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Sunday, November 10

10th Nov - Weekender: Linkfest

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Brussels blog round up 2 – 8 NovemberEuropp / LSE
US criticises Germany, Schulz nominated by PES, and could Vitali Klitschko become the next President of Ukraine?

Private deleveraging in the
Private and public debt in the Eurozone increased since the 2000s, and especially so in certain countries. This column presents evidence that high levels of private and public debt, together with deleveraging of all sectors, are especially harmful for economic growth. Private sector debt is more detrimental to growth than public sector debt. Therefore, policies aimed at reducing the private debt could yield important benefits.

Downgrade heaps pressure on HollandeFT
S&P criticises France’s high tax rates for stifling growth

France’s 'AA' Hollande pays price for kowtowing to EMU deflation madnessThe Telegraph

Ideological RatingsKrugman / NYT
Non-Crisis FranceKrugman / NYT
More Notes On France-BashingKrugman / NYT

Treasury and Krugman Are Wrong About GermanyBB

Finance Ph.D.s Are Pretty Good at Finance If They Do Say So ThemselvesBB
You can predict a money manager's future performance based on her educational credentials…Ph.D.s outperform their less-educated peers by about 43 basis points a year

About that ECB interest rate cutCoppola Comment

ECB Caught Using Fictional Rating System for Italian Bonds Used as Collateral for LoansMish’s

World from Berlin: 'A Last Warning Shot' for Southern EuropeSpiegel
The decision by the ECB to lower interest rates on Thursday is proof that the debt crisis still plagues the euro zone. The move is controversial in Germany, where editorialists warn it could affect savings and pensions.

Fear of Deflation: ECB Rate Drop Shows Draghi's ResolveSpiegel
Amid worringly low inflation, the European Central Bank has made the surprise decision to drop its key interest rate to the lowest level ever. Economists say it shows a strong will for action by the ECB's president, but they doubt the move will have a real impact.

Fed’s Lockhart: Aggressive Monetary Policy Stimulus Needed for Some Time to ComeWSJ
Atlanta Fed President Lockhart said central bank policy must remain very easy for some time to come, although he cautioned the exact mix of tools employed by the central bank will change over time.

Fed Still Seen Tapering in March Even as Job Growth Picks UpBB

Update: Four Charts to Track Timing for QE3 TaperingCalculated Risk

Ending too big to failBIS
William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Global Economic Policy Forum, New York City, 7 November 2013.

China opens key meeting to set reform agendaReuters
Chinese leaders began a four-day secret meeting on Saturday to set a reform agenda for the next decade as they try to push more sustainable growth after three decades of breakneck expansion, amid signs of continuing debate on how to implement the reforms.

Anatole Kaletsky: This weekend, China will plot its economic futureReuters
China’s astonishingly ambitious economic stimulus program probably did more to prevent a depression than anything that happened in Washington, Frankfurt or Brussels.

China’s Reform RoadmapProject Syndicate
At the Third Plenum of the 18th Central Committee of the Chinese Communist Party, President Xi Jinping is unveiling China’s reform blueprint for the next decade. In advance of its release, China's official think tank presented its own proposals in the so-called “383 plan,” which offers a glimpse of the direction that reform will take.

What to Watch for at China’s ‘Third Plenum’The Diplomat
What to expect when China sets its 10-year economic plan this weekendQuartz

Fed’s Williams: Bubble Risks Rising In China EconomyWSJ
A Fed official warned of brewing financial instability in China, and said that nation needs to increase domestic consumption to help reduce the risks of trouble.

Business Cycle Monitor: Recovery moderatingDanske Bank

Citi Expects "A Significant Fall In EURUSD" As Currency Wars Escalate ZH

The bulls' European refugeHumble Student

Emerging markets jitters are backSober Look

Informed Trading at Capitol Hill: Evidence from Congressional TradingTurnkey Analyst

Advice for Young Investment ProfessionalsDash of Insight

The forex market is designed to encourage crimeFT

How the “Navy SEALs” of trading are taking on Wall Street’s predatory robotsQuartz

U.S. to put SAC hedge fund out of business over insider tradingReuters

SAC Agrees to Plead Guilty to End Insider-Trading CaseBB

Cohen’s Dream of Soros Status Dies as SAC Pleads GuiltyBB

Crises: Yesterday and Today IMF

Bernanke Says Failing Bank Process Needed to Reduce Crises BB

Bernanke: Why the 2008 crisis was a lot like the Panic of 1907 WaPo

When Is the Next Financial Crisis?WSJ

Ben S. Bernanke: The Crisis as a Classic Financial PanicFED

Bernanke: Regulators Have Taken Steps to Limit Excessive Risk TakingWSJ
Regulators have taken a number of steps since the 2008 crisis to ensure that the government-led rescue of the financial system doesn't encourage further irresponsible risk-taking, Fed Chairman Bernanke said.

Kohn: Central Banks Can’t Stop BubblesWSJ

Important life lessons, courtesy of a Roman emperorFarnam Street

10 Life Lessons You Can Learn From The Smartest Older PeopleBakadesuyo

No Morsel Too Minuscule for All-Consuming N.S.A.NYT

Keskustalta terveiset Kataiselle ja Himaselle: Tämäkö todella Suomen suurin ongelma?IL

Sisäisen devalvaation tilannekuvaa EspanjastaTyhmyri
Tiedot tilanteen kohentumisesta liioiteltuja

Erdogan ja ärsyttävät suomalaiskysymyksetTalSa
Turkin pääministeri haki tämän viikon Suomen-vierailultaan ennen kaikkea hyvää PR:ää. Vierailu Angry Birdsien päämajalla, positiivista EU-diibadaabaa. Mutta kaikki ei mennytkään aivan putkeen.

Robottiautoprofessori: "Tämä on täydellinen vallankumous"TalSa
Italialaisen robottiautopioneerin mukaan autoilu mullistuu tulevaisuudessa täysin. Vuoteen 2050 mennessä teillä suhaa pelkkiä robottiautoja, uskoo professori Alberto Broggi.

Jan Hurri: Arvostelu kiihtyy: Saksa painaa heikkoja kyykkyynTalSa
Saksa ei ole talousveturi vaan kasvurohmu, jonka kauppaylijäämä on muilta pois ja keskeinen syy talousanemiaan muualla. Tämä euron valuvikoja korostava tasapainohäiriö on ollut eurokriitikoiden tiedossa euron perustamisesta lähtien. Nyt Saksan arvosteluun yhtyvät yllättäen Yhdysvallat ja IMF.

Saksan teollisuus jyrää muutTalSa
Saksan teollisuus on maailmanmahti, joka näyttää monella alalla jyräävän ulkomaiset kilpailjansa. Mutta miksi Saksa pihistelee eikä käytä vientitulojaan, vaan lisää deflaatiopelkoja?

Jan Hurri: Kumpaa nyt pelkäisi, inflaatiota vai deflaatiota?TalSa
Keskuspankit ovat vuosien ajan pelotelleet kansaa inflaatiopeikon ilkeyksillä. Nyt inflaatio on miltei kadonnut eikä se ole enää paha peikko vaan turva uutta vitsausta vastaan. Nyt peikon avulla pitäisi torjua "inflaatiotakin vaarallisempi" deflaatiomörkö. Tällainen pelottelu perustuu osin harhaanjohtaviin ja jopa vääriin väitteisiin rahan ja hintojen luonteesta.

Jos hinnat laskevat pitkään, talous on pulassaHS
Nordean Kangasharju: Lyhyt hintojen lasku ei ole vaarallista, kunhan siihen ei juututa