Previously on MoreLiver’s:
Current specials:
Special: IMF / G20 / WTO Meeting (updated)
Special: Reinhart & Rogoff
Debacle (updated)
EUROPE
Hans-Werner Sinn: Those
who advocate the creation of Eurobonds do not not recognize the real nature of
the monetary union's problems. The ongoing financial crisis is merely a symptom
of the eurozone’s underlying malady: its southern members’ loss of
competitiveness.
Good news or bad news? – Buttonwood
/ The Economist
A weak economy, low
rates, low bond yields, never-ending deficits; it all looks remarkably
Japanese.
A Heartbreaking Work of Staggering Folly – Krugman
/ NYT
Why are we doing so
badly? And I mean really badly; in Europe,
recovery is now behind where it was at the same point of the Great Depression… The
immediate answer is, bad policy — above all, fiscal austerity in the face of
mass unemployment, which is exactly what everything we know about
macroeconomics says you shouldn’t be doing.
ECB
Today’s PMIs will not prompt a
rate cut – Nordea
We believe the ECB
sees additional interest rate cuts beyond the current level as more or less ineffective.
That is the reason, in our view, that interest rates were not cut already in
December. However, key figures have surprised to the downside and we believe
the ECB will have to act if the bank believes the economic outlook has weakened
further or if it is unable to come up with an SME “support package” even though
the ECB believes the effect will be limited.
Want to know what the ECB is going to do? Watch
the German PMI – MacroScope
/ Reuters
The one thing the
ECB’s Governing Council never allows to pass is any sign that Germany, Europe’s No.1
economy, is floundering.
PIIGS
Spanish Bond Spreads Back Below 300bps - At 17
Month Lows – ZH
Club Med yields, in historical context – alphaville
/ FT
Snapshot of Spanish,
Portuguese and Italian 10 year paper, over 150 years.
So, how has the
deflationary process been playing out in Greece? Not too well.
UNITED STATES
361 Capital Weekly Research Briefing – The
Reformed Broker
“FLASH
CRASH”
The Complete Evaporation Of All Market
Liquidity In One Chart – ZH
And This Is What A Full Blown Market Exodus
Looks Like – ZH
260,000 S&P 500
e-mini contracts traded in the three minutes following the fake AP Tweet. That
is ~$20.4 Billion notional value
Finally, This Is What A "Locked
Market" Looks Like – ZH
I Survived the Flash Crash of ’13 – The
Reformed Broker
‘Hack Crash’: Fake Tweet Shows Pitfalls of
Algo-Driven World – WSJ
MACRO
NUMBERS
New Home Sales As
Expected While Home Price Plunges To Nine Month Low – ZH
A few comments on New
Home Sales – Calculated
Risk
ASIA
Mr. Can-do Kuroda and his mystical bag of BoJ
tricks – TradingFloor
In driving yields to
practically negative levels, Kuroda has forced local lifers, pension funds,
insurers etc to go hunting elsewhere.
The "spring
slowdown" is here again.
Chief Economist’s Corner: Bubbles give you a
hangover – Nordea (pdf)
Risk appetite among
investors has risen sharply on expectations that the extremely accommodative
monetary policies pursued globally will be in place for a long time yet, and
because the risk of a systemic meltdown in the financial sector or a euro
collapse has been dramatically reduced.
Newsletter Issue 3 – The
Short Side of the Long
FINNISH
Harmaa
eminenssi – YLE
Areena
Silminnäkijäkertomus eurooppalaisen unelman,
euron, tuhosta. Arvostettu EU- ja talousasiantuntija Johnny Åkerholm vie EU:n
kulissien taakse, missä poliitikot tappoivat haaveen taloudellisesta vakaudesta
(55 min).
Åkerholm
rehellisenä – Toimi
Kankaanniemi / US Puheenvuoro
"Suomen
teollisuus kärsinyt eurosta" – TE
Ilmarinen hajauttaa salkkua euroalueen
ulkopuolelle
Opiskelija,
joka nolasi talouseliitin – YLE
Tiukan talouskurin puolesta puhuvat poliitikot
ja talousasiantuntijat saivat nenilleen, kun yliopisto-opiskelija osoitti, että
heidän taajaan siteeraamansa tutkimus oli täynnä virheitä.
Eduskunnan
toverituomioistuin – Jyrki
Virolainen
Kaikkonen saa jatkaa vankilatuomiosta
huolimatta suuren valiokunnan varapuheenjohtajana