Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
US: Bonds, Stocks, Dollar Pounded In First Dow Jones Three-Day Losing
Streak Since 2012 – ZH
EUROPE
How Germans Caused The Euro Zone Debt Crisis – Econmatters
Michael Pettis: One of
the reasons that it is been so hard for a lot of analysts, even trained
economists, to understand the imbalances that were at the root of the current
crisis is that we too easily confuse national savings with household savings.
Leaving the debts behind – Free exchange
/ The Economist
The migratory solution
to euro-zone unemployment: in the absence of a mechanism for debt mutualisation
across the euro area, I worry about some of the knock-on effects of large-scale
migration.
Dani Rodrik: Ultimately,
European economic union requires a reduction in structural and institutional
heterogeneity (especially in labor markets) among its members. But the eurozone
faces a short-term problem that is more Keynesian in nature, and for which
longer-term structural remedies are ineffective at best and harmful at worst.
Portugal: IMF
Completes Seventh Review Under an EFF Arrangement, Approves €657.47 Million
Disbursement – IMF
GERMAN
CONSTITUTIONAL COURT
I still consider a
“Yes, but …” decision by the court as likely, giving the ECB the benefit of the
doubt.
German top court 'not interested' in saving
euro – euobserver
Germany's top court does not care whether ECB bond-buying has saved the euro,
but only whether it complies with German law, its leading judge has said.
One of the most
important cases in the Court's history?
ECB rebuffs Bundesbank call for new limits on
its mandate – Reuters
GREECE
& IMF
The second Greek rescue programme was not
merely late, but also insufficient, making a third programme inevitable – Europp
/ LSE
Last week the IMF
published a review of the financial assistance given to Greece during its debt crisis. One of the key
limitations identified in the report was that debt relief for the country was
provided far later than it should have been.
When Did IMF Change Its Mind? – WSJ
How the International
Monetary Fund's inquest over its handling of Greece's debt crisis affects what it said in public
back in April 2011.
UNITED STATES
Two view of income inequality – Humble
Student
Yellen overwhelming favorite to replace
Bernanke at Fed: Reuters poll –
Reuters
Yellen likely to replace Bernanke at Fed – MacroScope
/ Reuters
Fed Tapering: Asset Class Sensitivity – The Big Picture
OTHER
Overvalued Housing Market Not the Same as
Bubble – WSJ
The OECD made some
waves last week when it said Canada’s housing market was one of the few countries
under its watch that is both overvalued and vulnerable of suffering a
correction.
Interest rate wars – alphaville
/ FT
The paradox is that the run-up in US interest rates, which is arguably
the primary driver of these global rate increases, is well below the average
and median globally.
Money markets not
benefiting from rising rates – Sober
Look
The overstated
inflation danger – FT
Martin Wolf: A high rate may be a risk in the very long run – but right
now the risk is that it may be too low
Fierce Selloff in
Emerging Market Currencies; India Intervenes to Stop Plunge in Rupee; Brazil
Steps Up Real Intervention; Root Cause of Crisis – Mish’s
FINNISH
Rakennemuutos
ja suhdannetaantuma – kuinka valehdellaan taloudesta –
tyhmyri
Matti
Vanhanen vaatii sisäistä devalvaatiota eli taloudellista tuhoa – tyhmyri
Suomalaiset
päättäjät haluavat Suomen väkisin Kreikan tielle? – tyhmyri
Last in - first out - Akateeminen Talousblogi
Ruotsissa työnantajan pitää
irtisanomistilanteessa aloittaa irtisanomiset viimeksi taloon tulleista. Suomen
työlainsäädännöstä tällaiset säännöt puuttuvat. Kumpi siis onkaan parempi
järjestelmä.
"Tämä
jos mikä on kohtalonkysymys koko hyvinvointivaltiollemme" – verkkouutiset
Eduskunta keskusteli keskiviikkona valtion
taloustilanteesta.
Vähittäiskaupan myynti kasvoi huhtikuussa 1,8%
YoY – Tilastokeskus
Rakennusyritysten liikevaihto väheni
tammi-maalisk. yli 5% YoY– Tilastokeskus
Peruskoulun oppilaista 13 prosenttia sai
tehostettua tai erityistä tukea – Tilastokeskus
Lukiokoulutuksen opiskelijamäärä väheni
edelleen – Tilastokeskus