Special: German Elections 2013 (updated)
[Focus] Alternative fuels overview – euobserver
On the meaning of inflation – Free
exchange / The Economist
Capital is Back: Wealth Ratios over Several
Centuries – Carola
Binder
Preparing for Takeoff? Professional Forecasters
and the June 2013 FOMC Meeting
– NY
FED
Why Labor’s Share of Income Is Falling – Economix
/ NYT
How the cult of shareholder value wrecked
American business – Wonkblog
/ WP
26 Market Wisdoms from Warren Buffett – Stocktwits
Why Have Markets Learned Nothing in the Last 50
Years? – BB
What would Milton Friedman have thought of
market monetarism? – The Money Illusion
Top 10 trading commercials (and why) – all
about alpha
Why Keynes wouldn’t have too rosy a view of our
economic future – Wonkblog
/ WP
Low Interest Rates, Savers, and the Recovery – Noahpinion
Demographics and inflation: international
graphs – Interfluidity
What’s Liquidity and Why Do We Need It? – BB
People make the same basic investment decisions
as monkeys, scientists find – Quartz
The dangers of debt: Lending weight – The
Economist
Woodford and the QE tradeoffs, revisited – alphaville
/ FT
Excel monkeys unite! For today, we are
cancelling the circular reference! – alphaville
/ FT
Export-market exit during the crisis: Evidence
from the UK – voxeu.org
International trade
has declined dramatically due to the Global Crisis. This column presents new
empirical research from the UK suggesting that firms that have left the export
market will find it very hard to re-enter. Firms that have exited during the
Global Crisis are now more heavily indebted and less liquid than before, and
they also face a higher firm-specific interest rate. It’s now as hard for
once-exporting firms to re-enter as it is for firms wanting to export for the
first time. More and more firms – big and small – will rely on export promotion
policies designed for first-timers.
Retired General to Economists: Economic
Stability Drives National Security – WSJ
Woodford’s Theories Rooted in Japan Slump
Embraced by Bernanke – BB
New film takes a whack at warped Fed policies
in the land of never-ending bubbles – Macroscope
/ Reuters
Procyclical Behavior of Institutional Investors
During the Recent Financial Crisis: Causes, Impacts, and Challenges – IMF
Procyclical investment
behavior is understandable and may be considered rational from an individual
institution’s perspective. However, our main conclusion is that behaving in a
manner consistent with longterm investing would lead to better long-term,
risk-adjusted returns and, importantly, could lessen the potential adverse
effects of the procyclical investment behavior of institutional investors on
global financial stability.
OFF-TOPIC
The Digest guide to ... influencing people – BPS
The Digest guide to ... creativity – BPS
The Digest guide to ... willpower – BPS
Why Are You Not Dead Yet? – Slate
Life expectancy
doubled in the past 150 years. Here’s why.
Things Fall Apart – NYT
Philosophy and science
don’t always answer the questions they pose — sometimes they get over them.
The New Science of Mind – NYT
The Geeks on the front lines – Rolling Stone
The Tech Intellectuals – Democracy
The good, bad, and
ugly among our new breed of cyber-critics, and the economic imperatives that
drive them.
City’s dawn ravers are happy party morning
people – FT
In a red-brick
warehouse in Shoreditch, close to Silicon roundabout and on the fringes of the
City, young men and women dressed in Day-Glo and spandex, some with glitter on
their cheeks, raise their arms in the air.
A Weapon Seen as Too Horrible, Even in War – NYT
Why, it is fair to
ask, does the killing of 100,000 or more with conventional weapons elicit
little more than a concerned shrug, while the killing of a relative few from
poison gas is enough to trigger an intervention?
In Conversation: Michael Bloomberg – The
New York Magazine
The Five Cognitive Distortions of People Who
Get Stuff Done – Quarry
(pdf)
Getting Schooled in Risk: The Lessons of Poker – CFA
Institute
Ten Days In a Mad-House (1887) – U.
Pennsylvania
The Things He Carried (2008) – The
Atlantic
Airport security in America is a sham—“security theater” designed to make
travelers feel better and catch stupid terrorists. Smart ones can get through
security with fake boarding passes and all manner of prohibited items—as our
correspondent did with ease.
Fast Times at Ridgemont High Excerpts (1981) – Playboy
In the fall of 1979,
the author returned to a high school he had attended briefly some years back.
He registered as a student under an assumed name with the cooperation of the principal, who was the only one to know
the secret.
The line from 9/11 to Lehman to Syria – Free
exchange / The Economist
'Project 6' CIA Spies Operating in the Heart of
Germany – Spiegel
For years,
intelligence services from the US and Germany conducted a secret project on
German soil. Together, they developed a counter-terrorism database -- with even
a journalist coming under suspicion.
iSpy: How the NSA Accesses Smartphone Data – Spiegel
The US intelligence
agency NSA has been taking advantage of the smartphone boom. It has developed
the ability to hack into iPhones, android devices and even the BlackBerry,
previously believed to be particularly secure.
NSA Revelations Cast Doubt on the Entire Tech
Industry – Wired
Six years ago, two
Microsoft cryptography researchers discovered some weirdness in an obscure
cryptography standard authored by the National Security Agency. There was a bug
in a government-standard random number generator that could be used to encrypt
data.
NSA Can Spy on Smart Phone Data – Spiegel
Spiegel has learned
from internal NSA documents that the US intelligence agency has the capability
of tapping user data from the iPhone, devices using Android as well as
BlackBerry, a system previously believed to be highly secure.
FINNISH
Valtiontalouden tarkastusvirasto sanoo
saaneensa havaintoja päätöksenteon tietoperustan heikkenemisestä Suomessa.
Lisäksi määrätietoisen ohjauspolitiikan puute heikentää valtioneuvoston
toimintakykyä.
Omasta
rahapolitiikasta olisi Suomelle enemmän etua kuin Ruotsille – juuri Suomen
suppeamman teollisen pohjan vuoksi – tyhmyri
"Aika
ei ole euron puolella" – TalSa
Belgialainen taloustieteilijä Paul De Grauwe
ei usko euroalueen säilyvän nykymuotoisena rahaliittona. Hänen mukaansa aika ei
ole euron puolella.
"Keskuspankkiirit
eivät tajua keskuspankkitoimintaa" – TalSa
Belgialainen taloustieteilijä Paul De Grauwe
ratkaisisi akuutin eurokriisin sallimalla Euroopan keskuspankin toimia
eurovaltioiden viimekätisenä lainaajana. Tällä hetkellä EKP:n velkakirjaostoja
ei rajoita mikään, hän sanoo.
Luottoluokittajien
usko Suomeen pysyy vahvana – TalSa
Luokitusyhtiöiden analyytikot luottavat
siihen, että Suomi pystyy tekemään tarvittavat uudistukset. Haasteita riittää
huolia enemmän.
Ulkoministeri
Bildt twiittasi: Ruotsi tulee vielä kuulumaan euroon –
Verkkouutiset