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EUROPE
Turkish lira hits
all-time low amid corruption probe – beyondbrics
/ FT
The Turkish lira fell
to a new all-time low against the dollar on Thursday as a corruption probe
focused on figures close to the government caused continued upheaval in
markets.
75% Of Spaniards
Don't Believe Rajoy's "Economic Recovery" Meme – Mish’s
Low credit growth in
euro area should help keep ECB on easing bias – Danske
Bank
Compared to most
predictions, not much happened in Europe in
2013. Yes, the Cyprus rescue and the restructuring of its banks were mishandled initially by
European policymakers, producing the first capital controls implemented in the
euro area. But there were no bank runs, and no euro area member collapsed into
anti-establishment extremism. I
MACRO NUMBERS
Eurozone Credit Creation Tumbles To New All Time Low – ZH
Euro zone corporate lending shrinks at record pace in November – Reuters
Italian bank lending to firms shrinks at record pace in November – Reuters
Cyprus banks' private
sector deposits rise in Nov –ECB – Reuters
Euribor rates fall after excess liquidity rises – Reuters
Euro area's persistent credit contraction – Sober
Look
Hollande Concedes Taxes 'Too Heavy' Offending Everyon
UNITED STATES
(May 2009) The Quiet Coup – Simon
Johnson / The Atlantic
The crash has laid bare many unpleasant truths about the United States. One of the most
alarming, is that the finance industry has effectively captured our
government—a state of affairs that more typically describes emerging markets,
and is at the center of many emerging-market crises. If the IMF’s staff could
speak freely about the U.S., it would tell us
what it tells all countries in this situation: recovery will fail unless we
break the financial oligarchy that is blocking essential reform. And if we are
to prevent a true depression, we’re running out of time. (see also Jan 2014 The
Rich Country Trap)
FEDERAL RESERVE
Fed’s Plosser: May
Need to Employ Aggressive Tightening Campaign – WSJ
The Fed is facing
daunting challenges when it comes to eventually ending its current easy money
stance, and it might have to raise short-term rates faster than many expect,
warned Philadelphia Fed President Charles Plosser.
Fed’s
Lacker: Taper Decision Was Right Call – WSJ
Lacker Says Fed to
Consider Further Tapering at Coming Meetings – BB
Fed's Lacker: Projecting 2% GDP Growth in 2014 – Calculated
Risk
Read: Ben Bernanke
looks back on his Fed chairmanship – WaPo
MACRO NUMBERS
Construction spending confirms robust US Q4 growth – Trading
Floor
ASIA
Full-Blooded Aussie
House Price Boom A Headache For RBA – WSJ
To cut or not to cut? That’s
the question facing the Reserve Bank of Australia in 2014 as surging house prices in an
otherwise moribund economy present the central bank with a conundrum.
OTHER
It's Getting
Congested: The World's "Three Handle" Ten Year Bonds – ZH
A year ago the spread between Spain and US was 350bps and is now less
than 100bps...in some wierd world that all makes sense, we are sure…
World-Wide Factory
Activity, by Country – WSJ
That time Buffett
smashed the Efficient Market Hypothesis – The
Reformed Broker
Interview: John
Cochrane – FED
John Cochrane on money/macro – The Money Illusion
George Soros: The
World Economy’s Shifting Challenges – Project
Syndicate
FINNISH
Rehn: Suomen pitkä linja on rauha ja
yhteistyö Euroopassa –
Olli
Rehn / Suomenmaa
Rahapolitiikka ja yritysten kilpailukyky –
kummallisia väärinkäsityksiä – Tyhmyri
OFF-TOPIC
The Art of Darkness – AstroKatie
Dark matter is real. We've known for a very long time that the matter we
can see in our telescopes -- stars, galaxies, gas, dust -- doesn't have enough
gravitational pull to explain the motions of the cosmos.
Hyping Artificial
Intelligence, Yet Again – The
New Yorker
(Aug 2013) Why Can’t My Computer
Understand Me? – The
New Yorker
The Complete Guide To
How The NSA Hacked Everything – ZH
I, Like David Brooks,
Have Smoked Marijuana – BB
Booze: Been There. Done That. – Andrew Gelman
Netflix’s dumbed-down
algorithms – Felix
Salmon / Reuters