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Sunday, June 2

2nd Jun - Weekender: Linkfest

Previously on MoreLiver’s:

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Brussels blog round-up for 25 – 31 MayEuropp / LSE
Commissioners in trouble, UK challenged over migrants’ benefits, and should the EU get rid of its small change?

'Truly Abysmal': Europe Needs Overhaul, EU Commissioner SaysSpiegel
Many European leaders have recently suggested that the Continent is on the road to economic recovery. EU Commissioner Günther Oettinger, however, says the bloc is in a "truly abysmal state" and that France, in particular, needs reform.

Austerity About-Face: German Government to Gamble on StimulusSpiegel
With the euro crisis refusing to relent, the German government is backing away from its austerity mandates and planning to spend billions to stimulate ailing economies in Southern European. But can the program succeed?

Did Berlin throw Dijsselbloem under the bus?Brussels blog / FT

Why some countries still want to join the euroThe Economist
Polls suggest most Latvians want to keep the lat. But the prime minister says Latvians already agreed to the single currency when they voted in a referendum to join the EU in 2004. Moreover, he has been re-elected twice on a policy of joining the euro.

Cyprus seizes billions in assets of former Laiki bossesFT
Cyprus has frozen billions of euros of assets held by three former senior executives of Laiki (Popular) Bank, signalling a protracted legal battle over who was to blame for the collapse in March of the island’s second-largest lender.

EU: Magnitsky case is 'internal matter' for Russiaeuobserver

Greece: IMF Completes Third Review Under Extended Fund Facility Arrangement, Concludes 2013 Article IV ConsultationIMF

Europe's Scariest Chart Goes ParabolicZH
Youth unemployment

A portrait of European policy failureThe Telegraph
Another month, another 95,000 people lost their jobs in the eurozone.

European monetary policy: The negative optionThe Economist
Would charging banks that leave funds at the central bank help or hurt?

Draghi vs. Germany: ECB President Surrounded by CriticsSpiegel
European Central Bank President Mario Draghi often seems besieged in his Frankfurt tower, surrounded by fellow bankers and a populace that strongly disapprove of his risky policies. Even Germany's top court will pass judgment on them in an upcoming case.

Frankfurt Braces for ‘Blockupy’ ProtestsWSJ
Undeterred by forecast rain, thousands of “Blockupy” protesters are flooding Frankfurt this weekend to oppose tough austerity measures affecting euro-zone countries.

Macro control, micro problemsThe Economist
Federal Reserve faces a dilemma: to put the economy back on its feet it is keeping interest rates at zero and buying bonds; but in doing so, it worries, it is egging on dangerous risk-taking. Cue “macroprudential” policy.

Fed Not Constrained Amid Tame InflationWSJ
Inflation is getting tamer, a development that will surely fuel the debate over the Federal Reserve's bond-buying.

Too-big-to-fail Q&A. Get the facts.Sober Look

Chicago-Area Manufacturers See Strong Growth – WSJ
Chicago PMI Surges – Bespoke
Chicago PMI Soars To Highest Since March 2012 Crashing Expectations – ZH
Trading Avalanche Unleashed By The Chicago PMI Headline – ZH

Consumer Sentiment at Highest Level Since 2007 – WSJ
Consumers Most Confident Since 2007 – ZH
May Consumer Sentiment increases to 84.5, Chicago PMI increases to 58.7 – Calculated Risk

How Does Income Growth Compare to Other Recoveries? – WSJ
Personal Income declined slightly in April, Spending declined 0.2% - Calculated Risk
April Income Lower Than Expected -> Weaker Spending; Savings Rate At Unsustainable Lows – ZH
PCE core inflation the lowest on record – Sober Look
April Was A Rough Month For Spending & Income – The Capital Spectator
Real spending up 0.1 percent in April, lower than expected – Handelsbanken
Analysis: Consumers May Turn Frugal but Won’t Hunker Down – WSJ

Japan’s equity and bond markets: ShockingThe Economist
Volatile bond yields may spell trouble for Abenomics

Japan's problems could make the eurozone's look like a garden partyThe Telegraph
One of the questions I have been asked most frequently over the past couple of years is: what happens if, and when, bond yields rise?

Japanese Bond Yields Spike!! Successful Abenomics or the Beginning of the End?Turnkey Analyst

Abenomics – Mission Impossible?The Big Picture

FX Comment: The Tide Nordea
It's all about USD (real) yields now, and a week full of events ahead. The balance of risks are for the USD downside. Even EMs can find some ground.

My verdict on NGDP Targets mainly macro

Book Bits | 6.1.13The Capital Spectator

Is the OECD’s promise of better times ahead a credible one?Bruegel
This week the OECD released its latest biannual Economic Outlook. The world GDP growth forecast for 2013 has been revised down from 3.4 percent in June 2012 to 3.1 percent. The group of 34 OECD countries is also expected now to grow slower than projected 6 months ago—from 1.4 to 1.2 percent. But, the OECD projects that the second half of 2013 will see a modest revival of growth and the outlook for 2014 is decidedly better.

Global Perspectives May 2013: Reflation in the BalancePIMCO
Four of the world’s major central banks are now “all in” when it comes to ballooning their balance sheets in correlated, if not coordinated, efforts to achieve escape velocity in their economies. In accounting for the impact of quantitative easing on two key balance sheets, we are able to interpret, monitor and calibrate the programs currently in place. This in turn can help us prepare portfolios if – or when – sentiments and inflation expectations shift.

Luottolama vesittää velkojen inflatoinninHenri Myllyniemi / Piksu

Björn Wahlroos: eurokriisistä selviäminen edellyttää dramaattista muutosta rahapolitiikassatyhmyri

Nokian Siilasmaa: Suomi on Kreikan tielläTalSa
Nokian hallituksen puheenjohtajan Risto Siilasmaan mukaan Suomi on matkalla kohti samaa tilannetta, jossa Kreikka on nyt.

Katainen esitteli ratkaisua yritysten lainarahapulmaanTalSa
Pääministeri Jyrki Katainen esitteli ratkaisuaan niille pk-yrityksille, jotka kärsivät pankkilainoituksen puutteesta.

Siilasmaan mukaan Suomi on Kreikan tiellä ja Katainen puhuu rahoitusongelmista ymmärtämättä asiasta yhtään mitääntyhmyri

Erityisesti oikeistolaisten kannattaisi olla huolestuneita työttömyydestä – työttömyys on taloudelle todella vahingollista ja kasvattaa julkista sektoria sekä lisää verojatyhmyri

Timo Soinilla on asiaa Hesarin etusivun verranJyrki Virolainen

Kun hulluus saa vallanHenri Myllyniemi / US Puheenvuoro

Rahalaitosten tase (lainat ja talletukset) ja korotSuomen Pankki
Yritysten lainakannan vuosikasvussa käänne nopeamman kasvun suuntaan