August 5: The crash we had to have

Rockets: $US
Pulverised: CRB, energy
Only smashed: Aussie, grains, metals, gold, euro
Up: ore
Ragin’ contagion:

Greece	2 Year	5 Year	10 Year
Portugal	2 Year	5 Year	10 Year
Ireland	2 Year	5 Year	10 Year
Spain	2 Year	5 Year	10 Year
Italy	2 Year	5 Year	10 Year
Belgium	2 Year	5 Year	10 Year
France	2 Year	5 Year	10 Year
Germany	2 Year	5 Year	10 Year

Anatomy of the crash. FT
Barosso pushes the panic button. Letter (h/t Calculated Risk)
Italy is a major problem. WSJ
Italian police raid rating agencies. Zero Hedge
Now Spain pulls its bond auction. Zero Hedge
ECB buying Italian bonds. Zero Hedge
Interbank liquidity drying up. Pragmatic Capitalism
On the edge, again. Tim Duy
BNY Mellon charges to take deposits. Reuters Yes, charges…
China’s middle class revolt. FT
Crises of government. FT
Currency takes the cream off Rio. FT
Infrastructure blues. Adele Ferguson
PC on productivity. Stutchbury
Commodities to withstand slow growth. Bloomberg

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About the author

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 founding 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.