Weekend Links

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
  • US Jobs gains show ‘frustratingly’ slow growth Bloomberg
  • and the numbers CalculatedRisk and charts
  • Canadian numbers weren’t too good either Bloomberg
  • MF  Global masked debt risks WSJ
  • AIG record big loss since 2009 FT
  • Freddie Mac wants another $6bn FT
  • Ruling party lawmakers desert Papandreou Bloomberg
  • But he may hold on Reuters
  • Why not give Greeks their say NYT
  • G20 urge Europe to do something Bloomberg
  • but then can’t decide what to do with IMF resources Bloomberg
  • Markets hit by G20 failure FT
  • World defers… and fails to save Italy Alphaville
  • German factory order ‘unexpectedly’ fall 4.3% Bloomberg (h/t Lorax) … and that was on the back of this weeks ‘unexpected’ employment numbers
  • What’s driving the markets BusinessInsider
  • Rate dilemma for emerging markets FT
  • ECRI WLI ticks up WSJ
  • What it costs to lose your job in the Great Recession The Atlantic
  • What lies beneath the IMF’s blanket Alphaville
  • Honey, I shrunk emerging Europe Alphaville
  • What the EFSF can’t fix Morally Bankrupt
  • What’s made in China, and where  China Sourcing blog
  • More on China and Europe Chovenac
  • Fracking shock re-ignites concerns SMH
  • Great Aussie dream ‘harder than ever’ Domain

Comments

  1. Do you think proximity to the CBD will put a floor on house prices?
    .
    Well, read and weep:
    .
    Job axe falls hardest on rich suburbs
    .
    And Bloxo still has some of the BullHawk DNA 🙂
    .
    An HSBC economist, Paul Bloxham, said unemployment was at historically low levels of 5.2 per cent and overall conditions in the economy were strong.

    “I know there’s a lot of reports of banks and staff [cuts] but at the moment it’s not borne out in the numbers,” he said.

    “If you want a doom and gloom story, you’re not going to get it from me.”
    .
    Grrrr.. LOL

  2. Thanks for the links DE.

    So this is how it works in terms of who gets the chance to prepare for the worst and who gets to cling to the hope
    http://blogs.wsj.com/marketbeat/2011/11/04/ecri-leading-index-another-tick-higher/
    The ECRI, however, has not yet backed down from its own recession call, which is based on longer leading indexes it only reveals to paying clients.

    And yes, Europe needs to be saved but it’s not all for one and one for all it seems.
    http://www.bloomberg.com/news/2011-11-04/g-20-failed-to-agree-on-use-of-imf-resources-in-debt-crises-merkel-says.html
    “There really are hardly any countries here that said they will join up” with the European Financial Stability Facility, Merkel told reporters,..”

    A good column on the SMH
    http://www.smh.com.au/opinion/society-and-culture/nation-brainwashed-by-cult-of-boom-20111104-1n00f.html

    Of note in the news this morning also that the banks are warning of the possibility of future issues with funding costs.
    http://www.smh.com.au/business/our-banks-fear-euro-contagion-20111104-1n01z.html

    A nice wrap up of the G20 summit
    http://www.guardian.co.uk/world/2011/nov/04/g20-summit-markets-judgment

  3. Interesting map of China. It helps explain the 15% rise in FOB export prices vs their official inflation rate, for the whole country, of 6 ? % (or thereabouts without checking)

  4. Tks DE and Goldilocks

    Re Hartcher’s article he is very correct re the ‘cargo cult’ and I have called it that for nigh on 40 years. However he aims his arrows in the wrong place as do most writers in this forum.
    The problem is not mining per se. If it was we would not run a chronic CAD. Our problem is our dependence on foreign borrowings and foreign takeover of our industries to fund our over-consumption….now all called by the pseudonym ‘Capital Inflow’

    • flawse:

      Regardless of foreign borrowings, the mining boom still would have driven up the value of the dollar, and destroyed other trade-exposed industries.

      The problem is we don’t seem able to manage a mining boom without our currency going sky high. If you have a solution to that problem, I’m all ears!

      • Here’s a challenge for everyone.

        I actually read Jason’s link. Can any subset of the many esteemed readers here have a lookee too, and tell me if there is anything to it, or whether it is simply batsh!t insane.

        It’s certainly flamebait, but hey, always good for a laugh, right?

        I will share my perspective when i am no longer the sole imbiber.

      • Hey intertubernet,I see the challenge is off to a slow start..You got to be thinking everyone’s out to dinner, or maybe it’s time to up the prize-ladder and trim the fence..abit.. I’ll keep an eye-out..grab a perspex shield ,Fire-away…

      • ok how bored am I this morning…

        “Inflation under our current system results from the expansion of bank credit beyond the ability of the economy to expand to put the credit to work.”

        I’d more or less agree with that to the extent that if you expand the money supply beyond what can be absorbed for productive use you should expect an inflation breakout.

        “…the inflation is the result of expansion of bank credit through fractional reserve banking, when the interest on the expansion of credit can no longer be paid and absorbed by economic growth. If fractional reserve banking was ended…”

        fractional reserve banking doesn’t exist …in the USA or Australia, anyway.

        “…and replaced with a true debt-free public monetary system, like the Greenback or Continental, the government could not only pay off the national debt and significantly reduce taxation”

        The USA switched to a fiat currency in the 70s. What he is wishing for already exists. See any MMT description of post 70s fiat money systems.

        His branding of a particular subgroups of “libertarians” as nutters was fair enough though I’m not sure that Soros wants a gold standard does he? The writer considers himself “libertarian” but considers those he named as untrue to the faith — so to speak. Fair enough call on some of them although is assignment of motives to them is a bit of a stretch. I would have thought it was because they were dumb (in these matters, not necessary dumb period), not because they have an evil plan.

        Not batsh!t insane but not the sort of stuff you would want to take much notice of.

      • Thanks Sideshow Bob.

        “Fair enough call on some of them although is assignment of motives to them is a bit of a stretch.”

        Agreed.

        Always important to actually check links out. That’s how I cured myself of MSM in the first place. Unfortunately this increases my reliance on the blogosphere for guidance sometimes.

  5. The BurbWatcherMEMBER

    FYI

    Front page of the Saturday of the Newcastle Herald reads:

    “Property Price Gloom Amid the Boom”.

    😐

    Realisation?

  6. Another interesting and compelling argument in favour of monetary/banking reform in the EU……

    http://www.project-syndicate.org/commentary/gros28/English

    This article argues in favour of deeper integration. I understand the argument. But it is not possible to implement this. There are two alternatives: persisting with the status quo, which is a declaration of failure, or monetary and currency dis-integration, which though readily achievable is evidently inconceivable.

    The contraction in German manufacturing reported by Bloomberg (Lorax, above)…this is the statistical equivalent of hundreds of canaries, all dying at once.

    • Yep. So it seems the obvious (i.e. shared currency with independent governance is a furphy) is now on the table.

      Nobody’s looking at it, or admitting it’s there.

      So what? Too much money is on the line to ‘fess up.

      Ah Europe. Cradle of revolutions and global war. Life would be so boring without you.

  7. CME raises margin on everything, announced after the US close on Friday, and effective Monday, according to Zero Hedge.

    http://www.zerohedge.com/news/cme-goes-margin-defcon-1-makes-maintenance-margin-equal-initial-everything

    Is this for real?? I only stumbled across it just now, and have no time now to look up other sources. Maybe tomorrow…

    If it is for real Monday is gonna be one for the books, as a heck of a lot of people are gonna have to raise a heck of a lot of cash in no time at all.