Soros requests Germany to leave the euro or accept eurobonds. The sources of demand and supply of the yen is also interesting.
Instead of continuously posting the regular links, they are now
moved to a permanent page. My standard
posts would thus in the future only have article links and my own thoughts. If
this is ok with you, fine. If not, drop me a message.
Previously on MoreLiver’s:
Current Specials
Special: Bank of Japan (updated)
EUROPE
Germany’s Choice – Project
Syndicate
George Soros: Contrary
to popular opinion in Germany and elsewhere, the euro crisis – for which
Germany is disproportionately responsible, owing to its dominant position – is
far from over. Despite the complex political and economic origins of Europe’s current malaise, the solution can be summed
up in one word: Eurobonds.
How to save the European Union – The
Guardian
George Soros: There is
a strong case for Germany to make a definitive choice whether to accept eurobonds or to leave the
euro
Catching up on the LTRO flow – alphaville
/ FT
Barclays’ forecast
puts the breach of the ‘psychological level’ of €200bn, below which Eonia may
start to be sensitive to changes in liquidity conditions, in Q3/Q4 if the pace
of weekly repayments remains at around €6bn (the average weekly payback, excluding
the two big repayments on the first day of the exit option window for each
operation).
US treasury secretary
Jack Lew on Tuesday hinted that Germany should boost its internal demand to
help Europe get out of the crisis.
Press release Results of the Eurosystem’s first
Household Finance and Consumption Survey – ECB
European Governments' Unpaid Bills – Marc
to Market
For the first time,
last October Eurostat published a note on the "stock of liabilities of
trade credits and advances".
These are the unpaid liabilities of governments used to purchase goods
and services. These are, incidentally
are not included in the Maastricht definition of government debt.
The economic outlook – BIS (pdf)
Speech by Mr Øystein
Olsen, Governor of the Norges Bank (Central Bank of Norway), to invited foreign
embassy representatives, Norges Bank, Oslo, 4 April 2013.
PIIGS
Euro or Drachma, or Both? A Temporary Parallel
Currency Concept – EconoMonitor
Only our suggestion of
a parallel currency combines the advantages inherent in the internal
devaluation and exit policies: it provides instant devaluation while staying
within the euro community with a defined schedule for full reintroduction of
the euro as the sole legal tender
Italian Politicians Enter Government Countdown
Phase – WSJ
The clock is ticking
for politicians in Italy ahead of April 18, when newly-elected
lawmakers begin to vote for a new head of state, writes Christopher Emsden.
UNITED STATES
361 Capital Weekly Research Briefing – The Reformed Broker
ASIA
Fitch Downgrades China and Thoughts about the Yuan – Marc to Market
361 Capital Weekly Research Briefing – The Reformed Broker
ASIA
Fitch Downgrades China and Thoughts about the Yuan – Marc to Market
Front-Running Markets Get Carried Away By Bank
of Japan – WSJ
“For every Japanese
investor seeking yield, there is a foreign one searching for returns from
Japanese equities”
Mr Soros Trumps Mrs Watanabe – ZH
The bulk of JPY
selling pressure has come during non-Tokyo trading hours,
Japan’s currency war has just begun – MacroBusiness
Global macro UBS
analyst, Syed Mansoor Mohi-uddin, has a very neat little note out this morning
summarising the revolution that has just taken hold of Japanese monetary policy
Taking QE to a whole new level – Sober Look
OTHER
The Global Growth Quest – Project
Syndicate
Mohamed A. El-Erian: The
last few years have highlighted the declining potency of long-standing growth
models. Moreover, the search for more robust growth models will take much
longer and be more complicated than many recognize – especially as the world
economy pivots away from unfettered globalization and high levels of leverage.
Nordea Risk Perception Index – Week 15 – Nordea
(pdf)
Return to more
comfortable levels, but low-for-long is acknowledged (summary here)
Commodities Forecast Update – Danske
Bank (pdf)
Rebound in Q2 but no
H1 catch-up with equities
Global exports are on the rebound - will
corporate sales follow? – TradingFloor
The 6-month lagged
annual change in global exports explains around 60 percent of the annual change
in S&P 500 revenue. Given the recent uptick in global exports we are
increasingly confident about corporate revenue figures for the next few
quarters.
Stress testing banks - what have we learned? – BIS (pdf)
Speech by Mr Ben S
Bernanke, Chairman of the Board of Governors of the Federal Reserve System, at
the "Maintaining financial stability: holding a tiger by the tail"
financial markets conference, sponsored by the Federal Reserve Bank of Atlanta,
Stone Mountain, Georgia, 8 April 2013.
Book Review: Quantitative Value – CFA
Institute
World Economic Outlook (WEO) – IMF
Chapter 3: The Dog
That Didn't Bark: Has Inflation Been Muzzled or Was It Just Sleeping? * Chapter
4: Breaking through the Frontier: Can Today's Dynamic Low-Income Countries Make
It?
Tax havens cause
hundreds of millions of euros in annual damage to national economies around the
world and they create an uncontrollable parallel economy. The recent Offshore
Leaks investigative reports are helping to fuel efforts in Europe and the US to have them eliminated.
THATCHER
How Mrs Thatcher smashed the Keynesian
consensus – Free
exchange / The Economist
Euro-Skepticism was Thatcher’s Most Relevant
Legacy; Had Europe Only Listened
– Mish’s
http://globaleconomicanalysis.blogspot.fi/2013/04/euro-skepticism-was-thatchers-most.html
Five thought-provoking reads on Margaret
Thatcher – The
World / FT