Weekend linkfest to
markets, econ, players, and off-topic and Finnish articles.
Previously on MoreLiver’s:
MARKETS
The Illustrated
History Of High Yield – ZH
Worst May Be Over
Already for the Carry Trade – WSJ
The current sell-off in relatively high-yielding major currencies is one
of the worst since 1980.
Watch these lines in the sand! – Humble
Student
Is this just a minor
correction or the start of something worse? These are some technical lines in
the sand that I am watching.
The EM “sell-off”,
chart du jour – alphaville
/ FT
OTHER
The most important
charts in the world – BI
We asked our favorite
analysts, traders, economists, and strategists across the Street for the charts
that they deem the most important right now, and this is what they sent us.
Weekend Reads for Financial Advisors – CFA
Institute
Fragile Nest Eggs,
Happiness, and Luck vs. Skill
Conventional and Unconventional Fiscal and
Monetary Policy Options – EconoMonitor
The focus of this
article is principally on Europe (including the UK, Cyprus, and others), Japan
and the United States, and other countries suffering generally from inadequate
private demand, high unemployment, a deflationary tendency, a liquidity trap and
a high level of public debt.
Beatings Will
Continue Until Morale Improves – Macro
Man
FOMC beating, PBOC beating,
Hedge fund beating.
OTC Derivatives
Market Analysis Year-End 2012 – ISDA (pdf)
Pulls together data from a variety of sources to show the impact of some
key trends, like clearing, portfolio compression and netting, on the underlying
market.
Derivative Trade
Tear-Ups Cut $48.7 Trillion in 2012, ISDA Says – Businessweek
Book Bits | 6.21.13 – The
Capital Spectator
How Austerity Has Failed – The
New York Review of Books
Martin Wolf: The right
approach to a crisis of this kind is to use everything: policies that
strengthen the banking system; policies that increase private sector incentives
to invest; expansionary monetary policies; and, last but not least, the
government’s capacity to borrow and spend. Failing to do this, in the UK, or
failing to make this possible, in the eurozone, has helped cause a lamentably
weak recovery that is very likely to leave long-lasting scars. It was a huge
mistake. It is not too late to change course.
Bridgewater
"Pure Alpha" Global FX Exposure Summary – ZH
Big short bets in EUR, JPY and AUD, offset by a long GBP exposure, as of
May 31.
Ray Dalio's Equity
And Rates Exposure Summary – ZH
De Gaulle’s Words of
Wisdom
– Craig
Willy
On Nations, multinational government and EU politics
Introducing “ISDA
risk” – it’s like basis risk, but more annoying – alphaville
/ FT
With the proposals being circulated by Isda on behalf of at least some
big market participants, the specter of doubt around the economics of a payout
under the status quo is now flavoured with a dash of uncertainty about how the
proposed amendments will be introduced to the market. Hence the technical
compression and volatility.
What We're Reading ~
Hedge Fund Links 6/21/13 – market
folly
OFF-TOPIC
The War on Reality – Physics
of Finance
If you're at all disturbed) by the various recent revelations over
massive data trolling by government agencies, you should read this article in
the NYT by Peter Ludlow. It looks at the vast and largely invisible ecology of
private security and intelligence firms that are not only gathering information
on ordinary people, but actively creating and spreading disinformation
(otherwise known as "lies") to discredit opponents of their corporate
clients. They're information mercenaries who are essentially shaping reality as
we see it
GCHQ taps fibre-optic cables for secret access
to world's communications – The
Guardian
Exclusive: British spy
agency collects and stores vast quantities of global email messages, Facebook
posts, internet histories and calls, and shares them with NSA, latest documents
from Edward Snowden reveal
What the NSA Does With the Data It Isn't
Allowed to Keep – The
Atlantic
The rules surrounding
what information must be destroyed remain shrouded in secrecy. By what right?
Silent War – Vanity
Fair
On the hidden
battlefields of history’s first known cyber-war, the casualties are piling up.
In the U.S., many banks have been hit, and the telecommunications industry
seriously damaged, likely in retaliation for several major attacks on Iran.
Washington and Tehran are ramping up their cyber-arsenals, built on a
black-market digital arms bazaar, enmeshing such high-tech giants as Microsoft,
Google, and Apple. With the help of highly placed government and private-sector
sources, Michael Joseph Gross describes the outbreak of the conflict, its
escalation, and its startling paradox: that America’s bid to stop nuclear
proliferation may have unleashed a greater threat.
(comedy) Financial Sector
Thinks It’s About Ready To Ruin World Again – The
Onion
Cuba has entered a new
era of economic reform that defies easy comparison to post-Communist
transitions elsewhere. Washington should take the initiative and establish a
new diplomatic and economic modus vivendi with Havana.
The Man Who Escaped Microsoft and Took a Whole
Company With Him – Wired
The Road to D-Day: Behind the Battle That Won
the War – Foreign
Affairs
If Operation Overlord
failed, the entire Allied enterprise in World War II faced abject collapse.
This new history of the events leading up to D-Day explains why, and what the
preparations for success actually involved.
The Coming Arctic Boom: As the Ice Melts, the
Region Heats Up – Foreign
Affairs
No matter what one
thinks should be done about global warming, the fact is, it’s happening. And
its effects are not all bad. In the Arctic, it is turning an impassible region
into an emerging epicenter of industry and trade.
Criminal Group Illegally Took $24 Billion Out
of Russia – BB
A single Russian
network of at least 1,173 sham companies is responsible for illegally
channeling a minimum of 760 billion rubles ($24 billion) out of the country,
outgoing central bank Chairman Sergey Ignatiev said.
World War Z Would
Have Been Better if It Weren’t a Zombie Movie – Wired
World War Z's
Unhorrifying, Strangely Touchy-Feely Zombie Apocalypse – The
Atlantic
The Electronic Future of Cigarettes – The
Atlantic
Aiming for a
tobacco-free society is myopic. Embrace the safer alternative.
Willem Dafoe: 'Don't
make this into a crackpot profile, please' – The
Guardian
The actor famous for being game for anything talks about his passion for
physical theatre, his attraction to strong directors – but declines to comment
on the size of his penis
FINNISH
Euromaat rustasivat säännöt suorille
pankkituille – HS
Euromaiden
valtiovarainministerit laativat torstaina säännöt sille, miten Euroopan pysyvä
kriisirahasto EVM voi suoraan tukea ongelmissa olevia pankkeja. Ministereiden
hyväksymien sääntöjen mukaan Euroopan hätäkassan 500 miljardin euron
lainoituskapasiteetista voidaan lohkaista suoriin pankkitukiin korkeintaan 60
miljardia euroa.
Suomi voi estää vanhojen pankkikriisien
hoitamisen suoralla tuella – HS
Suomi ei
edelleenkään kannata vanhojen, ennen yhteistä pankkivalvontaa syntyneiden
pankkikriisien hoitamista suorilla pankkituilla, valtiovarainministeri Jutta
Urpilainen (sd) sanoo. "Meidän kantamme on edelleen entinen tältä osin,
että me emme kannata sitä", Urpilainen sanoi Luxemburgissa, jonne
EU-maiden valtiovarainministerit ovat kokoontuneet.
EU pistää pankkikriisien maksajat
järjestykseen – HS
EU-maiden
valtiovarainministerit vääntävät parhaillaan Luxemburgissa siitä, kenen pitäisi
kantaa tappiot pankkien alasajossa ja uudelleenjärjestelyissä. Tavoitteena on
saada jonkinlainen järjestys siihen, miten kriisipankkeja suljetaan
rasittamatta veronmaksajia ja lietsomatta paniikkia esimerkiksi tallettajien
keskuudessa.
EU:n valtiovarainministerit eri mieltä
pankkien pelastuksesta
– HS
EU:n
valtiovarainministerit eivät ole päässeet sopuun pankkien
kriisinhallintamekanismista. Lauantain pikkutunneille asti venyneet neuvottelut
Luxemburgissa päättyivät erimielisyyksiin euroalueeseen kuuluvien ja euroon
kuulumattomien jäsenmaiden välillä.
Euromaat eivät päässeet yksimielisyyteen
pankkien alasajosta
– TalSa
Euromaat
eivät kyenneet eilen päättämään, kuka maksaa lopulta laskun pankin
konkurssitilanteessa. Ranska ja Saksa ovat asiasta eri linjoilla.
Hallituksen suosio romahti alimmilleen – HS
Vain alle
neljänneksen mielestä hallitus on onnistunut hyvin tehtävissään
Pääkirjoitus: Peruskysymyksiä voi pohtia vain
Saksa – HS
Saksan
poikkeuksellista asemaa kuvastaa myös se, että vain Saksassa voidaan ja
uskalletaan pohtia eurokriisin rahoitukseen ja vastuunjakoon liittyviä
perustavanlaatuisia kysymyksiä.
Supo
haluaa seurata sinua tarkemmin verkossa – TE
Urkinta
aina mielessä – HS
Tietosuojavaltuutettu:
Luottamuksellinen viestintä kuuluu yhteiskuntaan – YLE
Poliisiylijohtaja
Paatero tukee Supon tavoitetta laajentaa verkkoseurantaa – YLE