Here’s this weekend’s second proper linkfest, covering Markets, G8, Economics, Intelligence and Off-Topics. Also, select Finnish-language articles for my local readers.
Previously on MoreLiver’s:
MARKETS
HFTs Pay Reuters To Learn First That Consumers
Suddenly Less Confident – ZH
Things Investors Should Read. Things Investors
Should Avoid. – Fool
Buffett has no
computer screens on his desk.
Weekend Sentiment Summary – The
Short Side of the Long
Rotation 1: out of fixed income – Sober Look
Rotation 2: has not worked out as planned – Sober
Look
1994 Redux? But Not In Bonds – ZH
In UBS’s view, 1994 is
critical for guiding investing today. The key point about 1994 was not that US bond yields rose during a global recovery. But
that the leverage and positioning built up in previous years, on the assumption
that yields would remain low, then got stressed.
Worthwhile Canadian Comparison – Krugman
/ NYT
Canada ought to be
quite vulnerable to a big deleveraging shock despite its boring banks. Of
course, people have been saying this for several years, and it hasn’t happened
yet — but remember, the US housing bubble took a long time to pop, too.
Markets Are "Tepper'd Out So Don't Get
Sucked In" – ZH
Nomura’s Bob Janjuah: There
can be no doubt in my view that the global growth, earnings, incomes and
fundamental story remains very subdued. But at the same time financial markets,
hooked on central bank ‘heroin’, have created an enormous and – in the long run
– untenable gap between themselves and the real economy’s fundamentals. This
gap is getting to dangerous levels, with positioning, sentiment, speculation,
margin and leverage running at levels unseen since 2006/2007.
Where's The "Value"? – ZH
UBS global equity
strategy heat-map identifies the most expensive and cheapest sectors across 20
regions. The US currently is most expensive and intriguingly Australia the
cheapest relative to their own historical valuations.
Book Review: Quantitative Value – The Aleph
Blog
What We're Reading ~ Hedge Fund Links 6/14/13 – market
folly
Thomson Reuters Gives Elite Traders Early
Advantage – CNBC
A closely watched
consumer confidence number that routinely moves markets upon release is
accessed by an elite group of traders, for a fee, a full two seconds before its
official release, according to a document obtained by CNBC.
Viewpoints. Which way for bonds? – Mapping a
path forward – PIMCO
Bill Gross: We believe
caution is warranted not just for fixed income investors, but for investors in
all risk assets. Central banks have reached a critical inflection point in
which the negatives of their aggressive policies may be outweighing the
positives and in fact hampering growth.
Book Bits | 6.15.13 – The
Capital Spectator
G8 SUMMIT (tax, transparency, trade)
39th G8 summit – Wikipedia
UK Prime Minister's
speech at G8 Open for Growth – gov.uk
G8: the European
Union's role and actions – Europa
Heading for the G8
summit - with your Sherpa – Deutsche
Welle
The G8 agenda: The
transparency summit – The
Economist
G8 to say risks to
economy lower, reforms needed: draft – Reuters
ECONOMICS
Fiscalists, Monetarists, Credibility, and Turf – Krugman
/ NYT
The main thing, I
think, is to recognize that while we have our differences, the important thing
is to try everything that might help. The greatest intellectual sin here is to
care more about protecting your turf
Monetary policy in an environment of low growth
and interest rates – BIS (pdf)
Speech by Mr Yves
Mersch, Member of the Executive Board of the European Central Bank, at the
Nordea 3rd Annual Nordic AAA Seminar, Copenhagen, 13 June 2013.
Reintegrating financial markets – BIS (pdf)
Speech by Mr Jörg
Asmussen, Member of the Executive Board of the European Central Bank, at the
General Assembly of the European Savings Banks Group, Berlin, 14 June 2013.
The role of the central bank after the
financial crisis - the challenges ahead – BIS (pdf)
Speech by Mr Stefan
Ingves, Governor of the Sveriges Riksbank and Chairman of the Basel Committee
on Banking Supervision, to the Swedish Economics Association, Stockholm, 12
June 2013.
Multipliers in a monetary union and at the ZLB – mainly
macro
In the countries of the old – Coppola
Comment
Well, Eurozone
countries exporting people is hardly news. But Germany isn't exporting the same sort of people as
other Eurozone countries. Other countries are exporting their young and their
skilled. Germany is exporting its old. Economically this makes complete sense.
INTELLIGENCE
The influence of spies has become too much.
It's time politicians said no
– The
Guardian
John le Carré on
secret courts, surveillance and the excessive influence of the CIA and MI6 on
democratic institutions
The noise about the NSA is not really news – Sober
Look
People just haven't
been paying attention
The Empire Strikes Back: The Demonization of
Snowden Begins – Fabius Maximus
Marcus Ranum, our
in-house cyber-expert, looks at the next stage of the government’s defense
against the revelations of NSA surveillance. Like the surveillance itself, they
rely on non-governmental agents to get the job done.
Secrets, lies and America’s spies – The
Economist
Government’s first job
of protecting its citizens should be based on informed consent.
Look who’s listening – The
Economist
The NSA collects more
information than most people thought.
Online privacy: How to disappear – The
Economist
It is getting harder
and harder to disappear.
Edward Snowden's worst fear has not been
realised – thankfully – The
Guardian
The NSA
whistleblower's only concern was that his disclosures would be met with apathy.
Instead, they're leading to real reform
NSA Leader Seeks Openness on Secret
Surveillance Orders – BB
The head of the
National Security Agency said he would seek to make more information public
about electronic surveillance of citizens while emphasizing that disclosure of
the programs has done “great harm” to the U.S.
OFF-TOPIC
**Bloomberg Reporters’ Practices Become Crucial
Issue for Company – NYT
Most journalists dream
of uncovering government corruption, landing a big interview or winning a
Pulitzer Prize. But those are not the goals that Thomas F. Secunda, who
co-founded Bloomberg L.P. in 1982 with Michael R. Bloomberg, has in mind: “The
only journalism that matters is the kind that moves markets,” Mr. Secunda told
the senior staff of Bloomberg News
Crowdfunding students: Start me up – The
Economist
Companies such as
Upstart and Pave allow individuals to sell a stake in their own earnings.
In exchange for an
initial sum of money, students agree to pay a portion of their pretax earnings
for a specified period of years.
Foreign Affairs Report: The Iranian Election – Foreign
Affairs
The Biggest Threat to the Global Economy Could
Come From Outer Space – The
Atlantic
Three Things I’ve Learned From Warren Buffett – Bill
Gates
Laughter and the Brain – The American
Scholar
Can humor help us
better understand the most complex and enigmatic organ in the human body?
Physics’s pangolin – Aeon
Trying to resolve the
stubborn paradoxes of their field, physicists craft ever more mind-boggling
visions of reality
How To Be Prolific: Guidelines For Getting It
Done From Joss Whedon – cocreate
The
writer-producer-director who made Much Ado About Nothing while editing The
Avengers, and who’ll return to TV this fall with Agents of S.H.I.E.L.D., knows
a bit about “getting things done.” In fact, he cites David Allen’s book of that
title as an important guide--even if he never finished reading it.
FINNISH
Ekonomisti:
Eurooppa kävelee unissaan – Talouselämä
Ruotsin suurimpiin pankkeihin kuuluvan
Skandinaviska Enskilda Bankenin (SEB) pääekonomisti Robert Bergqvist: ” Olemme
nyt vuosia kuulleet liian paljon puhetta, mutta nähneet vähän tekoja”
Ekonomistit
löysäisivät valtion velkatavoitetta – TalSa
Suomen talouden alamäki on ollut lähes
yhtäjaksoista puolitoista vuotta. Hallitus ei ole kyennyt pysäyttämään
työttömyyden kasvua. Taloussanomat kysyi suomalaisekonomisteilta, mitä pitäisi
tehdä. Ainakin velkasuhdetavoitteesta pitäisi joustaa, ekonomistit kehottavat
hallitusta.
"Miljardikaappaus
jäi pienelle huomiolle" – verkkouutiset
Perussuomalaisten kansanedustaja Kaj Turusen
mukaan kuluneen viikon uutisvirrassa jäi pienelle huomiolle miljardikaappaus.
Kyse on pieniltä yrityksiltä liikaa peritystä työkyvyttömyysmaksusta.
http://www.verkkouutiset.fi/kotimaa/Miljardikaappaus%20j%C3%A4i%20pienelle%20huomiolle-4823
Katainen
ei halua EU:n kehittyvän liittovaltioksi – TalSa
Hän ei myöskään lämpene ehdotukselle
euroryhmän päätoimisesta johtajasta.
Talous
romahtaa ilman luottamusta – Pääkirjoitus
/ HS
Suomi
lisää löylyä, vaikka taju uhkaa lähteä – Jan
Hurri / TalSa
Kun talouden kaikki keskeiset osat supistuvat,
kokonaistuotanto ei voi muuta kuin supistua. Siksi kansalliset säästötalkoot
ovat päätön yritys, joka ei voi onnistua ilman taantuman pahenemista. Tätä
Suomen hallitus kuitenkin yrittää. Hallitus lyö lisää löylyä, vaikka löylykisa
uhkaa viedä tajun.
Suomi
kyttää huippuvirkoja EU:ssa – HS
Leena Maria Linnus myllää parlamentissa
uusiksi lähes kaikkea, mitä tulee ulos jos taloa ravistaa
Unioni
ei kaadu kertarysäyksellä – HS
Pääkirjoitus
Ensimmäisessä vaihtoehdossa EU voittaa vaikeutensa
ja siitä tulee liittovaltio, Euroopan Yhdysvallat. Tämä vie toki vuosikymmeniä.
Toinen vaihtoehto on, että unionia ryhdytään rauhassa purkamaan. Sekin kestää
kymmeniä vuosia.
Miksi
euro vahvistuu dollariin nähden – selitys yhdellä kuvalla – tyhmyri