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Saturday, November 22

23rd Nov - W/E: Linkfest

During the weekend a conference titled “How can we govern Europe?`” created plenty of discussion. The conference programme is here, and you can follow what was said on Twitter with the hashtag #HowToGovEU.

Previously on MoreLiver’s:

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Relax, the Eurozone is not JapanBusiness Spectator
Europe is not Japan. Total Japanese debt (private and public) was about 460% of GDP in 2012. It could be 480% now. In contrast, Europe has a debt position of only 178% of GDP – for total public and private debt. Of all Eurozone countries, only tiny Greece has any genuine issues over solvency. Yet somehow that has created panic over the viability of the EU itself.

Concern rises as cracks appear in Nordic modelFT
Among Nordic political and business leaders concerns are increasingly emerging about the model’s sustainability. In a series of interviews with the Financial Times, they pointed to mounting challenges from immigration, stagnating productivity, rising inequality and sluggish economic growth in Finland and Denmark as many called for urgent fixes.

Dutch had euro-exit plan at height of crisiseuobserver

3 Accounts of Euro-Zone Crisis ManagementPlace du Luxembourg
We need more transparency, to shame our leaders into behaving a little bit better. For all our stately facade, the European Council seems less like the conference of Westphalia or the Vienna Treaty negotiations, and more like the circus we see on the floor of the US Senate and the House of Representative as shown on C-Span.

EU investment plan to take shape next weekReuters
Jean-Claude Juncker will unveil a much anticipated 300-billion-euro ($370 billion) investment plan on Wednesday that is meant to trigger economic growth in the European Union.

Eurozone stagnation demands real solutionsFT
Juncker’s EU investment plan is noble – but much more will be needed

The centre is falling apart across EuropeThe Guardian
For decades, European nations have been ruled by two-party systems. Not any more: fragmentation is the new normal as the economic crisis has led to a surge in popular, maverick parties that appeal to the young

Euro Area Positive Economic Surprise: Window Of Opportunity?BCA
Incoming data is now beating these low expectations, which if history repeats, could trigger a near-term bounce in euro area stocks.

Germany’s Four NeinsProject Syndicate
Germany’s stance toward Europe has become one of refusal and rejection: No to a more active fiscal policy for distressed eurozone countries; no to a European investment agenda to boost demand; no to anything but a domestic budget surplus; and, most ominously, no to the European Central Bank. On all four counts, Germany is wrong.

Germany’s economy: The sputtering engineThe Economist
Germany is getting too weak to pull Europe out of its crisis

Germany’s EU commissioner doubts Hollande’s reformsFT
Germany’s European commissioner has questioned whether President François Hollande has the “willingness to act” to reform the French economy in a blunt warning set to add to tensions between Berlin and Paris.

Britain may turn into Europe’s most politically unpredictable countryReuters
A multiparty coalition or minority government, even if it can be patched together in post-election haggling, will probably collapse within a year or two

[video] Ukip’s impact on British politicsFT
The UK Independence Party has won its second seat in parliament. The FT's Janan Ganesh and Michael Stott discuss the implications for the UK political landscape, why Ukip is winning support and whether its momentum will continue in the lead-up to next year's general election.

Europe's New Scariest ChartZH
Recent polls show pro-default parties growing popular in peripheral euro-area countries such as Greece, Italy and Spain.

Italy accuses Brussels of ‘shaky’ accounting – FT
Italy has accused the EU of using “shaky” methodology to evaluate countries’ fiscal policies, raising the stakes ahead of next week’s first verdict on the budgets of eurozone member states by the new European Commission.

Spanish politics: A three-cornered hatThe Economist

Greece defies troika with new budgetFT
Greece presented the final draft of next year’s budget to parliament on Friday without seeking approval from its foreign lenders in a defiant move that underscored increasing tension over its hoped-for exit in December from a €172bn bailout programme.

Give Greece a Chance View / BB
Greece's creditors are testing the country's endurance -- again. If they keep pressing, they could split the euro area apart, which would be a disaster for them as much as for Greece. They need to stop insisting on the impossible, and find a way to relieve the country's debts.

Russia: A wounded economy – The Economist
The Russian economy: The end of the line – The Economist
Foreign-exchange reserves: Not quite all there? – The Economist

Thoughts On Draghi’s SpeechGlobal Macro Trading

There’s a Giant Contradiction at the Heart of the U.S. EconomyNYT
Three theories about why important economic clues are pointing different ways.

New York Fed Didn't Want Goldman Sachs to Embarrass Itself View / BB

Levine on Wall Street: Supervising the Supervisors View / BB

China Climate Pledge Needs 1,000 Nuclear Plant EffortBB
China, which does nothing in small doses, will need about 1,000 nuclear reactors, 500,000 wind turbines or 50,000 solar farms as it takes up the fight against climate change.

Is China Building a Mortgage Bomb?View / BB

The liquidity monster that awaitsFT
Fears are growing that the next crisis, if it should manifest, won’t come from any of the areas that spawned the 2008 crisis. To the contrary, it will emerge from areas we’ve not really had to worry about to date. The key areas those in high places are now worrying about: the taken-for-granted presumed liquidity of the system.

Global: the war on inflation expectationsNordea
Inflation expectations have been all the rage for months now, with disinflation the global theme. Too low inflation expectations are driving the ECB towards QE; this while US developments suggest the Fed doesn’t care that much about inflation – at least not right now. Uncertainty regarding the Fed’s reaction function and misunderstood quantitative policies may be two important drivers behind recent disinflation woes. Inflation expectations are key for FX markets.

Market-making and proprietary tradingBIS
Industry trends, drivers and policy implications

Paul Krugman: Why Weren’t Alarm Bells Ringing?NY Books
The Shifts and the Shocks: What We’ve Learned—and Have Still to Learn—from the Financial Crisis
by Martin Wolf

"Secular stagnation" in graphics: Doom and gloomThe Economist

Basel to Toughen ABS Capital Rules Over Banks’ ObjectionsBB
The Basel committee will stick close to a December 2013 proposal that set out tougher rules for how banks model risks associated with asset-backed securities

The manufacturing trapWorthwhile
While exporting resources can generate great wealth, the danger of such a path is that a staples economy becomes overspecialized in raw material extraction to meet foreign needs, and runs up large external and domestic debts over-developing the resource base and associated infrastructure.

Banking crises and sovereign defaults in emerging
The feedback loop between banking crises and sovereign debt crises has been at the heart of recent problems in the Eurozone. This column presents stylised facts on the mechanisms through which banking and sovereign crises combine and become ‘twin’ crises.

On the recent slowdown in global
The past three years have witnessed a slowdown in global trade. This column shows that the slowdown was particularly pronounced in advanced economies, especially the Eurozone.

Contagion in the European sovereign debt
Understanding the probability and magnitude of financial contagion is essential for policymaking. This column applies a framework for modelling financial contagion to data on the cross-holding and credit risk of sovereign debt in Europe.

The Secret Life of PasswordsNYT
We despise them – yet we imbue them with our hopes and dreams, our dearest memories, our deepest meanings. They unlock much more than our accounts.

Douglas Coupland: 3.1415926535FT
Money is the crystallisation of time and free will

Are we in denial?FT
How many of our most cherished beliefs are strongly immune from evidence?

Cage fighting with Alex Reid, mixed martial arts professionalFT
The celebrity master of the multi-discipline contact sport shows how to succeed inside the ring

America’s Casino-Saturation ProblemThe New Yorker

Good GameThe New Yorker
The rise of the professional cyber athlete

An Atlas of Genetic TimeThe New Yorker
Many aspects of our physiology fluctuate in a twenty-four-hour rhythm. We sleep and wake; our blood pressure, body temperature, and hormonal secretions oscillate; even the composition of breast milk changes from morning to evening. It wasn’t until the early nineteen-seventies, however, that a group of biologists discovered the circadian pacemaker in mammals—the body’s master clock.

The Group That Rules the WebThe New Yorker
Billions of humans will use the Web over the next decade, yet not many of those people are in a position to define what is “the Web” and what isn’t. The W3C is in that position. So who is in this cabal? What is it up to? Who writes the checks?

Internal Uber Deck Reveals Staggering Revenue And Growth MetricsBI
Man and Uber ManVanity Fair
How Uber Is Changing Night Life in Los AngelesNYT

Punch a hole in the sky: Oral history of the Right StuffWired
Before writer-director Philip Kaufman brought Tom Wolfe's book The Right Stuff to the big screen in 1983, onscreen astronauts were little more than alien quarry or asteroid bait.

Dave Chappelle Is Back GQ

The Creative Gifts of ADHD SciAm

The Real Roots of Midlife CrisisThe Atlantic
What a growing body of research reveals about the biology of human happiness—and how to navigate the (temporary) slump in middle age

Why Some Money Managers Succeed by LosingView / BB

Questions from New York pub quizFT

You’ve Been in This Business Too Long If...ZH

So, what makes an investment banker? efinancialcareers

Startup CEO Offers 1,284 Slides In The Most Insane PowerPoint EverValleywag
Serial entrepreneur Ryan Allis made a 1,284 slide PowerPoint titled "Lessons From My 20s." Direct link.

Academics Who Defend Wall St. Reap RewardNYT

"Frankenstein": Euro on hirviöTalSa
Euroalueen näkymät ovat synkkiä sekä lyhyellä että pitkällä aikavälillä, sillä euro on pohjimmiltaan viallinen järjestelmä. Näin arvioi Taloussanomien haastattelussa maailman suurimpiin kuuluvan varainhoitoyhtiö SSGA:n pääekonomisti Christopher Probyn, joka vieraili Helsingissä maanantaina.

Hollanti ja euron loppu – mielenkiintoisia paljastuksiaTyhmyri

Pääkirjoitus: Konkaripoliitikot yrittävät paluutaIS
Pääkirjoitus: Kokoomuksella ei ole enää kivaaIS
Keskustalla menee nyt todella lujaaIL

Tänään perustetaan PerusyrittäjätPS
”Yrittäjyys on työttömyysturvan este”PS

Miten tuhotaan itsenäinen valtio alle 30 vuodessa?Timo Isosaari / US