Links Oct 13: currency war

America will win. Martin Wolf
Thailand joins the war. Michael Stutchbury
Yet. Adele Ferguson
Why printing money makes sense. Dean Baker
And why it doesn’t. Karen Maley
Signs of life in US refinance index. Calculated Risk
JP Morgan on ForeclosureGate. Calculated Risk
JP Morgan abandons MERS. Zero Hedge
Moral hazard in Australian banks. Ian Verrender
Foreign student numbers collapsing. The Age
All precious metals pouring it on. Bloomberg
China ore imports down Jan-Sep. Steel Orbis
Fitch schmitch. Delusional Economics

Houses and Holes

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the fouding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.


  1. Carr says:

    the undeniable reality is that global growth was strong across the board in the second quarter (including the US) and driven by private demand – not inventories or public spending – but consumers and businesses.

    Including the US!

    Please respond to this because Carr posts this uber-bullish stuff day after day after day. If the US is so strong why have interest rates been effectively sub-zero for more than two years?

    P.S. The date is wrong in the title.

  2. David Llewellyn-Smith

    Adam Carr is a permabull. Nothing further need be said. My advice is stop reading him. He will deliver you nothing but dispepsia…

  3. Yeah Carr is a permabull, but I'm sure he would label you a permabear. Why should I take either of you seriously?

    Its true that Carr completely ignores the underlying weaknesses in the US economy, but equally, the bears have been dead wrong for the past 18 months on the direction of equities, commodities, and the strength of the Chinese and Australian economies.

  4. Speaking as a "bear" Lorax, I think plenty have been calling a rally for almost the entire post-March melt-up. We acknowledge that the fundamentals and the macro story is still crap, but we're happy to ride the bull.