Quote of the Day, 18/01/2008, Trichet: “For a small, open
economy like Cyprus, Euro adoption provides protection
from international financial turmoil.”
Quote of the Day II,
2013, anonyymi: ”Se on ihan varma, että
eurojunan edessä olevassa tunnelissa ei mitään valoja näy. Siellä on Paavo
Lipposen iloinen joulutervehdys, Markku Huuskon kantaaottava pääkirjoitus,
Jyrki Kataisen vastuunkanto, harmonikanraiskaajan versio tiputanssista ja
Barroson öljytty, paidaton ylävartalo moobseineen.”
The Cyprus-post has been updated, again.
Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
The Closer – alphaville / FT
Tomorrow’s Tape – WSJ
US: Biggest Drop In A Month For Stocks Led By Big Bank
Battering – ZH
EUROPE
Still sinking – Free
exchange / The Economist
According
to the flash estimate of the euro zone's economic activity in March, conditions
deteriorated at a faster pace than before for the month. Hopes that the
moderation in the economy's contraction from the fourth quarter of last year to
the first quarter of this year would continue seem to be fading.
Too big to guarantee – Buttonwood
/ The Economist
The
difficulties involved in solving the Cyprus crisis are all the greater because
the banks are much bigger than the domestic economy. But Dhaval Joshi of BCA
Research points out that this is true for the euro zone as a whole
Five years
of crisis in Europe, yet its streets remain mostly
calm. What accounts for this? How long will it continue?
EU commission prepares ground for far-reaching
economic powers – euobserver
The ground
is being prepared for legislation that would prevent member states from
undertaking major economic reforms without running it by the European
Commission first.
The ratings
agency Standard & Poor’s released earlier this week its updated report on
Global aging. The report shows that in general, most countries studied have
actually already made a lot of progress in addressing the increasing
age-related spending compared to 2010, even though a lot of work remains.
The review of
the United Kingdom’s monetary policy framework
published alongside the budget today reveals that the UK Treasury has ruled out
replacing inflation targeting with nominal GDP targeting. That is a shame. Nominal
GDP targeting would provide more space
for the Bank of England to support the recovery in the near term
UNITED STATES
Bernanke’s employment dashboard – alphaville
/ FT
RBC Capital constructed some charts based on what Bernanke said the Fed is
watching.
S&P500 Profit Margins Tumble To Q1 2010
Levels – ZH
Is The Market Cheap? – ZH
Philadelphia Fed Manufacturing Survey
Expansion
in March – Calculated
Risk
Moves Back
to Positive Levels – Bespoke
Modest
Increase, Average Hours Worked Tumble – ZH
OTHER
The Great 'Global' Un-Recovery – ZH
Comparison
of the Markit PMI numbers
EMEA Weekly – Danske
Bank (pdf)
EM Big Pictue: What has Changed – Marc
to Market
Tightening
in Brazil will likely be more gradual * Czech still in
verbal intervention mode, despite large CZK losses * The one-way THB
appreciation trend may be coming to an end soon * Philippines is preparing more measures to
discourage speculative foreign investments * Fresh cross winds for Korea asset prices are negative on net
Keeping it real – Buttonwood
/ The Economist
This week's
column points out that financial repression - holding interest rates below the
rate of inflation - is a levy on savers that provokes less protest than in Cyprus, but has similar effects on
purchasing power over the long run.
How Franklin Roosevelt Secretly Ended the Gold
Standard – BB
On March
4, 1933,
Franklin D. Roosevelt became president for the first time, promising an
“adequate but sound” currency. The next day, a Sunday, he closed the nation’s
banks. “We are now off the gold standard,” he privately declared to a group of
advisers.