Here is some stuff Reynard the Fox found interesting from a very busy night. What a night too – stocks hammered, gold shoots to the moon alongside bonds.
Its’ risk off. WAY OFF. I’ll have some more analysis in Trading Week out shortly this morning.
Global Macro:
- Oil prices tumbles as commodity speculative complex bursts – Commodity News – provocative but close to truth
- World growth at risk as US employment tumbles – Reuters see below for US situation and here from Markit PMI
- Gold explodes above $1600, USD unchanged, Yen intervened, Euro steady – Zero Hedge
- BRICS Sh#thouse: as mentioned earlier this week, Indian growth slowing The Diplomat says its grim
- How the world economy changed in one month – Business Insider – great infographic funny how we are as “red” as Europe….
United States/Americas
- “Fear of future” limits economic growth: Greenspan CNBC
- How Morgan Stanley is dealing with the Failbook IPO WheninFinance
- Economists becoming concerned about Canada’s housing bubble – Credit Writedowns – should have listened to Leith
- The BRICS Sh#thouse continues – Brazilian GDP growth barely positive in Q1 – Reuters
- US sovereign debt now exceeds 100% GDP Ospreyfly – on the way to 200% plus IMO, like Japan
- Many have been wrong about interest rates in the US and the debt/GDP figure will have more making more wrong calls IMO Business Insider lists the ones from the 2000’s
- QE3 is coming. Fed doves getting dovish, hawks shutting up, Jobs data missed, manufacturing slowing, growth is feeble at best MacroScope
Europe:
- Ireland votes for a European fiscal compact – Der Spiegel
- TARGET2 balances show capital flight clearly – COTD from Credit Writedowns
- Greece still can’t decide how to vote – FT Alphaville must read
- European unemployment now a nice even round 11% Globe and Mail – and youth unemployment continues to soar. **cough*** Jubilee ***cough***.
- On Spain’s banking recapitalisation and capital flight – FT Alphaville – must read No.2
- 12 things missing from recent Pentagon China Report – The Diplomat – great read
- China begins its REAL new round of stimulus, with caution NYTimes
- Japan REDUX – great charts here from Cullen Roche at Pragmatic Capitalism. Why more economists and other fin gurus don’t study Japan is beyond me.
Local:
- Abbott grows some kahuna and admits deficits are probably inevitable – The Cupboard
- S&P says “nuh nuh” You stay in surplus thanks, or your rating goes. Capiche? AFR
- WA Prem Barnett says Australia deluded about China – but the wrong way Colin perhaps? The Cupboard (locked)
- Westpac warns of rising funding costs – The Cupboard (locked)
Interesting/Other stuff:
- How Kickstarter works Felix Salmon– great idea
- All Men are in the Black in China – Calgary Herald – censorship reigns as MIB3 cut by 13 mins by Chinese censors
- The case against physical gold? Seeking Alpha
- As it decouples from Dr Copper Sober Look
Tweets
From The Bond Vigilantes
Jubilee special tweet: £100 in 1952 could buy you £2,361 worth of stuff today. Inflation has averaged 5.5% per year.
From Craig James, economist of CommSec on last night’s market rout….wow, just wow Craig.
Good news ahead for motorists…oil continues to fall but Aussie holds up…could see $1.25 on signboards in east coast cities late in week.
From Mr Denmore – these are the best political tweets I’ve read on Twitter. Ever. Mr Denmore, you are my new BFF.
Democracy isn’t failing; the institutions of democracy – political parties and the mainstream media – are.
We made the mistake of thinking that ‘freedom’ and ‘democracy’ are defined purely by removing barriers to capital accumulation
Real democracy IS anarchy; but that’s an inconvenient truth for our bankrupt and self-serving institutions.
Video of the Night:
Gopher Tuna!