Links 23rd July

Global Macro

  • Relentless rise in food prices already showing up in inflation indicators SoberLook
  • Libor arrests coming Reuters
  • European Parliament head fears ‘social explosion’ France24
  • IMF economist accuses fund of suppressing information Reuters. His resignation letter here
  • Meanwhile, they’re reported to be thinking about pulling the plug on Greece Ekathimerini , DW
  • The ECB already has, again ECB
  • $21trn hidden from the taxman by global elite Guardian UK
  • Argentina economy shrinks in May, first time since 2009 Reuters, CreditWritedowns
  • Stocks and bonds continue to diverge Stocktwits

United States:

Europe:

Asia:

  • Bank of America defends China data Bloomberg
  • China Q3 growth may slow to 7.4% adviser says Bloomberg
  • More China links from Sinocism later today

Local:

  • Falling export prices a risk to budget surplus AFR
  • Fix mining tax, GST: Garnaut AFR
  • We’re all just one big super market now BusinessDay
  • Passenger surge amid cheap fares BusinessDay
  • Rinehart fits the bill, for what it’s worth: Conroy AFR
  • Gridlock in energy investment TheOz Locked
  • Lessons on the dark side of financial innovation Gittins!

Other/Interesting:

  • Murdoch resigns as News International director BBC
  • Twitter Olympics, beware of distractions. AP
  • Calls for gun control stir little support AP
  • Nurgburgring faces bankruptcy Spiegel

Comments

  1. drsmithyMEMBER

    Shame about the Nürburgring. I missed an opportunity to head up for a day of laps with some friends when I was living in Zurich, and have regretted it ever since.

    • I’m shocked – actually this is worse news than the mining boom finishing…

      Almost top of my bucket list to do a lap of the ‘Ring (2 wheels and 4)…

      Please hope that some rich oil baron scoops it up…

      I mean the Ring, not here…

  2. “$21trn hidden from the taxman by global elite”

    A good book explains where it has gone and how;

    http://treasureislands.org/

    Brits don’t have to look too far. The Mother of all Tax havens is the City, followed closely by Delaware, USA.

    This book is a real eye opener on how the World’s financial system really works and how Tax Havens were/are an integral part of the GFC.

  3. Mining boom forecast to end in two years

    Too generous, that. More important, I know why Deloitte Access economists are useless:

    Deloitte Access Economics is Australia’s leading private-sector budget forecaster, set up by former Treasury economists in 1988 to provide services to both sides of politics.

    Former bureaucrats set up an ffing lobby group.

  4. Yippee ki-yay

    Is their some way to opt out of the daily “Your daily macrobusiness wrap” emails?

    I’m asking here because don’t get a reply from the contact form and I tried to edit my profile to see if there was an option there but that link doesn’t work.

    • The contact form is generally poorly replied to.

      Just some friendly feedback for the MB guys… it seems you are working to turn this into a smooth running business, don’t forget customer service. 🙂

  5. MsSolarFelineAU

    http://smh.domain.com.au/real-estate-news/mansion-rents-to-plunge-after-tax-break-runs-out-20120720-22fdq.html

    >>A Mosman agent, Stephen Patrick, says his Richardson & Wrench agency no longer looks after rentals but he still advises people. ”I’m suggesting that people lock in tenants before the new laws come in,” he said. ”We’re figuring there will be quite a drop in rents.”

    He says that without the tax breaks, which effectively meant the government was often paying half the rent, companies will not be offering accommodation as part of salary packages.>>>

    Awww, you poor rich people being subsidised by us Aussie taxpayers…you’re going to have to pay high Sydney/Melbourne/Brisbane rents – just like us locals do…

    That means some high-end restaurants are going to close, and the ones that are well-managed etc will survive. And, then we’re going to have retail closures as less rich wives (and kids) are spending daddy’s money… (and no, I’m not being sexist, the majority of execs *are* men)

    Negative equity, mate! 😉

      • Rupert flogging Dads Army…I love it..

        The geriatric spruiking the incontinent.

        I think the Sun King just realised he paid $30 mill for SFA ..better crank up the old tried and true cross-promotion

        Everything old is new again.