An American liberal is good at getting sex but bad at earning money. An American libertarian is is good at earning money but bad at getting sex. A conservative is not really good at anything and therefore wants a society where everyone must stay with their first contact of the opposite sex – J.R.
Previously
on MoreLiver’s:
Weekender: Views & Off-Topics
(my comments)
Weekender: HFT: Knightian
Uncertainty (high-frequency trading)
Credit Guest: The Unbearable
Lightness ... (end game close?)
Weekender: Weekly Support
(week behind & ahead)
Weekender: Best of The Week
(if you missed)
News – Between
The Hedges
Recap – Global
Macro Trading
Market
Commentary – A
View From My Screens
Political/policy
risks in the EZ are rising – Kiron
Sarkar / The Big Picture
Tyler’s US Summary – ZH
Volume
Crashes As S&P 500 Breaks Winning Streak Even And VIX Plunges To Five Year
Lows
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Currency's Days Seen Numbered: Investors
Prepare for Euro Collapse – Spiegel
Banks, companies and investors are preparing
themselves for a collapse of the euro. Cross-border bank lending is falling,
asset managers are shunning Europe and money is flowing into German real estate and bonds. The euro
remains stable against the dollar because America has debt problems too. But unlike the euro, the dollar's structure
isn't in doubt.
We haven't forgotten how to make depressions – Free exchange
/ The Economist
If the euro zone can't manage more cooperation
than the gold bloc did—in particular, by permitting a monetary boom in the
surplus economies of the core and avoiding the temptation to extract the
greatest concessions possible from those peripheral economies on their
heels—then it would be surprising if the end of the one didn't strongly
resemble the end of the other.
The most likely scenario, we think, is that the
Greek government will approve the new austerity measures by late September,
giving the Troika little choice but to approve the next tranche of aid in
October.
Bundesverfassungsgericht risk strikes again – alphaville
/ FT0
UBS recently organised a call with Professor Franz Mayer of the University
of Bielefeld, to explain what the German constitutional court might be thinking
on whether the European Stabilisation Mechanism is in keeping with German law.
(link
to the full UBS doc)
New Lawsuit Filed Against ESM Threatens Further
Bailout Fund Delay –
ZH
ECB conditionality exceeds their mandate – mainly
macro
to embark on unconditional and selective QE in
the current situation is within the price stability mandate of the ECB. To
impose conditionality in the way it is doing is not within its mandate.
Unfortunately, as Carl Whelan points out, this is not the first time the ECB
has exceeded its mandate. As he also says, if the Fed or Bank of England made
QE conditional on their governments undertaking certain ‘structural reforms’ or
fiscal actions, there would be outrage. So why do so many people write as if it
acceptable for the ECB to do this?
STOCK MARKETS
Reports of the Death of Equities Have Been
Greatly Exaggerated
– GMO
(pdf)
Peeking Beneath The Surface Of The 'Most Hated'
Stock Rally – ZH
…abnormal micro structure, including the fact
that mega-caps have outperformed in an up tape, high beta has underperformed,
and in the last month energy was the best-performing sector while materials was
the worst, despite the 0.83 correlation between the two over the past 40 years.
This is what bull markets are all about – Richard
Bernstein Advisors (pdf)
This pervasive hesitancy to invest in US
equities despite the asset class’s significant performance further cements our
bullishness regarding the asset class.
Bull markets typically end with over-enthusiasm, and not the fear that
is so prevalent today.
VIX at 5 year lows – ZH
All is well with the world – Sober Look
Which Sectors Do Analysts Love and Loathe – Bespoke
What Does High Yield Credit Know That Stocks
Don't? – ZH
Market Volume: Summer Doldrums, or Something
Else? – dshort
Q2 earnings surprises masked weaker revenues – Sober
Look
OTHER
A(nother, yes) Paul Ryan roundup – alphaville
/ FT
How long can Japanese bond prices defy gravity? – Econbrowser