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Friday, January 3

3rd Jan - 2014 intro

Previously on MoreLiver’s:

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Turkish lira hits all-time low amid corruption probebeyondbrics / FT
The Turkish lira fell to a new all-time low against the dollar on Thursday as a corruption probe focused on figures close to the government caused continued upheaval in markets.

75% Of Spaniards Don't Believe Rajoy's "Economic Recovery" MemeMish’s

Low credit growth in euro area should help keep ECB on easing biasDanske Bank

Calm Seas in Europe in 2014?PIIE
Compared to most predictions, not much happened in Europe in 2013. Yes, the Cyprus rescue and the restructuring of its banks were mishandled initially by European policymakers, producing the first capital controls implemented in the euro area. But there were no bank runs, and no euro area member collapsed into anti-establishment extremism. I

Bank of Finland Warns Debt Level Poised to Double: Nordic CreditBB

Eurozone Credit Creation Tumbles To New All Time Low – ZH
Euro zone corporate lending shrinks at record pace in November – Reuters
Italian bank lending to firms shrinks at record pace in November – Reuters
Cyprus banks' private sector deposits rise in Nov –ECB – Reuters
Euribor rates fall after excess liquidity rises – Reuters
Euro area's persistent credit contraction – Sober Look

Eurozone Manufacturing Expands Except in France and GreeceMish’s
Hollande Concedes Taxes 'Too Heavy' Offending Everyon

(May 2009) The Quiet CoupSimon Johnson / The Atlantic
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time. (see also Jan 2014 The Rich Country Trap)

Fed’s Plosser: May Need to Employ Aggressive Tightening CampaignWSJ
The Fed is facing daunting challenges when it comes to eventually ending its current easy money stance, and it might have to raise short-term rates faster than many expect, warned Philadelphia Fed President Charles Plosser.

Fed’s Lacker: Taper Decision Was Right CallWSJ
Lacker Says Fed to Consider Further Tapering at Coming MeetingsBB
Fed's Lacker: Projecting 2% GDP Growth in 2014 – Calculated Risk

Read: Ben Bernanke looks back on his Fed chairmanshipWaPo

Construction spending confirms robust US Q4 growth – Trading Floor

Full-Blooded Aussie House Price Boom A Headache For RBAWSJ
To cut or not to cut? That’s the question facing the Reserve Bank of Australia in 2014 as surging house prices in an otherwise moribund economy present the central bank with a conundrum.

It's Getting Congested: The World's "Three Handle" Ten Year BondsZH
A year ago the spread between Spain and US was 350bps and is now less than some wierd world that all makes sense, we are sure…

World-Wide Factory Activity, by CountryWSJ

That time Buffett smashed the Efficient Market HypothesisThe Reformed Broker

Interview: John CochraneFED
John Cochrane on money/macroThe Money Illusion

George Soros: The World Economy’s Shifting ChallengesProject Syndicate

Rehn: Suomen pitkä linja on rauha ja yhteistyö Euroopassa Olli Rehn / Suomenmaa

Rahapolitiikka ja yritysten kilpailukyky – kummallisia väärinkäsityksiäTyhmyri

The Art of DarknessAstroKatie
Dark matter is real. We've known for a very long time that the matter we can see in our telescopes -- stars, galaxies, gas, dust -- doesn't have enough gravitational pull to explain the motions of the cosmos.

Hyping Artificial Intelligence, Yet AgainThe New Yorker

(Aug 2013) Why Can’t My Computer Understand Me?The New Yorker

The Complete Guide To How The NSA Hacked EverythingZH

Answers to 5 questions about legalized pot in ColoradoUSA Today
I, Like David Brooks, Have Smoked MarijuanaBB
Booze: Been There. Done That.Andrew Gelman

Netflix’s dumbed-down algorithmsFelix Salmon / Reuters