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Saturday, November 16

16th Nov - Weekender: Linkfest



Previously on MoreLiver’s:

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EUROPE
Brussels blog round up 9 – 15 NovemberEuropp / LSE
Iran talks break down, Germany’s current account surplus, and is social mobility really such a noble aim?

DésillusionThe Economist
French increasingly think Europe is a problem, not a solution.

Europe’s far right: This monster called EuropeThe Economist
Le Pen and Wilders form an eurosceptic alliance against the monster called Europe.

The BoE’s view of forward guidance effectivenessMoney Supply / FT

Europe’s Remarkable AchievementKrugman / NYT
Surpassing the 1930’s.

  2014 BUDGETS
2014 draft budget views – EC
Draft budgetary plans of euro area Member States – EC
Autumn fiscal surveillance package: FAQ – EC
Presentation of autumn budgetary surveillance package – EC

EU Criticizes Spending Plans of Biggest Euro-Area Nations BB
The EU confronted the euro area’s biggest economies over their spending plans for next year as austerity demands restrain the bloc’s recovery from the longest recession in its history.

Italy and Spain close to breaking euro ruleseuobserver

  ECOFIN / BANKING UNION
Euro zone must have backstops before bank health checks: ECBReuters
EZ governments must put in place ways to financially support their banks in case they need more capital as a result of health checks by the ECB next year, ECB Executive Board member Joerg Asmussen said on Friday.

EU Stumbles Toward Bank Plan Deadline as Germany ResistsBB
EU finance ministers struggled to advance a bank-failure plan for the euro area, hampered by the interregnum in Berlin and persistent divisions on basic points.

EU ministers agree euro zone bailout fund can be used as ultimate backstop for banksReuters
EU finance ministers agreed on Friday that, as a last resort, the euro zone ESM bailout fund will be able to buy stakes in banks that need rescuing if neither investors nor the government are able to provide funds.

  GERMANY
Germany's hyperinflation-phobiaThe Economist

Only one way to end Europe’s woes. Germany needs to buy more stuff. -  WaPo

Delusional GermanyProject Syndicate
Germany is turning against Europe, exemplified in the rise of an openly anti-euro political party and widespread opposition to the ECB's measures to support the eurozone and stabilize financial markets. Three illusions are responsible for the German public’s growing rejection of European integration.

German SPD Criticizes German Export Power in Merkel SlapBB
SPD backed critics of the country’s focus on exports and called for action to redress current-account imbalances, risking a clash with Merkel’s bloc.

German SPD Faces Down Grassroots Revolt at Merkel Tie-UpBB
SPD delegates vented their anger at the SPD leadership in a series of ballots for senior posts that revealed grassroots opposition to coalition talks with Merkel.

When Barroso dared to take on Berlineuobserver

Europe’s economic rules: Brussels v BerlinThe Economist
The fuss over Germany’s surplus misses the point.

  EUROPEAN CENTRAL BANK
Deflationary risks rising in the Eurozone; time for LTRO redux?Sober Look

ECB ready to print, Germany ready to screamThe Telegraph
The doves are seizing control of the ECB. They are already laying the ground work for a blitz of Anglo-Saxon QE, whatever the Germans, Dutch, Austrians, and Finns (?) have to say about such wicked Latin conduct.

The overhaul of the architecture of the euro area and the return of investor confidenceECB
Yves Mersch, Member of the Executive Board of the ECB

  PIIGS
Aid to Ireland and Spain: ‘Music to the ears of Angela Merkel’Presseurop


UNITED STATES
US: Housing – slower growth but still a tailwindDanske Bank

5 facts about energy sourcesSober Look

  FEDERAL RESERVE
The Only Two Charts That Matter For The FedZH
Fed now owns a third or 32.47% of all 10 Year equivalents… now monetizing a record 70% of all net US 10 Year equivalent issuance.

The Fed’s Low Rate Message Is Sinking InWSJ

If Fed Lowers Unemployment Threshold, Key Question Will Be Why?WSJ

Fed’s Plosser: Mild Deflation Not Necessarily a Bad ThingWSJ
Fed’s Plosser: Wrong to Use Monetary Policy to Target Job MarketWSJ

  YELLEN’S HEARING
Yellen Promises More. Evidence Suggests Less – dshort
Greenspan’s dilemma becomes Yellen’s dilemma – alphaville / FT
Yellen Open To More Meetings About Banks, At Least In Private – WSJ
Yellen Takes Tough Stance on Regulating Big Banks – WSJ
Goldman: Yellen Confirmation Hearing Largely As Expected – ZH
Wall Street Gives Yellen Thumbs Up – WSJ
Robust Growth Is the Priority, but Bubbles Matter – The New Yorker

US industrial production miss on mining and utilities – TradingFloor
Fed: Industrial Production decreased 0.1% in October – Calculated Risk
Industrial production down 0.1 percent in October, weaker than expected – Handelsbanken

ASIA
China’s plenum: not a dud after all?FT
Initial reactions to the statement that came out of China’s third plenum can be summed up in three simple words: ‘was that it?’ Investors bemoaned the lack of details, and sent Chinese shares lower by 2 per cent on the day following the release of the document.

Yellen Offers Asia the Best of Both WorldsWSJ
Janet Yellen’s Senate testimony Thursday suggests a Goldilocks scenario for Asia – a continuation of the Fed’s quantitative easing that has sent waves of money flowing into emerging markets, and enough time to prepare for the program’s eventual end.

Pettis: Forget the PlenumMacro Business

Does Australia Have a Housing Bubble?The Diplomat


OTHER
The EM sell off in picturesbeyondbrics / FT

Sector Performance this Earnings SeasonBespoke

G10 Megacharts Update: USD still rallyingTradingFloor
For a longer term perspective on forex markets, here's a look at John Hardy's charts for each of the G10 currencies against an evenly-weighted basket of the remainder of their G10 peers. USD is still rallying but watch the FOMC minutes next week.

The Unspoken, Festering Secret At The Heart Of Shadow Banking: "Self-Securitization" ... With Central BanksZH

Central Banks Risk Asset Bubbles in Battle With DeflationBB
It’s easier to push up stock and home prices than it is to prevent inflation from falling short of their targets.

Here we go again: Governments don’t like strong currenciesThe Economist
If countries believe their competitors are stealing a march via their weaker currencies, they may resort to more protectionist measures, especially at a time when voters are dissatisfied and angry.

What Billionaire Ray Dalio Gets Wrong About MoneyBusinessWeek


FINNISH
Ekonomisti varoittaa AAA-luokituksen menettämisestä - "rakenneuudistukset toteutettava"Verkkouutiset

Politiikkaradio: Ay-liikekö tulppa työllisyydelle?YLE
Ovatko yleissitovat työehtosopimukset työntekijän turva vai este työn saannille? Pysyykö ay-liike enää työelämän muutoksen tahdissa mukana? Keskustelemassa Elina Lepomäki Liberasta ja Joonas Rahkola SAK:sta. Toimittajana Miia Kaarlela.

Politiikkaradio: Perussuomalaisuuden ydin on EU-kritiikkiYLE
Kansanedustaja Vesa-Matti Saarakkalan (ps) mielestä EU-kritiikki on Perussuomalaiselle puolueelle kaikkein tärkein asia. "On mun mielestä erittäin väärin antaa julkisuudessa sellainen kuva, että me jotenkin voitaisiin tinkiä näistä meille aivan keskeisistä asioista", sanoi Saarakkala Politiikkaradion Päivän kansanedustajan -haastattelussa. Onko Perussuomalaiset yleispuolue vai muutaman asian liike? Miksi keskustalaiset poliitikot herättivät nuoressa Vesa-Matti Saarakkalassa jopa vihaa? Toimittajana on Tapio Pajunen.

Maksutase syyskuussa 2013Suomen Pankki
Vaihtotase oli syyskuussa 0,2 mrd. euroa alijäämäinen, kun se vuotta aiemmin oli 0,1 mrd. euroa ylijäämäinen. Yhteenlaskettu 12 kuukauden vaihtotase oli 1,7 mrd. euroa alijäämäinen.

Sitä saa, mitä tilaa!Raimo Ilaskivi / IL

Soini ennustaa EU-kriittisten puolueiden saavan vaaleissa yli sata paikkaa EU-parlamenttiinHS
Timo Soinin suurena haaveena olisi kätilöidä EU-kriittiset parlamentin jäsenet yhteen niin, että ryhmästä muodostuisi kolmanneksi suurin poliittinen toimija EU:ssa.

Leikola ja Lähde: Erkki Liikanen: "Kriisissä on tapahtunut ilman muuta käänne"YLE
Eurokriisi, pankkiunioni, EKP, rahapolitiikka, maailmantalous, Suomen talous. Markus Leikolan ja Jussi Lähteen vieraana on Suomen Pankin pääjohtaja Erkki Liikanen.

Portugali pyristelee eurossaYLE
Euron pelastaminen on mahdollista vain jos euroalueen kriisimaat itse asettavat talouskurille tiukemmat rajat kuin mitä Euroopan keskuspankki, komissio ja kansainvälinen valuuttarahasto pelastuspakettien ehtoina edellyttävät. Näin sanoo Portugalin talouden grand old lady, maan riippumattoman talouden tarkastusviraston johtaja Teodora Cardoso. Hänen mielestään euroalueen eheyttäminen vaatii toimintamallin syventämistä pelkästä rahaliitosta edelleen pankkiunioniin ja myös muun muassa yhteisen energiapolitiikan suuntaan.

Ykkösaamu: Olli Rehn – YLE
Yle: Olli Rehn harkitsee yhä ehdokkuuttaan eurovaaleissa – HS
Rehn hamuaa kärkiehdokkaaksi – Verkkouutiset
Olli Rehn antoi perussuomalaisille kyytiä Ylellä – IL
Soini jyrähti kritiikistä: "Unioni ei ole demokratia vaan byrokratia" – IL
Soini: Rehn jämähtänyt Norsunluutorniin – Verkkouutiset
Rehn varoittaa eurokriittisten puolueiden noususta – Soini lyttää kritiikin – YLE