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Thursday, January 2

2nd Jan - EURUSD dips

Previously on MoreLiver’s:

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Joint liability in international lending: A proposal for amending the Treaty of
Kaushik Basu, Joseph Stiglitz: The Eurozone crisis exposed weaknesses in the Eurozone’s design. The Eurozone’s financial architecture can be improved by amending the Treaty of Lisbon to permit appropriately structured cross-country liability for sovereign debt incurred by EZ members.

Europe is slowly strangling the life out of national democracyThe Telegraph
Decisions affecting the lives of voters are being taken by bureaucrats and unelected 'experts'

The Euro Zone’s Recovery Or Hangover?WSJ
Euro-zone manufacturing surveys offer hope of a recovery

Euro zone factories end 2013 on a high, but France a worry: PMIsReuters
Euro zone manufacturing grew at the fastest rate since mid-2011 in December on brisk business in Germany and Italy, setting the stage for a solid start to the year after a tumultuous 2013, a survey showed on Thursday

French borrowing costs rising at 'worrying' rateThe Telegraph
France's borrowing costs continued to rise as latest figures revealed the manufacturing sector underperformed even Greece

Fannie Mae: Mortgage Serious Delinquency rate Lowest since Dec 2008Calculated Risk

Manufacturing growth hits 11-month high: Markit – Reuters
Factories in U.S. Expand at Second-Fastest Rate Since 2011 – BB
ISM Beats Expectations Despite Its First Drop In Seven Months – ZH
ISM Manufacturing index declines slightly in December to 57.0 – Calculated Risk
ISM Manufacturing knocks another one out of the park – TradingFloor
U.S. construction spending highest in nearly five years – Reuters

Meanwhile, in Australia...A Call for Expansionary Austerity!Economist’s View

China’s Banks Adopt ‘Living Wills’ to Plan for Less Predictable FutureWSJ
The idea of a living will, sometimes likened to a near-death patient preparing for the inevitable, is to provide a resolution plan to help regulators wind up a failing bank—or bring it back to healthy operation.

China Finance: Is the SME financing jam an opportunity to buy?TradingFloor
Chinese manufacturers have been feeling blue of late and as revealed by PMI data and business outlook sentiment there’s some real gloom about business. But could this be a passing issue and an opportunity to buy?

HSBC China PMI hits three-month low in December – Markit
Economists React: China’s Manufacturing Sector Runs Into Trouble – WSJ
Chinese Manufacturing Gauges Drop as Xi Grapples With Risks – BB
Chinese Stocks Decline After Manfacturing Gauges Slow – BB

Economics and the Immigration debatemainly macro

The Rich Country TrapSimon Johnson / NYT

Great Graphic: Is this the End of Moore's Law?Marc to Market

Kuinka sisäinen devalvaatio voi onnistuaTyhmyri
Ei tarvitse kuin uhrata tulevaisuus

Toive uudelle vuodella ja ikävien asioiden huomiointiaTyhmyri

Olli Rehn: Niinistön puhe oli tarpeellinen ja painavaYLE
Talouskomissaarin mielestä nyt on tärkeää käydä rehellistä keskustelua siitä, mihin suuntaan Eurooppaa viedään ja miten esimerkiksi vakausmekanismeja kehitetään.

EK: Suomalaiset havahtuvat eläkeongelmaan vuoden päästäYLE
Huono taloudellinen tilanne ja työttömyys peittävät vielä alleen kohta koittavan työvoimapulan, sanoo EK:n pääekonomisti Jussi Mustonen.