Bernanke's College Lecture Series:The Federal
Reserve and the Financial Crisis: Part 1, Part 2, Part 3, Part 4 (youtube videos, approximately 60-70 mins each)
George Soros: Open Society, the Financial Crisis, and the Way Ahead – Open Society (links to youtube videos, excellent, including Q&A clips)
Previously on MoreLiver’s:
16-Nov Weekender: Weekly Support (updated!)
ECONOMICS
Current Thinking on the Financial Crisis and
the Way Forward – CFA
Institute
Cato Institute 30th Annual Monetary Conference – The Aleph Blog
Quick
summaries – five minutes to read them all:
Monetary policy: Will next time be different? – Free
exchange / The Economist
A report
from the 30th Cato monetary conference
(audio) How the clash between John Maynard Keynes
and Friedrich Hayek continues to define the difference between left and right
today – LSE
Eighty
years ago at the LSE, Friedrich Hayek launched an assault upon the new economic
thinking of John Maynard Keynes. The clash was so bitter and vituperative that
it scandalized the cloistered world of academia. Eighty years on, the
differences between the two men have still not been finally resolved and their
conflicting approaches to the economy continue to define the profound chasm
between politicians of left and right. (direct mp3-link)
Ultimate Limits to Growth – The
Physics of Finance
The
conclusion is that continued exponential growth in energy use -- which we've
experienced over the past few centuries (and possibly much longer) -- cannot
last for much more than a century or so. What about economic growth? We don't
know.
Resolving The Crisis And Restoring Healthy
Growth: Why Deleveraging Matters? – IMF
Determinants of TARGET2 imbalances – Bank
of Italy (pdf)
Italian household debt after the 2008 crisis – Bank
of Italy (pdf)
Time-Consistent Rules in Monetary and Fiscal
Policy – The
Big Picture
Solving the too big to fail problem – BIS (pdf)
International monetary policy interactions:
challenges and prospects – BIS
The euro as a trusted means of payment – BIS (pdf)
The monetary policy of the ECB and its
transmission in the euro area – ECB (pdf)
Monetary policy in the financial crisis -
measures, effects, risks – BIS (pdf)
The Lender of Last Resort: Lessons from the
Fed’s First 100 Years
– The
Big Picture
Missing Growth Multipliers – Project
Syndicate
In its
April 2010 World Economic Outlook, the IMF predicted that global GDP growth would exceed 4% in 2010,
with a steady annual growth rate of 4.5% maintained through 2015. But the
forecast seriously underestimated the tax and world-trade multipliers,
resulting in much lower growth than expected.
Blogs review: Empirical and theoretical
multiplier uncertainty – bruegel
The debate
over whether austerity measures imposed on struggling eurozone countries has
contributed to a deepening recession. On Wednesday, the European Commission
responded with its own “box” pointing to the importance of distinguishing
permanent from temporary fiscal adjustments. Contrary to what the battle of the
boxes suggests, if there is multiplier uncertainty, it is very unlikely to come
from the empirical front. Rather, it may come from recent challenges to
previously accepted theoretical results.
Where has all the Risk gone? – Golem XIV
People
always say Follow the Money. You might
do better to Follow the Risk. Risk is the pollution created by the process of
making money. So where you find people making one you will surely find them
hiding the other. You’ll find both at the banks.
Excellent
graph on the left side of the margin!
Countries’
fiscal policies are becoming more similar
Daily Quickie – HistorySquared
Turbulence
as an Early Warning Sign; Strategas says not Enough Fear for a Bottom; Emotion
Not Welcome in the Chinese Party
Daily Quickie2 – HistorySquared
Interest
Rates Greater than Growth Foreshadow Trouble
MARKETS & TRADING
An Experienced View on Markets and Investing – FAJ (pdf)
At the 65th
CFA Institute Annual Conference in Chicago (held 6–9 May 2012), Robert
Litterman interviewed Eugene F. Fama to elicit his views on financial markets
and investing.
Mr. Market Smells A Rat – The
Capital Spectator
Risky
assets taking it on the chin and a new round of disinflation/deflationary winds
are blowing. There's still time to short-circuit this train wreck, but time is
running short.
Are 'Equity' Vigilantes Keeping The Press
Honest On The Fiscal Cliff? – ZH
BofAML’s
note.
Schwager, Market Sense and Nonsense – Reading
the Markets
DeMark Fibonacci Charts Embraced by Cohen Lure
Investors – BB
The Emergent Rationality of Markets – The
Psy-Fi Blog
The guts of a statistical factor model – Portfolio
Probe
50 Unfortunate Truths About Investing – The
Motley Fool
Factbox: Banking job cuts near 160,000 – Reuters
Banks
worldwide are shedding jobs as stricter regulations and euro zone worries take
their toll on trading income and investment banking units.
Interdealer brokers: At the sharp end – The
Economist
The firms
that connect buyers and sellers in wholesale markets are under the cosh
The Emergent Rationality of Markets – The
Psy-Fi Blog
the
possibility of new properties emerging from systems made up of complex
component parts isn’t new, although it does serve to make a lot of scientists
and philosophers extremely annoyed. Which
is a good reason for pursuing the idea, is it not?
This is what happens when regulators don't
understand the market place – Sober
Look
So while
the small French investors are paying these new taxes, the institutional
"speculators" that use leverage, active trading, and shorting, have a
loophole that would be quite difficult for French regulators to close. Well
done, Mr. Hollande.
On technical analysis, algos, and others – ASA
MF
GLOBAL
Treating bonos as Treasuries – alphaville
/ FT
Congressional Report Blames Corzine for Collapse – DealBook
/ NYT