A special gift to my Finnish audience: check the VATT's 170-page giant on the Finland's depression of the early nineties. Given the amount of BS the dentally well-endowed people are pushing, it is a high time you as voters actually understood something about previous policy mistakes - and how we are again in a very similar situation. Every time they state there is no other option, they actually mean that there is no option for them. It is always about what's in it for them. I believe it is high time to start thinking about you and your future.
Previously
on MoreLiver’s:
Roundups & Commentary
News – Between
The Hedges
Markets – Between
The Hedges
The Closer
– alphaville / FT
Recap –
Global Macro Trading
Overview – Kiron Sarkar /
The Big Picture
The T
Report – TF
Market Advisors
Tyler’s US Summary – ZH
Silver
Spike Does Not Deter Zombie Market As Apple Touches The Sign Of The Beast
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
More on latest ECB rumor
The ECB’s
interest rate threshold: sovereign bond ceiling caps – Credit
Writedowns
More
thoughts on yield ceilings on euro zone sovereign debt – Credit
Writedowns
Bundesbank
Criticizes, ECB
Denies Discussion "Yet" – Mish’s
Spiegel,
Buba, the ECB and a rather predictable back and forth – alphaville
/ FT
Capping Yields a Major Threat to Germany – MarketBeat / WSJ
Capping Yields a Major Threat to Germany – MarketBeat / WSJ
Germany and ECB respond to Der Spiegel
story – The
Big Picture
Going for (long-run) Greek growth – alphaville
/ FT
The recent price move means you’re now paying
50 cents for the chance of getting one euro of payout in 2015, up from 32
cents. So something is changing. Fascinating to consider how this might
develop, because the warrants are like a convex bet for the eurozone crisis,
offering a potential return many times higher than the short-term downside
which you are being asked to hold. The upside is not short-term.
Why the Euro Will Survive: Completing the
Continent’s Half-Built House – Foreign
Affairs
The euro’s naysayers have it all wrong. True,
the continent’s powerhouses have yet to agree on a clear plan to save the
common currency, as each one is seeking to secure the best deal for itself. But
they all also know that the collapse of the eurozone would be a political and
economic disaster, so they will ultimately pay whatever price is necessary to
keep it together.
Germany seems like Europe’s lone island of
fiscal stability, but trouble lurks under its impressive export-fueled growth.
An obsession with debt and austerity has blocked domestic investment as the
country has ignored problems such as a shrinking work force and outdated
infrastructure. Germany needs to borrow and spend more or face the end of its economic miracle.
After World War II, Europe began a process of peaceful
political unification unprecedented there and unmatched anywhere else. But the
project began to go wrong in the early 1990s, when western European leaders
started moving too quickly toward a flawed monetary union. Now, as Europe faces a still-unresolved debt
crisis, its drive toward unification has stalled -- and unless fear or
foresight gets it going again, the union could slide toward irrelevance.
OTHER
Confidence and Enthusiasm – Hussman Funds
The present confidence and enthusiasm of
investors about the ability of monetary policy to avoid all negative outcomes
mirrors the confidence and enthusiasm that investors had in 2000 about the
permanence of technology-driven productivity, and in 2007 about the durability
of housing gains and leverage-driven prosperity. Market history is littered
with unfounded faith in new economic eras, and hopes that “this time is
different.”
Estimating Stock Market Returns to 2020 and
Beyond – dshort
The low paid and pensions, an impossible
dilemma for governments? – qfinance
One of the biggest dilemmas facing governments
across the developed world is how to gracefully scale back expectations about
the degree and scale of the State's promises on welfare and benefits,
particularly pensions benefits. The trick for politicians is to find a way of
doing this that does not immediately generate massive popular unrest.
Returns on capital are set to decline this year
– the first time since before the financial crisis. RoE is being squeezed from
all sides: asset turns, profit margins, and leverage.
Japan’s debt/GDP ratio can only be stabilized through deep spending cuts that will
necessarily include cuts in areas such as social security, and believe this
will be extremely difficult to achieve politically.
GS On What's Really Happening In Markets And
The Economy – BI
90-slide
presentation from Goldman Sachs
Robots to Rule the World? Taking All Jobs?
Replace Women? – Mish’s
FX Comment: Latam Currencies in the
Post-Dependency Era
– BNY
Mellon
IN FINNISH
Suomen 90-luvun
kriisin syyt ja seurakset (2001) – VATT (pdf)
Jaakko Kianderin 170-sivuinen järkäle. Koska harva tuntee
edellistä rytinää. Globaali velkavetoinen kiinteistökupla puhkeaa,
vientimarkkinat sakkaavat, kotitaloudet velkaisia, rahapolitiikasta on
luovuttu. Koska te opitte – saatanan tunarit!
Stubb: Tulevaisuuden eurossa on "suunnilleen" yhtä
monta maata kuin nyt – TE
Pääkirjoitus: Tuomioja käveli omaan miinaansa – IS
Tekeekö EKP politiikkaa keskuspankkina toimimisen sijaan? – tyhmyri
Kuvitteellinen keskustelu EKP:n edustajan kanssa – tyhmyri
Espanjan luhistuminen jatkuu – tätä ei korjata ilman EKP:n
painokonetta tai omaa valuuttaa – tyhmyri
Antti Kaikkonen sanoo suoraan: ”Kreikka ulos eurosta. Nyt.” –
US
Vieras velka tappaa sijoittajan Belizessä – Sami
Miettinen / US Puheenvuoro
(keskustelu lopussa on pätevää)
625. H.V. Esko Aho – Jyrki Virolainen
Pörssi ja eläkerahat – Hannu
Visti