In addition to the fiscal cliff excitement, the big move to weaker Japanese yen and the clash between IMF and EU on the bailout of Cyprus seem to be the most important themes. I will do a "2012, 2013"-special during the weekend, just like I did last year (2011 Special and 2012 Special).
Previously on MoreLiver’s:
EUROPE
Ireland & Cyprus: subjects of revisionist euro history? – Brussels
blog / FT
One of the
hardest things about keeping on top of the eurozone crisis is the tendency for
issues once regarded as done and dusted to re-emerge months later as undecided.
In the new year, there are two places where this revisionism will be thrust
back into the limelight: Cyprus and Ireland.
The Passion of Monti: A Christmas Story – Marc
to Market
Monti was
looked upon as the savior of Italy after Berlusconi had undermined its
gravitas on the world stage with his antics that are unbecoming of a man of his
stature. Yet Monti took his role too
seriously and not seriously enough.
Greece's drive to crack down on flagrant
tax evaders such as doctors and lawyers is flagging and must be reinvigorated,
a report by the European Union and International Monetary Fund said on Monday.
Greece will miss tax reform goals set for
this year and needs to do more to chase down wealthier tax cheats, a report by
the country's international creditors said
UNITED STATES
Efforts to
prevent the U.S. economy from going over a
"fiscal cliff" stirred back to life on Wednesday with less than a
week to go before potentially disastrous tax hikes and spending cuts kick in at
the New Year.
ASIA
Missing The Big Japan Story – Tim
Duy’s Fed Watch
The yen lost its status as a "safe
haven" currency
– Sober
Look
OTHER
Global Macro Update – The
Short Side of the Long
When I look
at the overall global macro picture for risk assets, I get a picture of an
ending investment cycle. Let us understand that the majority of risk assets
have bottomed between October 2008 and March 2009. What followed next was a
dramatic reflationary bull market, which has lasted for some 4 years… I'd argue
that the majority of the equity gains are now just about done.
The Ultimate Global Risk Matrix - In Seven
Dimensions – ZH
BBVA’s “distance
to risk”-map
A decisive year for ‘deglobalisation’ – The
A-list / FT
Since the
crisis cross-border lending has fallen sharply and the ambitions of major
American and European banks have been scaled back. HSBC has withdrawn from a
number of countries; Citibank and Barclay’s have other preoccupations. The
continental European banks are struggling to strengthen their capital bases,
and emerging market assets have been realised to bolster the parents’ balance
sheets. So are we entering a new age of financial deglobalisation? If so,
should we care?