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Monday, December 9

9th Dec - Strong euro

Previously on MoreLiver’s:

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Hopes for a weaker euro looking more like fantasy Reuters

Beware of Greeks Bearing Primary Budget SurplusesCFR
Greece Tumbles Into The Deflationary Abyss ZH
Primary surplus sounds the “Grexit” alarm

German Industrial Production Unexpectedly Fell in OctoberBB

Ukraine Currency Forwards Slump as Interbank Rates Surge to 20% - BB
Ukraine’s hryvnia slumped to within 0.3 percent of a one-year low in the forwards market on concern policy makers will fail to ward off a devaluation as foreign reserves sink and interbank lending rates soar.

S&P Says ECB’s Review of Banks to Have ‘Limited’ EffectBB
The ECB’s review of the quality of lenders’ assets will have a “limited” effect on credit ratings because banks have enough time to strengthen capital, according to Standard & Poor’s.

Treasury Yield Curve Steepest Since 2011 as Jobs Fuel Taper BetsBB
The difference between yields on two-and 10-year Treasuries widened to the most since 2011 as employment gains reinforced expectations the Federal Reserve is close to slowing bond purchases used to stimulate growth.

Update: Four Charts to Track Timing for QE3 TaperingCalculated Risk
I suspect the FOMC is very concerned about the low level of inflation, and also the decline in the employment participation rate. The December FOMC meeting is on the 17th and 18th.  Note: Another key is that a budget agreement is reached by December 13th.

Volcker Rule: Erything You Want to KnowWSJ

Graphs: Duration of Unemployment, Unemployment by Education, Construction Employment and Diffusion IndexesCalculated Risk

Is a Fed taper bullish or bearish for stocks?Humble Student

Bullard Offers Up The Tiny TaperTim Duy’s Fed Watch
The Federal Reserve wants to taper.  Wants very badly to taper, in my opinion.  The recent employment reports seem to be giving a green light… Whether December or January or later, policy is close to an inflection point with a shift from more to less accommodation in the works.

Fed’s Bullard: Recent Job-Market Gains Boost Case for Fed Taper – WSJ
Bullard Sees Odds of Taper Rising Along With Labor Gains – BB
Fed’s Fisher: The Time to Taper Fed Bond Buys Is Now – WSJ
Fed's Fisher Blasts "Flaccid" Monetary Policy, Says More CapEx Needed – ZH

The politics of adjustmentmpettis

More bricks, fewer bubblesThe Economist
Financial markets are looking frothy. The answer is not tighter monetary policy, but more public investment. Central bankers should tweak their unconventional tools to favour investment in new assets

Changes in South African Inequality During Mandela's LifeMarc to Market
Income disparity in South Africa is larger now than under Apartheid. 

BIS Quarterly Review, December 2013BIS
Low rates boost credit markets as banks lag behind. Special features on "The anatomy of the global FX market through the lens of the 2013 Triennial Survey", "FX market trends before, between and beyond Triennial surveys", "FX and derivatives markets in emerging economies and the internationalisation of their currencies" and "The OTC interest rate derivatives market in 2013".

Would You Rather Be Born Smart or Rich?The Atlantic
A recent Brookings study suggests that brains and drive have more to do with lifelong success than family wealth. But there's a big catch.

Google Puts Money on Robots, Using the Man Behind AndroidNYT
Over the last half-year, Google has quietly acquired seven technology companies in an effort to create a new generation of robots. And the engineer heading the effort is Andy Rubin, the man who built Google’s Android software into the world’s dominant force in smartphones.

The Great Labor DumpNoahpinion
Why has labor's share of income declined in advanced countries? There are basically three competing stories: robots, unions and Asia.

FX Viewpoint: inflation focusNordea

Professori: Korkeakoulututkinnot maksullisiksiTalSa

Eläkejärjestelmää korjataan kunnes se saadaan rikki?Mitä olisi tutkittava