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Wednesday, August 21

21st Aug - US Close




Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT
Europe: European Slide Accelerates – ZH
US: Dow Slumps To 6-Day Losing Streak As Cramer Top-Ticks Fed Reaction – ZH


EUROPE
The Eurozone’s Misplaced OrthodoxiesProject Syndicate
With the euro crisis still far from resolved, the currency union remains at the center of heated debates. But, in many cases, positions have become so polarized that they miss the point, impeding policymakers’ ability to agree on and implement an effective crisis-response strategy.

UNITED STATES
The SEC is now demanding that companies admit wrongdoing. That’s a big deal.Wonkblog / WP

Summers, Yellen allies wage behind-the-scenes effort to win Federal Reserve nodWonkblog / WP

  FOMC MINUTES
"Almost all Committee members agreed that a change in the purchase program was not yet appropriate"Calculated Risk

Key Passages From Fed MinutesWSJ

Spot The Odd One Out Since The FOMC StatementZH

"Broad Support For Bernanke Tapering Timeline" FOMC Minutes SayZH

FOMC minutesalphaville / FT

Post-FOMC Minutes Update: Stocks Confused; Bonds Not!ZH

Bearish Read, Sends Bonds and Stocks Down, Dollar UpMarc to Market

Fed still ready to taper before year-endNordea

More detailed QE guidance coming upDanske Bank (pdf)

The FOMC minutes exacerbate emerging markets routSober Look

OTHER
Jackson Hole 2013 – Missing some central bank chiefsMoney Supply / FT

Is Jackson Hole's 'Agenda-Less' Agenda To Taper Treasuries Before MBS?ZH
Goldman Sachs: unlikely to provide much guidance on near-term Fed policy

All you need to know about emerging marketsLong Short / FT
The current account tells you most of what you need to know. Since May, emerging countries which need to attract international capital – those with current account deficits – have seen their currencies and share prices slide and their bond yields jump. Those with a surplus have been hit much less hard.

To Have and Have Not (a current account surplus)Long Short / FT
While the US Treasury bond sell-off goes on, the market’s sorting of emerging markets is brutal. One factor matters above all others: does the country have a current account surplus or deficit?

When “QE Infinity” Turns Into A Pipedream: Hot Money Evaporates, Rout Follows – See Emerging MarketsTestosterone Pit

comment recommend link to this 52 minutes ago
Stress Indicators: Tighter financial conditions - wake-up call?
Steen Jakobsen: The Stress Indicators look increasingly nervous. We focus on financial conditions, Slovenia and the test of wedges in major markets - the S&P and 10-year US rates.
http://www.tradingfloor.com/posts/stress-indicators-tighter-financial-conditions-wake-call-381382018

FINNISH
Kreikan kolmannesta tukipaketista tihkuu tietoja – Rehnkään ei kielläTalSa
Talouskomissaari Olli Rehn ei enää sulje pois uuden lainaohjelman myöntämistä Kreikalle, kirjoittaa Helsingin Sanomat. Saksalaislehti tietää jo kertoa kolmannen hätälainan ehdoista.

Sasi: Kreikan euroeroa harkittava, jos tarvitaan uusi pakettiTalSa

Rahoituskriisien ennakoiminen – indikaattorit ja vastasyklinen pääomapuskuri SuomessaBoF
Selvitys kattaa vuodet 1900–2012 ja sisältää kuusi rahoituskriisiä. Vastasyklisen pääomapuskurin tarkoituksena on vähentää pankkien luotonannon kiihtymistä korkeasuhdanteissa ja parantaa pankkien tappioiden kantokykyä.

Suomi antaisi 1,5 miljardia anteeksi kreikkalaisille? - ”Kokoomuksen kardinaalimokaus”US

Professori: Suomalaisten masennus on oikeasti työuupumustaUS

Kimmo Sasi: Miksi valtio ei alenna asumisen hintaa näin – ei maksaisi mitään?US

Yrittäjiltä tukea: Yt-lain höllentäminen auttaisi välittömästiVerkkouutiset