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Saturday, August 31

"For Political Reasons" - The inconvenient truth about the euro

This essay is from the book Euro or Not?, which was published on June 5 in Helsinki, Finland, by the think tank Suomen Perusta. Authors of the book include current and previous members of the European Parliament, Finnish Parliament, a previous minister, economists and bloggers.

Suomen Perusta is operated by The Finns Party and the full document (in Finnish only) can be downloaded from the think tank’s website in PDF format – along with the previous publication How the euro area develops?

31st Aug - Weekender: Linkfest



31st Aug - Weekender: Weekly Support



Here are the links to the weekly roundups, reviews and also previews of the beginning week. Last week's 'Support' here.

Friday, August 30

30th Aug - US Close



30th Aug - US Open



30th Aug - Weekender: Best of the Week



The best articles from the ending week. Plenty of Finnish articles. Last week’s ‘Best of’ here.

Themes of the week: Federal Reserve continues to excite people, now that the rot has spread to the emerging markets and all kinds of negative feedback loops are discussed. Syria and European bright data were also notable.

30th Aug - EU Open: Finnish "restructuring"



Wednesday, August 28

28th Aug - US Close




Sixten Korkmanista, kun oli taas telkkarissa: Korkmanin track on huono. 80-luvulla puolusti silloista raha- ja talouspolitiikkaa, 90-luvulla lamasta nousua pitkittänyttä eumutusta, rahaliittoon menoa jne. Vielä lokak. 2011 EVA:n raportissa kertoi, että:

28th Aug - US Open: Global chaos



28th Aug - EU Open: European M3, next, but Syria overrides



Monday, August 26

26th Aug - US Close



26th Aug - US Open: "Heureka"



UK bank holiday slows things down today. 

Päivän sitaatti: "Katselin tuossa pätkän Heurekan tilaisuutta ja ainakin alku näytti lupaavalta: Tilaisuuden puheenjohtajana toimii mies joka osti Saksasta neljällä miljardilla ilmaa, avauspuheenvuoron käytti pojankloppi, joka on saanut maan tähän kurjaan jamaan, tieteellisen katsauksen piti professori, joka oli takuutusten pääasiallinen taustavaikuttaja, Suomen Pankin katsauksen vakavaan tilanteeseen teki mies, joka oli 1990 laman pääarkkitehteja. Varmaan tästä tulee todella hyvä kokous ja loppupäätelmät aivan nerokkaita. Tässä vaiheessa alkoi vituttaa niin paljon, että lähdin pyöräilemään.."

26th Aug - EU Open



Sunday, August 25

25th Aug - Weekender: Linkfest




25th Aug - Credit Guest: Osmotic pressure


This week's long-form credit kung-fu cross-post from Macronomics delves deeper into the follow-up of tapering, from initial pressure on the emerging markets to back the source.

25th Aug - Weekender: Weekly Support




Here are the links to the weekly roundups, reviews and also previews of the beginning week. Last week's 'Support' here

Friday, August 23

23rd Aug - Weekender: Best of the Week



The best articles from the ending week. Plenty of Finnish articles. Previous ‘Best of’ here.

23rd Aug - US Open



23rd Aug - EU Open



Thursday, August 22

23rd Aug - The Post Number 2013


This is my 2013th blog post.

Most people prefer to believe their leaders are just and fair even in the face of evidence to the contrary, because once a citizen acknowledges that the government under which they live is lying and corrupt, the citizen has to choose what he or she will do about it. To take action in the face of a corrupt government entails risks of harm to life and loved ones. To choose to do nothing is to surrender one’s self-image of standing for principles. Most people do not have the courage to face that choice. 

Hence, most propaganda is not designed to fool the critical thinker but only to give moral cowards an excuse not to think at all.



Useimmat ihmiset pitävät parempana uskoa johtajiensa olevan oikeudenmukaisia ja reiluja, myös silloin kun todisteet puhuvat päinvastaisesta, koska kun ihminen kerran myöntää itselleen että hallitus valehtelee ja on korruptoitunut, hänen on tehtävä valinta sen suhteen mitä hän itse aikoo asian suhteen tehdä. Ryhtyminen toimiin korruptoituneen hallituksen suhteen sisältää riskejä omassa ja läheisten elämässä. Valinta ettei tee mitään tarkoittaa taas luopumista omakuvassaan periaatteiden puolustamisesta. Useimmilla ihmisillä ei ole rohkeutta kohdata tuota valintaa.

Siksi suurin osa propagandasta ei ole suunniteltu huijaamaan kriittistä ajattelijaa, vaan ainoastaan antamaan moraalisille pelkureille tekosyy olla ajattelematta lainkaan.

    -Michael Rivero-

22nd Aug - US Close



22nd Aug - US Open



22nd Aug - EU Open



Monday, August 19

19th Aug - US Close



19th Aug - US Open



Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: 10 Year Bond Shakedown Continues: Rate Hits 2.873% – ZH
The Lunch Wrap – alphaville / FT
EU daily news – Europa
Daily press summary – Open Europe
  Merkel: “I don’t see [another] debt haircut for Greece”, such a move could “unleash uncertainty” in the eurozone
Morning MoneyBeat: How to Navigate Rising Interest Rates – WSJ
Morning Bond Update – TradingFloor
Dollar Softer vs Most Majors, Firmer vs Emerging Markets – Marc to Market


EUROPE
A Textbook Recovery Outside Euro-Zone CoreWSJ

Quant Corner: French banks remain our equity model's top picksTradingFloor
France's three largest banks remain our equity quantitative model's favourite picks among major European banks driven by increasing expectations for profitability and benign valuations.

ASIA
Moral hazard, the Chinese wayalphaville / FT
China’s “bad bank” debts from the 1990s are being paid off by the government, increasingly rapidly of late.

OTHER
Global PMI manufacturing trackerTradingFloor

Key Events In The Coming WeekZH

19th Aug - EU Open




Sunday, August 18

19th Aug - Weekender: Linkfest




18th Aug - Credit Guest: Fears for Tears

Macronomics is here again with a long, beautiful piece all hot and crispy of the August sun.

Saturday, August 17

17th Aug - Weekender: Weekly Support



Here are the links to the weekly roundups, reviews and also previews of the beginning week. Last week's 'Support' here

Friday, August 16

16th Aug - Weekender: Best of the Week



The best articles from the ending week. Plenty of Finnish articles.

16th Aug - EU Open



Saturday, August 10

10th Aug - Weekender: Linkfest



After couple of days of blogging holiday, here are some of the more interesting article links from the past couple of days. Notice the unusually large Finnish-language section.

10th Aug - Weekender: Weekly Support


Here are the links to the weekly roundups, reviews and also previews of the beginning week. Last week's 'Support' here.

Tuesday, August 6

6th Aug - Blogging Holiday -> 10-Aug


MoreLiver's is taking some time off to work on his tan. Will be back on 10-Aug. Meanwhile, for the regular links and briefings, you could check my Links-section

Saturday, August 3

3rd Aug - Weekender: Linkfest



3rd Aug - Special - Friday's Macro Data


3rd Aug - Weekender: Weekly Support



Here are the links to the weekly roundups, reviews and also previews of the beginning week. Last week's 'Support' here.

3rd Aug - Weekender: Best of the Week



The best articles from the ending week. Last week’s ‘best’ here.

This was supposed to be a very important week. It wasn’t – we didn’t get any new policy announcements, and the data was mixed.

Thursday, August 1

1st Aug - US Close: ECB stood still, good US data




1st Aug - US Open: Draghi speaking



1st Aug - Special : ECB Watch



First the ECB- and live commentary links, followed by previews and relevant macro releases published earlier.

Watch out for increased communication (forward guidance, minutes), some follow-up on ABS and related measures, no rate cuts expected. I expect verbal intervention in EURUSD, thus my bearish view on the pair.

1st Aug - EU Open: ECB and BoE ahead