Jos EU toimii kansalaisten etujen mukaisesti, niin kansanäänestyksessä ei pitäisi olla mitään ongelmaa.Jos taas kansanäänestystä vastustetaan vahvasti, se osoittaa, että kansanäänestystä pelätään, eli EU ei silloin toimi kansalaisten etujen mukaisesti. Sitä suuremmalla syyllä pitäisi silloin järjestää kansanäänestys, koska muutoinhan ei päästä kansalaisten haluamaan tilanteeseen!EU-johtajat ovat jo pitkään pimittäneet informaatiota ja vaienneet ongelmista. Nyt kaikki ongelmat ovat kuitenkin lävähtäneet kansalaisten tietoisuuteen, eli informaation asymmetria on poistunut. Sen vuoksi kansalaiset ovat nyt valmiita tekemään uuden ratkaisun, koska heillä on kaikki ratkaisun tekemiseen tarvittava tieto.Ei muuta kuin kansanäänestystä kehiin! Muuten emme elä demokratiassa!
Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
Roundup – Kiron
Sarkar / The Big Picture
Tomorrow’s Tape: Case-Shiller, Amazon Earnings, FOMC – WSJ
Morning Briefing (Asia): Markets Await Earnings, FOMC and Payrolls – BNY Mellon
Morning Briefing (Asia): Markets Await Earnings, FOMC and Payrolls – BNY Mellon
US: Stocks
And Bonds Reconnect – ZH
EUROPE
Retrofitting an exit hatch to the euro – qfinance
In an
excellent paper pondering how an orderly exit from the euro could be achieved, CASS Business School's Rob Thomas starts from the
premise that the euro's problems over the last three years have been caused as
much by "the all too apparent failings of the eurozone's political elite
as by economic fundamentals".
As The Euro Soars, This Is Where The "Max
Pain" In Europe Is – ZH
Deutsche: When
controlling for the pace of world demand and when looking at the Euro area as
an aggregate, we are according to our estimates currently in or near the
“danger zone” where the exchange rate is effectively undermining competitiveness.
The ECB: The Last Central Bank Standing? – PIIE
In recent
months, it has looked as if all the major nominally independent central banks
in advanced economies are committed to, or seriously contemplating,
intervention in the markets to lower the value of their currencies. Excluding
commodity exporters like Canada, Australia, and Norway, everyone is on board—except the ECB.
A declining but distorted euro M3 – alphaville
/ FT
The picture
was mixed, with a number of likely distortions confusing things, but on the
whole it was probably a bit more positive than negative.
Cut and paste – your guide to ‘economic’ vs
‘regulatory’ liquidity – alphaville
/ FT
Are you a
bank agonising over whether to keep your triple A-rated covered bonds as part
of your liquidity buffer or send them to the European Central Bank? Not sure
what to do with your AA-rated non-financial euro corporate debt? Then you need
this handy table from BofAML’s structured finance guru, Alexander Batchvarov.
PIIGS
Spain may end its ban on short-selling
stocks and bonds this week as the euro zone crisis relents, although controls
could stay for bank shares which speculators targeted heavily during last
year's turmoil.
The Spanish Housing Market Is About To Bottom – ZH
Why?
Because once it hits 0 in a few months, it can't go any lower.
Italian Bank's Murky Scandal – DealBook
/ NYT
It is still
not clear whether the Bank of Italy, Deutsche Bank and Nomura could have been
more vigorous in pursuing hints that things weren't quite right at Monte dei
Paschi di Siena.
Icesaved? – alphaville / FT
UNITED STATES
FOMC preview: Too early for the Fed to change
bias – Danske
Bank (pdf)
First time in a while: 10 year Treasuries
pierce 2 per cent –
alphaville
/ FT
The return of the bubble? – Free
exchange / The Economist
American housing
markets are at long last recovering from the epic bust that began in 2006.
Sales, prices, and construction all seem to have reached a cyclical bottom.
Some analysts reckon that a new boom and, possibly, bubble could be inflating,
born of tight supply and low interest rates.
S&P 500 At New All-Time Highs* – Bespoke
Earnings and Revenue Beat Rates for Q4 2012 – Bespoke
MACRO
NUMBERS
Gauge of
business spending plans edges higher – Reuters
Dec Core Orders
Plunge 4.3% Y/Y As Durables Headline Boosted By Boeing Orders – ZH
A
Surprisingly Strong December Gain – The
Capital Spectator
Smash
Expectations, But Core Goods Plunge – dshort
Core CAPEX
as a Recession Indicator – dshort
Companies
Ignored Cliff Chatter, but Taxes, Spending Cuts Will Have Real Bite – WSJ
Dallas Fed: Regional Manufacturing Activity "Strengthens" in January
– Calculated
Risk
Dallas Fed Reports Expanding Texas-Area Manufacturing – WSJ
ASIA
Japanese Outlook – HistorySquared
Weaker currency,
strong nominal equity prices; as debt crisis looms
OTHER
East versus West - two states of mind – TradingFloor
Steen
Jakobsen: In Europe, we have crisis tunnel vision,
while the big Asian economies face a critical transition period. Meanwhile, the
small, illiquid economies are the frontier offering the most opportunity - and
risk.
Policymaker's Guide To Playing The Global
Currency Wars – ZH
Steven
Englander, Citi: “Do you only know how to play? Or can you shoot as well?”
FOMC week again again – TradingFloor
John J.
Hardy: Is this the week we see the pivot lower in both USDJPY and EURUSD? It’s
up to FOMC’s Wednesday policy statement and developments in Europe this week to decide.
Bye, bye RoRo – alphaville /
FT
JP Morgan: Correlations
across dollar pairs are collapsing to their lowest level in five years (chart 1),
which is statistical jargon for currency moves having little to do with global
issues and almost everything to do with local ones.
Great Graphic: Central Bank Balance Sheet
Changes – Marc
to Market
The Explanatory Power of Interest Rate
Developments – Marc
to Market
The euro
has risen almost 2% against the US dollar thus far this year, while the yen has
fallen about 4.5% against the greenback.
Beneath this divergence may be a common consideration: Interest rate developments.
The point of low return – Buttonwood /
The Economist
The outlook
for expected returns is as low as it has been in more than a century, with real
US returns likely to be 2.3% a year.
Shipping Essentials Weekly – Nordea
(pdf)
IN FINNISH
Koska on
rakennemuutoksen aika? – Hannu
Visti