo is now flavoured with a dash of uncertainty about how the proposed amendments will be introduced to the market. Hence the technical compression and volatility.

What We're Reading ~ Hedge Fund Links 6/21/13market folly

The War on RealityPhysics of Finance
If you're at all disturbed) by the various recent revelations over massive data trolling by government agencies, you should read this article in the NYT by Peter Ludlow. It looks at the vast and largely invisible ecology of private security and intelligence firms that are not only gathering information on ordinary people, but actively creating and spreading disinformation (otherwise known as "lies") to discredit opponents of their corporate clients. They're information mercenaries who are essentially shaping reality as we see it

GCHQ taps fibre-optic cables for secret access to world's communicationsThe Guardian
Exclusive: British spy agency collects and stores vast quantities of global email messages, Facebook posts, internet histories and calls, and shares them with NSA, latest documents from Edward Snowden reveal

What the NSA Does With the Data It Isn't Allowed to KeepThe Atlantic
The rules surrounding what information must be destroyed remain shrouded in secrecy. By what right?

Silent WarVanity Fair
On the hidden battlefields of history’s first known cyber-war, the casualties are piling up. In the U.S., many banks have been hit, and the telecommunications industry seriously damaged, likely in retaliation for several major attacks on Iran. Washington and Tehran are ramping up their cyber-arsenals, built on a black-market digital arms bazaar, enmeshing such high-tech giants as Microsoft, Google, and Apple. With the help of highly placed government and private-sector sources, Michael Joseph Gross describes the outbreak of the conflict, its escalation, and its startling paradox: that America’s bid to stop nuclear proliferation may have unleashed a greater threat.

(comedy) Financial Sector Thinks It’s About Ready To Ruin World AgainThe Onion

Cuba After CommunismForeign Affairs
Cuba has entered a new era of economic reform that defies easy comparison to post-Communist transitions elsewhere. Washington should take the initiative and establish a new diplomatic and economic modus vivendi with Havana.

The Man Who Escaped Microsoft and Took a Whole Company With HimWired

The Road to D-Day: Behind the Battle That Won the WarForeign Affairs
If Operation Overlord failed, the entire Allied enterprise in World War II faced abject collapse. This new history of the events leading up to D-Day explains why, and what the preparations for success actually involved.

The Coming Arctic Boom: As the Ice Melts, the Region Heats UpForeign Affairs
No matter what one thinks should be done about global warming, the fact is, it’s happening. And its effects are not all bad. In the Arctic, it is turning an impassible region into an emerging epicenter of industry and trade.

Criminal Group Illegally Took $24 Billion Out of RussiaBB
A single Russian network of at least 1,173 sham companies is responsible for illegally channeling a minimum of 760 billion rubles ($24 billion) out of the country, outgoing central bank Chairman Sergey Ignatiev said.

World War Z Would Have Been Better if It Weren’t a Zombie MovieWired
World War Z's Unhorrifying, Strangely Touchy-Feely Zombie ApocalypseThe Atlantic

The Electronic Future of CigarettesThe Atlantic
Aiming for a tobacco-free society is myopic. Embrace the safer alternative.

Willem Dafoe: 'Don't make this into a crackpot profile, please'The Guardian
The actor famous for being game for anything talks about his passion for physical theatre, his attraction to strong directors – but declines to comment on the size of his penis

Euromaat rustasivat säännöt suorille pankkituilleHS
Euromaiden valtiovarainministerit laativat torstaina säännöt sille, miten Euroopan pysyvä kriisirahasto EVM voi suoraan tukea ongelmissa olevia pankkeja. Ministereiden hyväksymien sääntöjen mukaan Euroopan hätäkassan 500 miljardin euron lainoituskapasiteetista voidaan lohkaista suoriin pankkitukiin korkeintaan 60 miljardia euroa.

Suomi voi estää vanhojen pankkikriisien hoitamisen suoralla tuellaHS
Suomi ei edelleenkään kannata vanhojen, ennen yhteistä pankkivalvontaa syntyneiden pankkikriisien hoitamista suorilla pankkituilla, valtiovarainministeri Jutta Urpilainen (sd) sanoo. "Meidän kantamme on edelleen entinen tältä osin, että me emme kannata sitä", Urpilainen sanoi Luxemburgissa, jonne EU-maiden valtiovarainministerit ovat kokoontuneet.

EU pistää pankkikriisien maksajat järjestykseenHS
EU-maiden valtiovarainministerit vääntävät parhaillaan Luxemburgissa siitä, kenen pitäisi kantaa tappiot pankkien alasajossa ja uudelleenjärjestelyissä. Tavoitteena on saada jonkinlainen järjestys siihen, miten kriisipankkeja suljetaan rasittamatta veronmaksajia ja lietsomatta paniikkia esimerkiksi tallettajien keskuudessa.

EU:n valtiovarainministerit eri mieltä pankkien pelastuksestaHS
EU:n valtiovarainministerit eivät ole päässeet sopuun pankkien kriisinhallintamekanismista. Lauantain pikkutunneille asti venyneet neuvottelut Luxemburgissa päättyivät erimielisyyksiin euroalueeseen kuuluvien ja euroon kuulumattomien jäsenmaiden välillä.

Euromaat eivät päässeet yksimielisyyteen pankkien alasajostaTalSa
Euromaat eivät kyenneet eilen päättämään, kuka maksaa lopulta laskun pankin konkurssitilanteessa. Ranska ja Saksa ovat asiasta eri linjoilla.

Hallituksen suosio romahti alimmilleenHS
Vain alle neljänneksen mielestä hallitus on onnistunut hyvin tehtävissään

Pääkirjoitus: Peruskysymyksiä voi pohtia vain SaksaHS
Saksan poikkeuksellista asemaa kuvastaa myös se, että vain Saksassa voidaan ja uskalletaan pohtia eurokriisin rahoitukseen ja vastuunjakoon liittyviä perustavanlaatuisia kysymyksiä.

Supo haluaa seurata sinua tarkemmin verkossaTE
Urkinta aina mielessäHS
Tietosuojavaltuutettu: Luottamuksellinen viestintä kuuluu yhteiskuntaanYLE
Poliisiylijohtaja Paatero tukee Supon tavoitetta laajentaa verkkoseurantaaYLE