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Sunday, December 14

14th Dec - W/E: Linkfest

Previously on MoreLiver’s:

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Do not exaggerate progress made in CEE since the fall of the Berlin WallEuropp / LSE

Eurosceptics Threaten the Survival of the Stability and Growth Pact – euinside

European Commission stamps out a cartel—for envelopes!Quartz

Juncker Said Luxembourg’s “Fiscal Environment” Helped Land SkypeWSJ

Greece and the euro: Crisis revisitedThe Economist
The euro is still vulnerable, and Greece is not the only problem

Eurozone bank integration: EU versus non-EU banksvoxeu
Eurozone financial integration is reversing, with 2013 cross-border capital flows at 40% of their 2007 level. This column discusses research showing that banking integration has in fact strengthened in the rest of the world.

Quantitative easing is the last throw of the eurozone diceFT
If the ECB moves to full QE against the wishes of the German members of the governing council, the damage to the ECB’s credibility would be devastating…Yet if Mr Draghi, the president, does persuade the Germans that the ECB’s legal mandate cannot be fulfilled without QE, it would send a curious signal.

Divisions at the ECB: Draghi and the dissentersThe Economist

Draghi now has all the ammunition he needs for QESober Look
Implementation still a problem

Goldman Warns Greeks: "Cyprus-Style" If They Vote Wrong ZH

Greek Reminder Of Sovereign-Bank Doom LoopWSJ

The coming Grexit tragedy is really a European farceFT
If you are looking for anyone who has an interest in setting off a new Greek crisis, do not search Wall Street or the City of London. Rather, look to Brussels, Frankfurt and the other European capitals where there is a populist threat to be seen off.

Greece’s crisis: Samaras’s gambleThe Economist
An early presidential vote could spell trouble for Greece’s government—and for the future of the euro

Reforming France: Emmanuel Macron's Impossible MissionSpiegel
Thirty-six year old Economics Minister Emmanuel Macron has been tasked by French President Hollande with reforming the country. But it won't be easy. Socialists view him with suspicion and the party's left wing is already preparing for battle.

Fitch Downgrades France To AA: Full TextZH

Global: has the Fed's unprinting been impacting markets?Nordea
The Fed’s test-driving of various facilities has led to a sharp drop in excess liquidity in recent months, something we’ve nick-named Quantitative Tightening. This may have been one driver of dollar strength and disinflationary markets this autumn. If the Fed finds a way to control money market rates without absorbing as much liquidity, markets would “only” have to deal with a Fed seemingly dead-set on hiking rates by the middle of 2015

Goldman: FOMC Preview Calculated Risk

We May Wait a Considerable Time to See a Removal of ‘Considerable Period’GMT

Unprecedented Actions FED
The Federal Reserve's Response to the Global Financial Crisis in Historical Perspective

The Federal Reserve: Opportunistic overheating The Economist
China’s 2015 goal: Staying in businessTradingFloor
Monetary easing and stimulus spending will be “flexible” to support growth * Upgrading the economy remains the government's key priority * Expect frequent policy tweaks in what will be a bumpy year for the economy

Emphatic win for Abe in Japan election – FT
LDP set to win about 300 of 475 seats, according to exit polls

Prepare for the coming Japanese boomFT
Country sees strengthening of solvency thanks to stock of net overseas assets

Short-Term Inflation Expectations Have Crashed To 5 Year LowsZH

2014: The Year in ChartsAlpha Now

122 Things Everyone Should Know About Investing and the Economy Fool

The dark side of technical analysisAdam Grimes

Political risk returns to haunt the Christmas seasonThe Economist

Big banks find they are in yet another hole over capitalThe Economist

Warnings of a potential bloodbath in bondsFT
There is a big disconnect between the US Federal Reserve and the international bond markets. It is a disconnect that could lead to one of the biggest sell-offs in bonds for a long time.

Helicopter money – next year's Christmas present?Nordea

Managing financial deregulation: lessons from the Nordic countries for ChinaSuomen pankki

Can Interest Rate Factors Explain Exchange Rate Fluctuations?FED

Equilibrium Sovereign Default with Exchange Rate DepreciationFED

The Macroeconomic Effects of Debt- and Equity-Based Capital InflowsFED

Cyclically Adjusted Current Account BalancesFED

Global Asset Prices and the Taper Tantrum RevisitedFED

Växelkursdepreciering när styrräntans nedre gräns binderEkonomistas

Yield Curve and Monetary Policy Expectations in Small Open EconomiesFED

Exchange Rates and Financial GlobalizationIMF

The Bank of Canada on the risks of high household debt and overpriced housingFT

Central-bank credibility, reputation and inflation targeting in historical perspectivevoxeu

Has international trade’s share of the world’s GDP peaked? The Economist

Counter-cyclical capital controls: great in theory, less useful in practiceThe Economist

Isis: the inside storyThe Guardian
One of the Islamic State’s senior commanders reveals exclusive details of the terror group’s origins inside an Iraqi prison – right under the noses of their American jailers. Report by Martin Chulov

Steve Jobs Predicted The Future Of E-Commerce In 1996BI

James Bond finally falls for a woman his own ageWaPo

100 Notable Books of 2014NYT

‘You will not be arrested for using drugs’: What a sane drug policy looks likeWaPo

The Japanese Art of Decluttering and OrganizingFarnam Street

Afghanistan: The Making of a Narco StateRolling Stone
After 13 years of war, the United States has helped create a nation ruled by drug lords.

Five reasons Japan could never have won WW2Noahpinion

The march of artificial intelligence is a long way offFT
We have more than enough real near-term challenges to deal with

We Can’t Trust UberNYT

Why your brain loves procrastinationVOX

World Robotics 2014 Industrial RobotsWorld Robotics

This is what it feels like to be unemployed for yearsVOX

Broken windows, broken livesCoppola Comment

Euro ei jousta, joten sinä joustatJan Hurri / TalSa
Oma kansallinen valuutta joustaisi ja tasoittaisi talouden suhdanteita, mutta euro on toista maata. Se ei jousta ainakaan pienen Suomen tarpeiden mukaan. Siksi meillä jonkun muun on joustettava. Euroalueen keskuspankki EKP patistaa palkkojen alennuksiin. Tutkijat varoittavat pakkokeinoista.

Huumeiden vastainen sota on hävitty – nyt etsitään vaihtoehtojaYLE
Asein ja myrkyin käytävään taisteluun on uponnut satoja miljardeja dollareita. Silti huumeiden käyttö ei ole vähentynyt. Latinalaisessa Amerikassa keskustellaan yhä avoimemmin tiukasta kieltopolitiikasta luopumisesta. Katso, millaista on huumerikollisuuden maantiede ja miten tähän on tultu.

Konsultokratia tulee kalliiksi Helsingin kaupungin veronmaksajille Professorin ajatuksia

Verojen kevennykset ja valtion verokertymä – Lafferin käyrä ja todellisuuden monimuotoisuusTyhmyri

Kuinka tehdä todellinen sisäinen devalvaatio – piruileva ehdotusTyhmyri