Previously on
MoreLiver’s:
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EUROPE
The whole eurozone must have a higher inflation rate to lift the South
far enough above the deflation line to gain breathing room
What is Wrong with
the EU? – F.
Saraceno
Eurostat just released the 2012 figures for poverty and social exclusion
in the EU. The numbers are terrifying.
This is what is known in Europe as “internal
devaluation.”
Euro zone likely to
backstop banks with promises rather than cash – Reuters
A Reuters survey of euro zone backstops showed very few governments have
any money earmarked for such a purpose. If called upon, they would have to prop
up their lenders with bonds or guarantees rather than cash.
The German Scapegoat – Project
Syndicate
Recent criticism of Germany's external surplus overlooks the fact that
the country represents just the tip of a Teutonic iceberg: All northern
European countries with a Germanic language are running a current-account
surplus. Indeed, the Netherlands, Switzerland, Sweden, and Norway are all
running larger surpluses relative to GDP.
Germany’s economy
isn’t as strong as Europe believes – Marketwatch
Merkel will most likely preside over Germany in a “grand coalition” with
opposition parties. But this time around she may have been handed a poisoned
political chalice. Germany faces significant economic challenges and risks, and
its economic power and financial strength may be overstated.
The ECB’s big moment – Bruegel
…and the gradually apparent risks and opportunities of bank supervision
BANK OF ENGLAND
The 8 things you need
to know about the Autumn Statement – Money
Supply / FT
BOE Keeps Rate at
Record Low as Osborne Raises Forecasts – BB
U.S. Regulators are
expected to vote next week on a toughened version of the Volcker rule, a
long-awaited provision of the Dodd-Frank financial law of 2010. The rule, named
after former Federal Reserve Chairman Paul Volcker, is designed to make banks
less risky by limiting its trading. Here is a look at the rule’s nearly
five-year evolution from idea to reality.
Ahead of the Employment Report – Tim
Duy’s Fed Watch
With the fiscal
shutdown in the rear-view mirror, Fed officials are turning their attention
back to policy normalization. They want
to taper, but remain wary of pulling the trigger on tapering too quickly…one
can make a reasonably solid argument for tapering if the November employment
report adds to the recent string of 200k+ payroll gains. My expectation is that even a positive report
will not trigger a taper with month; instead, the statement is most likely to
evolve to reflect a new emphasis on forward guidance. But I can't rule out a tapering surprise.
Four Things to Know Before the Jobs Report – WSJ
The job market is
picking up, but let’s not get carried away * It’s not just about jobs — it’s
about how much those jobs pay * It’s the economy, stupid. * Fed, Fed, Fed.
MACRO
NUMBERS
GDP Soars To 3.6% On Inventories;
Consumption Contribution Lowest Since 2009 – ZH
Economists React: ‘No
Momentum’ in GDP Report – WSJ
Markets Drop on
Stronger GDP Print; Break Out Your Taper Meters – WSJ
GDP Q3 Second Estimate
Rises to 3.6% - dshort
Inventory Hoarding
Accounts For Nearly 60% Of GDP Increase In Past Year – ZH
The economy grew 3.6
percent last quarter. Put away the Champagne – WaPo
US third quarter GDP:
‘all hat and no cattle’ – Reuters
Upbeat U.S. data
points to growth momentum – Reuters
Economy in U.S. Grows
at 3.6% Rate on Bigger Inventories – BB
Initial Claims Tumble
To 298K As BLS Warns Of "Holiday Volatility" – ZH
Real GDP Per
Capita: Another Perspective on the Economy – dshort
Comments on Q3 GDP and
Investment – Calculated
Risk
ASIA
OTHER
EMEA Weekly – Danske
Bank
FINNISH
Irlannin kauppataseen sisällä elää
kelttiläinen yllätys
– Tyhmyri
Keksittyä
palveluvientiä eli Irlanti vielä kaukana toipumisesta
Elvytys, setelirahoitus, talouskuri ja
leikkausohjelmat - umpikujan monet nimet – Henri
Myllyniemi / US
Tulossa yritysten julkinen verovelkarekisteri – Verkkouutiset
Kymmenen syytä, miksi AY-liikkeisiin ei
kannata liittyä! – Matias
Härkönen / US
Huomasitko, että Suomi muuttui?
"Palkkaratkaisusta neuvotellaan ensisijaisesti yritystasolla" – TE
Katainen: Suomi ei lähde rikkomaan EU:n
talouskuria – Verkkouutiset