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MARKETS
How to be bullish and bearish, part 2 – Humble
Student
First Half Coming to an End – Bespoke
Historical 1st Half vs. 2nd Half Performance – Bespoke
Market conditions bear a worrying resemblance
to those of 2007 – The
Economist
The Intuitive Investor: Why Intuition Is
Important – CFA
Institute
Levine on Wall Street: A Steal at $15 Million – BB
Norway’s sovereign wealth fund to take bigger
stakes in companies – FT
Norway’s $890bn oil
fund is accelerating its push to become a more active investor as the world’s
biggest sovereign wealth fund said it would double the number of companies it
owns big stakes in over the next three years (see the fund’s 2014-2016 strategy)
Here’s Why ‘Smart Beta’ Has Jumped the Shark – Barron’s
The smart-beta sirens are calling to Odysseus – FT
Don't Shortchange Short Sellers – BB
Shorts are the leash
that markets put on asset bubbles. We should be helping them do their job.
I’m Just Now Realizing How Stupid We Are – Fool
ECONOMICS
Daily Macro: Is Japanese Deflation Finally
Dead? - WSJ
Could Mr. Abe’s
program to finally kill off a quarter century of economic malaise really be
working? The latest data show Japanese inflation jumping and unemployment
slipping back. Should Japanese firms start to compete for labor by pushing up
wages, a virtuous cycle of growth and positive price pressures could well kick
in. But the real puzzle in the latest batch of numbers was a stunning slump in
consumer demand in May following the introduction of the consumption tax in
April. Weak domestic demand could yet undermine Mr. Abe’s plans.
Daily Central Banks: Carney Takes A Test Drive
Fighting Bubbles – WSJ
Douglas’ Take: Carney Takes A Test Drive Fighting
Bubbles * Rates May Rise Even If Economic Growth Remains Subdued * BOE’s Carney
Says Rates Won’t Rise to Levels Previously Considered Normal * Euro-Zone Mood
Worsens Despite ECB Policy Shift * Japan Jobs Market Improves, Inflation Slows
Restructuring sovereign debt: Busted flush – The
Economist
As Argentina ponders
its next step, the IMF suggests new rules for broke countries
Creeping Global Protectionism? Not So Fast,
World Bank Says – WSJ
The world’s biggest
economies have been quietly raising barriers at their borders since the
financial crisis in an attempt to stifle trade and boost struggling domestic
industries… ut the trend isn’t so simple, and there is at least some evidence
the wave of protectionism could be subsiding, the World Bank said in a report
on Thursday.
Global banks and liquidity risk transmission – voxeu.org
The international
transmission of liquidity shocks is one of the key questions of banking
globalisation. This column discusses a project of central bank researchers from
around the world who have been exploring the role of global banks in the
transmission of liquidity shocks. Using micro data from individual banks and
applying common methodology are of individual interest. But more importantly,
it allows us to detect common features of international bank and liquidity
shock transmission.
Why Banks Must Be Allowed to Create Money – naked
capitalism
Slowdown in Emerging Markets: Not Just a Hiccup – IMF
LSE’s weekend lecture: Capital in the
Twenty-First Century – Global
Macro Monitor
What are the grand
dynamics that drive the accumulation and distribution of capital? Thomas
Piketty’s latest findings will transform debate and set the agenda for the next
generation of thought about wealth and inequality.
Sovereign Debt Crises – FED
This chapter analyzes
the transmission channels between sovereigns and banks, with a focus on the
effect of sovereign distress on bank solvency and financing. It then highlights
the notable cost to the real economy of the close connection between sovereigns
and banks. Breaking the "feedback loop" between these two sectors
should be an important policy priority.
Who Best Survived the Financial Crisis? – WSJ
A List of the Biggest Bank Settlements – WSJ
DEBATE
Understanding the New
Classical revolution – Simon-Wren
Lewios
The Rise and Fall of
the New Classical Model – Mark
Thoma
Stagflation and the
Fall of Macroeconomics – Paul
Krugman
OFF-TOPIC
The optimal immigration policy – just open the
borders – Market
Monetarist
The magazine, High
Times, has survived as an icon of dope culture, and Kennedy, a criminal defense
lawyer, has improbably ended up as its controlling owner. Now, with marijuana
legal in some form in 22 states, the counterculture institution is aiming to
raise $300 million for the High Times Growth Fund, which will make private equity
investments in the marijuana business.
America's Marijuana Revolution: Ganjapreneurs
Hit the Jackpot – Spiegel
Since the legalization
of marijuana in two US states in January, entrepreneurs and investors have been
seeing green. Observers believe the industry will grow rapidly and may even
rival the Dot.Com boom of the 1990s.
The FT’s summer books 2014 – FT
From flash trading to
the perfect penalty, FT writers and guests pick their books of the year so far
Poker with Steven Levitt – FT
Tim Harford
understands Texas Hold’Em but can he play it? Perhaps he shouldn’t start by
challenging a ‘data savvy millionaire genius’
Legalising v decriminalising drugs: A
half-smoked joint – The
Economist
Decriminalising drugs
leaves the crooks with the cash. Legalise drugs instead
K is for Kruger-Dunning Effect – Psy-fi
The Shadow Internet That’s 100 Times Faster
Than Google Fiber – Wired
Why the massive black market trade in
cigarettes affects you even if you don’t smoke – WaPo
Book Review: The Big Con – The Aleph Blog
This is a book about
Confidence Men, first published in 1940, and recently republished in 1999. It was written by David W. Maurer, who was a
professor of linguistics, and used his skills to analyze the slang of the
underworld.
FINNISH
Järjen
ääni voittamassa Euroopassa! – Henri
Myllyniemi / US
Suomalaisten
talousodotukset – unohtakaa ennusteet ja katsokaa mitä markkinat tekevät – Tyhmyri
Näin
brittejä hyvitellään EU-pettymyksestä – Verkkouutiset
EU-komission puheenjohtajan valinta
nykytavalla voi jäädä yhden kerran kokeiluksi.
Pääkirjoitus:
Suomen talous polkee pitkään paikallaan – HS
Vertailu itsenäisyyden ajan aiempiin
talouskriiseihin osoittaa, että uutta nousua suosivia tekijöitä on aiempaa
vähemmän.
Jyrki
Lehtola: Alexander Stubb, perussuomalainen – IS
Tässäkö
vaihtoehdot: liittovaltio tai euroton Eurooppa? –
Suomen Pankki
Millainen on euron tulevaisuus? Suomen Pankin
johtokunnan jäsenen Seppo Honkapohjan vieraina ovat kansantaloustieteen
professori Vesa Kanniainen ja ETLAn toimitusjohtaja Vesa Vihriälä. Molemmat
ovat julkaisseet vast`ikään kirjan euroalueesta, Kanniainen on toimittajana
”Euron tulevaisuus” -kirjassa ja Vihriälä yhtenä toimittajana ”EU:n suunta.
Kuinka tiivis liitto?” [audio], [video].
Kuluttajien talousluottamus ennallaan
kesäkuussa – Tilastokeskus