Just could
not resist posting, even though US is closed...
Previously on MoreLiver’s:
US OPEN
Roundups &
Commentary
Frontrunning – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open
Europe
Broker Note Briefing – WSJ
Eight FX Considerations for the New Week– Marc
to Market
EUROPE
Eurozone liquidity and menacing straws – alphaville
/ FT
We've
already opined on the chances that early-LTRO repayment will lead to a drain on
excess-liquidity in the euro-area. But we argued that since it is unlikely to
take more than about €200bn out of circulation, with consensus expecting about
€130bn to be sent back, the effects should be muted. But what if another straw
is soon to be inserted?
Davos Doom Loses to Merkel-Draghi as Euro
Defies Roubini – BB
Dr. Doom
got it wrong. The parade of economists and investors led by Nouriel Roubini
predicting Greece’s ejection by now from the euro
zone failed to appreciate the resolve of European policy makers to protect
their union and the amount of pain Greeks are willing to stomach.
The
prospect of stronger European manufacturing surveys and decisive monetary
easing in Japan this week ought to bolster
confidence that the global economy can look forward to better days.
SUMMIT
Europe and the danger of soft-pedalling – Macroscope
/ Reuters
We’ve been
here before. When the drumbeat of market pressure eases, euro zone policymakers
have tended to lose their sense of urgency.
EU officials want governments to share bank
bailout pain – euobserver
National
governments should pay their own contribution to recapitalize ailing banks
alongside funding from the eurozone's bail-out fund, according to a paper by EU
officials.
Euro Ministers Set to Clash Over Terms of
Channeling Bank Aid
– BB
European
finance ministers gathering for the first time this year begin the long march
to enacting policies they promised to subdue the debt crisis, beginning with
how to channel firewall funds directly to banks.
GERMANY
Regional elections spell trouble for Merkel – euobserver
Social
Democrats and Greens narrowly won a vote in Lower Saxony, indicating a tougher-than-expected
race for Merkel in upcoming general elections.
Contemplating a Euro Without Chancellor Merkel – WSJ
The weekend
defeat for Angela Merkel's ruling coalition in the Lower Saxony state election suggests that a
victory in September's national election is far from assured
Drop in German Deposits Point to Hope – WSJ
Funds
parked by German banks at the Bundesbank fell for the fourth straight month in
December, hitting €300 billion ($399 billion), about €62 billion less than the
previous month. The figure is also well off its peak for the year in May of
€464 billion and is at its lowest level since January 2012.
PIIGS
Is Grexit dead? The IMF seems to think not. – Brussels
blog / FT
It’s Mostly Fiscal (Transfer), all over again – alphaville
/ FT
We saw this
coming from the IMF all the way back in March 2012 — when Greece’s PSI was just over, and vague notions of
OSI were already in the air.
UNITED STATES
Lessons from the Fiscal Cliff – Project
Syndicate
Robert J.
Barro: The conventional view of America's fiscal problems is that a
reasonable, balanced approach entails both spending cuts and tax increases. But
the two methods should be considered polar opposites, because spending cuts
reduce the size of government – and thus boost economic growth.
ASIA
Societe
Generale’s economists believe this is a step towards interest rate
liberalisation, and that the PBoC will increasingly use its liquidity
operations and repo rates to guide policy rates, rather than prescribed RRR and
deposit and lending rates.
Nope, China still has the same
old problems – alphaville
/ FT
The question is, as ever, how long China’s economy can carry on with its investment-heavy, consumption-light, and heavily leveraged method of growth. And, how smoothly it can transition to whatever lies beyond that.
The question is, as ever, how long China’s economy can carry on with its investment-heavy, consumption-light, and heavily leveraged method of growth. And, how smoothly it can transition to whatever lies beyond that.
OTHER
Morning Briefing (EU/US): The Good, The Bad And
The Ugly – BNY
Mellon
GBP is back in the
spotlight.
The Economic Fundamentals of 2013 – Project
Syndicate
Nouriel
Roubini: The global economy this year will exhibit some similarities with
conditions prevailing in 2012 – no surprise there. But there will be some
important differences, as fiscal austerity spreads to more advanced economies,
the risk of a hard landing in China rises, and the threat of war in the
Middle East grows.
Chart of the week: are EM interest rates stuck
for 2013? – beyondbrics
/ FT
Perhaps
there will be some macro economic shock in 2013 that prompts policy makers to
alter their view drastically. But a few exceptions aside, the next 12 months is
currently set to be a pretty dull year in terms of rate movements.
The end of 200 years of expansion? – alphaville
/ FT
Tim Morgan
of Tullet Prebon has been threatening this tome for a while. And now it has
actually appeared…click to read…
Pettis: Nine Things to Watch in 2013 – Mish’s
Unwarranted
Outbreak of Optimism in China and Europe
IN FINNISH
Onko eläkeiän nosto keino työurien pidentämiseksi vai kyyninen keino
eläkkeiden leikkaamiseksi? – tyhmyri
Tätä laskelma on
"kielletty" EU-pääkaupungeissa - IMF paljastaa pahimman
Kreikka-skenaarion – TE
Tapettu keskustelu:
Suomessa ei osata puhua institutionaalisista ongelmista – SK
Oleskeluyhteiskunnassa
voi oleskella myös kabineteissa – HS
Vapaavuori sanoo
Suomen pudonneen Ruotsin talousvauhdista ja Svensson puhuu kruunun arvon
tiputtamisesta – mielenkiintoinen vertailutilanne – tyhmyri
Etla: Suomen
tulevaisuus on pelättyä parempi – YLE
Elinkeinoelämän tutkimuslaitoksen mukaan Suomen julkisen
talouden kestävyysvaje ei ole niin paha kuin on luultu. Uudistustöihin pitää
silti ryhtyä pian.