Previously on
MoreLiver’s:
EUROPE
Brussels blog round
up 2 – 8 November – Europp
/ LSE
US criticises Germany, Schulz nominated by PES, and could Vitali
Klitschko become the next President of Ukraine?
Private deleveraging
in the Eurozone – voxeu.org
Private and public
debt in the Eurozone increased since the 2000s, and especially so in certain
countries. This column presents evidence that high levels of private and public
debt, together with deleveraging of all sectors, are especially harmful for
economic growth. Private sector debt is more detrimental to growth than public
sector debt. Therefore, policies aimed at reducing the private debt could yield
important benefits.
FRANCE
Downgrade heaps
pressure on Hollande – FT
S&P criticises France’s high tax rates for stifling growth
France’s 'AA'
Hollande pays price for kowtowing to EMU deflation madness – The
Telegraph
Ideological Ratings – Krugman
/ NYT
Non-Crisis France – Krugman /
NYT
More Notes On
France-Bashing – Krugman
/ NYT
GERMANY
Treasury and Krugman
Are Wrong About Germany – BB
Finance Ph.D.s Are
Pretty Good at Finance If They Do Say So Themselves – BB
You can predict a money manager's future performance based on her
educational credentials…Ph.D.s outperform their less-educated peers by about 43
basis points a year
EUROPEAN CENTRAL BANK
About that ECB
interest rate cut – Coppola
Comment
ECB Caught Using
Fictional Rating System for Italian Bonds Used as Collateral for Loans – Mish’s
The decision by the ECB to lower interest rates on Thursday is proof
that the debt crisis still plagues the euro zone. The move is controversial in Germany, where editorialists
warn it could affect savings and pensions.
Fear of Deflation:
ECB Rate Drop Shows Draghi's Resolve – Spiegel
Amid worringly low inflation, the European Central Bank has made the
surprise decision to drop its key interest rate to the lowest level ever.
Economists say it shows a strong will for action by the ECB's president, but
they doubt the move will have a real impact.
UNITED STATES
Fed’s Lockhart:
Aggressive Monetary Policy Stimulus Needed for Some Time to Come – WSJ
Atlanta Fed President
Lockhart said central bank policy must remain very easy for some time to come,
although he cautioned the exact mix of tools employed by the central bank will
change over time.
Fed Still Seen
Tapering in March Even as Job Growth Picks Up – BB
Update: Four Charts
to Track Timing for QE3 Tapering – Calculated
Risk
Ending too big to
fail
– BIS
William C Dudley, President and Chief Executive Officer of the Federal
Reserve Bank of New York, at the Global Economic Policy Forum, New York City, 7
November 2013.
ASIA
China opens key
meeting to set reform agenda – Reuters
Chinese leaders began a four-day secret meeting on Saturday to set a
reform agenda for the next decade as they try to push more sustainable growth
after three decades of breakneck expansion, amid signs of continuing debate on
how to implement the reforms.
Anatole Kaletsky: This
weekend, China will plot its economic future – Reuters
China’s astonishingly ambitious economic stimulus program probably did
more to prevent a depression than anything that happened in Washington,
Frankfurt or Brussels.
At the Third Plenum of the 18th Central Committee of the Chinese
Communist Party, President Xi Jinping is unveiling China’s reform blueprint
for the next decade. In advance of its release, China's official think
tank presented its own proposals in the so-called “383 plan,” which offers a
glimpse of the direction that reform will take.
What
to expect when China sets its 10-year economic plan this weekend – Quartz
Fed’s Williams:
Bubble Risks Rising In China Economy – WSJ
A Fed official warned
of brewing financial instability in China, and said that nation needs to
increase domestic consumption to help reduce the risks of trouble.
OTHER
MARKETS
Business Cycle
Monitor: Recovery moderating – Danske
Bank
Citi Expects "A
Significant Fall In EURUSD" As Currency Wars Escalate – ZH
The bulls' European
refuge
– Humble
Student
Emerging markets
jitters are back – Sober
Look
Informed Trading at
Capitol Hill: Evidence from Congressional Trading – Turnkey
Analyst
Advice for Young
Investment Professionals – Dash
of Insight
The forex market is
designed to encourage crime – FT
How
the “Navy SEALs” of trading are taking on Wall Street’s predatory robots – Quartz
SAC
SAC Agrees to Plead
Guilty to End Insider-Trading Case – BB
Cohen’s Dream of
Soros Status Dies as SAC Pleads Guilty – BB
IMF’S CRISIS SEMINAR
Crises: Yesterday and
Today –
IMF
Bernanke Says Failing
Bank Process Needed to Reduce Crises – BB
Bernanke: Why the
2008 crisis was a lot like the Panic of 1907 – WaPo
When Is the Next
Financial Crisis? – WSJ
Ben S. Bernanke: The
Crisis as a Classic Financial Panic – FED
Bernanke: Regulators
Have Taken Steps to Limit Excessive Risk Taking – WSJ
Regulators have taken
a number of steps since the 2008 crisis to ensure that the government-led
rescue of the financial system doesn't encourage further irresponsible
risk-taking, Fed Chairman Bernanke said.
Kohn: Central Banks
Can’t Stop Bubbles – WSJ
OFF-TOPIC
Important life
lessons, courtesy of a Roman emperor – Farnam
Street
10 Life Lessons You
Can Learn From The Smartest Older People – Bakadesuyo
No Morsel Too
Minuscule for All-Consuming N.S.A. – NYT
FINNISH
Keskustalta terveiset Kataiselle ja
Himaselle: Tämäkö todella Suomen suurin ongelma? – IL
Sisäisen devalvaation tilannekuvaa Espanjasta – Tyhmyri
Tiedot
tilanteen kohentumisesta liioiteltuja
Erdogan ja ärsyttävät suomalaiskysymykset – TalSa
Turkin
pääministeri haki tämän viikon Suomen-vierailultaan ennen kaikkea hyvää PR:ää.
Vierailu Angry Birdsien päämajalla, positiivista EU-diibadaabaa. Mutta kaikki
ei mennytkään aivan putkeen.
Robottiautoprofessori: "Tämä on
täydellinen vallankumous" – TalSa
Italialaisen
robottiautopioneerin mukaan autoilu mullistuu tulevaisuudessa täysin. Vuoteen
2050 mennessä teillä suhaa pelkkiä robottiautoja, uskoo professori Alberto
Broggi.
Jan Hurri: Arvostelu kiihtyy: Saksa painaa
heikkoja kyykkyyn – TalSa
Saksa ei ole
talousveturi vaan kasvurohmu, jonka kauppaylijäämä on muilta pois ja keskeinen
syy talousanemiaan muualla. Tämä euron valuvikoja korostava tasapainohäiriö on
ollut eurokriitikoiden tiedossa euron perustamisesta lähtien. Nyt Saksan
arvosteluun yhtyvät yllättäen Yhdysvallat ja IMF.
Saksan teollisuus jyrää muut – TalSa
Saksan
teollisuus on maailmanmahti, joka näyttää monella alalla jyräävän ulkomaiset
kilpailjansa. Mutta miksi Saksa pihistelee eikä käytä vientitulojaan, vaan
lisää deflaatiopelkoja?
Jan Hurri: Kumpaa nyt pelkäisi, inflaatiota
vai deflaatiota? – TalSa
Keskuspankit
ovat vuosien ajan pelotelleet kansaa inflaatiopeikon ilkeyksillä. Nyt inflaatio
on miltei kadonnut eikä se ole enää paha peikko vaan turva uutta vitsausta
vastaan. Nyt peikon avulla pitäisi torjua "inflaatiotakin
vaarallisempi" deflaatiomörkö. Tällainen pelottelu perustuu osin
harhaanjohtaviin ja jopa vääriin väitteisiin rahan ja hintojen luonteesta.
Jos hinnat laskevat pitkään, talous on
pulassa – HS
Nordean
Kangasharju: Lyhyt hintojen lasku ei ole vaarallista, kunhan siihen ei juututa