Recession
and threat of deflation. Let’s just repeat the past and demand the impossible
(WWI-war reparations then vs. untenable sovereign and private debt now), keep
the exchange rate fixed (gold then vs. euro now), let’s not believe what
economists are saying (Keynes then vs. everybody, including the IMF now), let’s
not admit any mistakes and just observe while attitudes and values change to
the extreme.
Then we can
collectively wonder how it happened again and why we didn’t learn our lessons
from the previous episodes. The only thing that I am not sure about is will the
next guy have moustache, beard or be clean-shaven, and will he land in Brussels
or in some of the nation states.
This is too
easy to interpret. Just like the ending of the ‘Matrix’, you don’t even
have to look – you know where the kicks and punches will be coming from.
Jesus, John
Lennon, Stephen Hawking and Chuck Norris working together would not be able to keep the European
monetary union flying. The European Union and especially the euro are from the
point of game theory assured failures.
Previously on MoreLiver’s:
Roundups &
Commentary
Frontrunning – ZH
Overnight: German Hope Soars To Three Year High – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MarketBeat: For Stocks, Slowing Mo – WSJ
Broker Note Briefing – WSJ
The Dollar's Five Keys in the Week Ahead – Marc
to Market
Morning
Briefing (EU/US): Crazy World – BNY
Mellon
Final
thoughts (for now) on the G20 and related issues
EUROPE
Euro zone bank crisis funding falls – Reuters
German
banks' use of European Central Bank crisis funding dropped by a third in
January from the previous month, a further sign that banks in the heart of the
euro zone are returning to money markets after last year's credit squeeze.
Just a third of Britons want to stay in
European Union: poll
– Reuters
Only a
third of Britons would vote to stay in the European Union in a proposed
referendum, a poll showed on Monday, underlining the scale of Prime Minister
David Cameron's task in persuading voters to back his flagship EU policy.
French finance minister plays down impact of
any fiscal goal delay
– Reuters
France will await European Commission
growth forecasts this week before deciding whether to adjust its 2013 fiscal
plans, Finance Minister Pierre Moscovici said on Monday, playing down the
impact of any delay to its deficit-cutting plans.
Cyprus: new face, much the
same problem – alphaville
/ FT
As JP
Morgan’s Alex White argues, Cyprus’ real problems lie in Berlin (and elsewhere in the European
north). While a change of Government in Nicosia removes a near-term excuse for
German inaction, it is unlikely to trigger an immediate resolution of the
problem.
ITALY
Italian elections - Goodbye to reforms? – Danske
Bank (pdf)
Berlusconi's
possible comeback would drive up Italy's borrowing costs and offer the
"perfect excuse" to apply for a bailout, Italy's largest investment bank has
warned.
The Italian centre-left is stalling in the
campaign, but (probably) not in the election – europp
/ LSE
OTHER
Time to buy gold and commodity stocks? – Humble
Student
Stocks and Commodities Update – Short
Side of the Long
Not so fast – Nordea
Regulators
have been forced to backtrack on many of their most ambitious reforms lately,
due to fears that big reforms could really hit the markets and the real economy
very negatively.
Martin Zweig, Stock Author Who Predicted ’87
Market Crash, Dies –
BB
IN FINNISH
Inflaatio hidastui
tammikuussa 1,6 prosenttiin – Tilastokeskus
Varastojen arvo
teollisuudessa 2012 Q4 laski vuoden takaisesta – Tilastokeskus
Puheeni London School
of Economicsissa – Timo
Soini