Links October 26

Global Macro:

• Bank of England’s Haldane: our models aren’t working anymore Economics Intelligence you don’t say…
• Will the price spread between Brent Crude and West Texas Crude close anytime soon? FN Arena
• How to cancel all that “inflationary” QE created debt FT Alphaville
• Hugh Hendry says its “insane” to own gold mining stocks BI/Zero Hedge as Prez of the HH Fan Club, this is interesting!

North America:

• DeMark calls a 1480 point top in the S&P500 before a 12% drop BusinessWeek
• Light at the end of the deleveraging tunnel? Prag Cap – straight trendline analysis is a bit weak..why not 60-70% debt/GDP?
• Why Bernanke complicates Wall St’s love of Romney. Reuters
• There goes newspapers as we know it – New York Times falls 20% on earnings downgrade Insider Watch out The Cupboard!
• Suicide is killing more US troops than combat Business Insider the cost of Obama/Bush Mk 2 wars is incalculable….this is v.sad
• US GDP growth downgraded to just above stall speed on v.poor business investment MacroScope more at Bloomberg

Europe:

• UK GDP up 1% according to ONS– huzzah! Oh wait, it hasn’t changed in a year and down 3% since 2008 – chart
• Apparently Olympics and Paralympics were 0.3% of that print according to FT – more from Reuters
• Spanish bank Santander profit down 90% on – yep – bad property loans BBC
• And Credit Suisse follows with a one third drop Business Insider
• UK’s FSA (like our APRA, but with balls) to review mortgage rules, eliminating “liar loans” The Guardian

Asia:

• Big gap in Hang Seng and Shanghai Composite equity index performance – chart h/t CamTrades
• Japan’s funding crisis deepens FT (login) print! Buy Mrs Watanabe!
• How to understand China’s currency Business Insider
• China’s Canadian oil play still open The Diplomat Drill baby panda, drill!

Local:

• MRRT – or PFFT? There’s no tax like a mining tax. AFR
• After announcing record profit, ANZ says will move jobs offshore AFR maybe hire Google to do drive-by valuations?
• Most Melbourne homes unaffordable on median income The Age
• Suncorp sees bright future in insurance on turnaround in weather patterns AFR moving from crystal balls to fortune cookies?
• Non-bank lender Banksia goes bust The Age h/t Tarric

Other:

• The Economist examines the stats behind Gangnam Style – come on fellahs…lift your game
• Here’s an image that should put you in your place – remember, we are all made out of stars – its what makes us the sam Cosmos Magazine