Previously on
MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global Macro Trading
Daily Risk Monitor – Global
Macro Monitor
The Closer – alphaville / FT
US: Stocks Soar Most In 2013 As Bullion And Boehner Beaten Down – ZH
EUROPE
Chart of the Day - Volatility of Euro Zone
peripheral yields – Macronomics
EUROPEAN
CENTRAL BANK
Monthly Bulletin, October 2013 – ECB (pdf)
Statistics Pocket Book, October 2013 – ECB (pdf)
Commodity prices and their role in assessing
euro area growth and inflation
– ECB
(pdf)
Publication Article,
Monthly Bulletin, October 2013
Reference interest rates: role, challenges and
outlook – ECB
(pdf)
Publication Article,
Monthly Bulletin, October 2013
ECB to Create Currency Swap Line With China
Central Bank – WSJ
Agreement, Set to Last
Three Years, Underscores China's Growing Financial Heft
Q&A: What’s a Currency Swap Line? – WSJ
UNITED STATES
The Big-Bank Subsidy – Simon
Johnson / NYT
The debate on very large financial institutions has reached an important
moment. The stakes are high, as a strong report from the G.A.O. could influence
policy. Not surprisingly, representatives of the big banks are pushing back as
hard as they can on the notion that they receive subsidies of any kind.
SHUTDOWN
/ CREDIT CEILING
Final Options: Wall Street
Broaches Crazy Maneuvers To Avert Default – WSJ
With a key deadline
for raising the nation’s debt ceiling a week away, Wall Street analysts and
even President Barack Obama are talking openly about outlandish strategies to
avoid default, from issuing Treasury debt with super-high interest rates to
selling the gold at Fort Knox.
How the debt standoff could end, in one
flowchart – WaPo
Treeing the full faith and credit – alphaville
/ FT
Nomura remain
optimists even if they do think a solution will only come in the 11th hour:
Thinking the unlikely: Fixed income
implications on a US
default – Nordea (pdf)
What will happen if
the unlikely scenario of a US default comes true?
Imagine the Fed bought defaulted Treasuries – alphaville
/ FT
What Next for US Fiscal Policy: A Dispassionate
Discussion – Marc
to Market
Treasury secretary: We spent 224 years building
our credit. Only Congress can act to protect it. – WaPo
Should Obama just ignore the debt ceiling?
These law professors think so.
– WaPo
How the shutdown affects departments – WaPo
The Dollar and the Debt Ceiling – Project
Syndicate
Barry Eichengreen: Sane
governments do not default when they have a choice, especially not when they
enjoy the “exorbitant privilege” of issuing the only true global currency. We
are about to find out whether the US still has a sane government.
Bill Gross: We're buying what Fidelity is
selling – CNBC
Schrodinger’s T-bill – alphaville
/ FT
Banks are making
contingency plans to deal with the potential impact on the $5tn “repo market”
of the US government missing a payment on its debt.
A CDS FAQ as Spreads on Sovereigns Move – WSJ
Automatic Destabilizers – Krugman
/ NYT
The Debt Ceiling and the Housing Bust – Krugman
/ NYT
Debt Cap Raise Until Nov. 22 Gains Support to
Bar Default – BB
The White House
endorsed a short debt-limit increase with no policy conditions attached,
signaling potential support for House Republicans’ plan for a month-long
reprieve from a default. The idea, proposed today by House Speaker John
Boehner, wouldn’t end the 10-day old partial shutdown of the federal
government. The plan would push the lapse of U.S. borrowing authority to Nov. 22 from Oct. 17.
Republicans offer plan to postpone U.S.
default – Reuters
Republicans in the
House of Representatives offered a plan on Thursday that would postpone a
possible U.S. default and urged President Barack Obama to negotiate an end to the
10-day government shutdown.
The shutdown just saved the world – WaPo
A shutdown made a
breach of the debt ceiling less likely.
Nine ways the shutdown will get more painful as
it drags on – WaPo
House Republicans are
now floating a plan to raise the debt ceiling for another six weeks, until Nov.
22. That delays one possible crisis. But the federal government could remain
shut down for the foreseeable future. Congress is still haggling over that.
FEDERAL
RESERVE
20 Simple Questions About The Federal Reserve – Slate
Matt Yglesias explains the Fed – The Money Illusion
Here Are Next Year's Voting Hawks And Doves – ZH
Fed’s Bullard:
Shutdown Makes Tapering ‘Less Likely’ in October – WSJ
Fed’s Williams:
Economic Data Will Determine Timing of Taper – WSJ
Calling on Yellen:
Time for a Modest, Dull Fed – naked
capitalism
Fed chair is always a
hard job. Yellen is inheriting an even harder one. – WaPo
Seventeen academic
papers of Janet Yellen's that you need to read – WaPo
ASIA
OTHER
EMEA Weekly, Week 42 – Danske
Bank (pdf)
Rouble is a long way towards free float
The shadow banking
system, crunched one way or another – alphaville
/ FT
Here’s a useful assessment of both shadow banking’s relationship to the
real economy and how it will be affected by forthcoming regulatory reforms, by
strategists at Barclays.
FINNISH
Ministerin
vastuu siirrettiin virkamiehelle – Jyrki
Virolainen
ETLAn
eläkeraportti – Akateeminen talousblogi
Eläkejärjestelmän suunnittelun tavoitteena ei
pitäisi olla työurien pidentäminen vaan hyvinvoinnin maksimointi -
budjettirajoite ja käyttäytymisreaktiot huomioon ottaen.
Teollisuuden uudet tilaukset vähenivät
elokuussa 9,9% YoY – Tilastokeskus
Teollisuustuotanto väheni elokuussa 1,5% YoY –
Tilastokeskus