Links November 5

Global Macro:

• The other financial crisis El-Erian
• QE ‘counter productive’, Charles Goodhart warns Telegraph UK
• Eurozone manufacturing downturn gathers pace at the start of Q4 2012 Markit , Germany continues to look weak
• Basel III delinquents may face sanctions: G20 official Reuters
• Hedge fund masters flunk money-making test Reuters. MA needs to start a hedge fund !

North America:

• Why the Fed’s balance sheet is shrinking WSJ
• Obama leads Romney by five percentage points in Iowa Poll Bloomberg
• Hurricane Sandy cost may hit $50bn NY Daily, SoberLook but maybe we should be using a different measure Vox
• The aftermath in pictures Telegraph
• Earning expectations looking sick Sober Look
• Schedule for the Week ahead Calculated Risk

Europe:

• Merkel: Euro debt crisis will last 5 years or more Yahoo!
• TARGET2 as a scapegoat for German errors Vox
• Germany fears a transfer union because they hate their own one The Economist
• UK rushes needlessly toward the EU exit FT
• Greece must help itself to fix crisis, Bundesbank’s Dombret says Ekathimerini
• Golden Dawn takes advantage of recession ravaged Greece Telegraph
• Germany flirts with tyranny and Europe looks away The Observer
• Germany’s Merck halts supply of cancer drug to Greek hospitals Reuters
• Breaking the social contract Ekathimerini
• The ancient roots of the EU problems Francesco Saraceno

Asia:

• Japan steps back from the fiscal cliff WSJ
• How not to criticise Japan Noahpinion
• Snow Dragon voyage sees China enact its polar strategy Want China Times

Local:

• Car industry’s rubbery figures AFR
• Asia has nearly caught up, now to converge Gittins!
• PM rules out increase in GST AFR , but it looks to be expanding to the internet AFR
• First home buyers back to 2009 without the FHOB LVRG
• Finance minister Penny Wong denies the surplus is in jeopardy The OZ
• But, $1.5bn MRRT shortfall sinks surplus hopes The Locked OZ
• Car parts maker Autosom placed in administration ABC News
• Coal giant GVK laying off staff while planning mining project in Queensland Courier Mail (h/t Mining Bogan)
• Wanted: professional sceptics AFR , surely they could just crowd-source through MB ?
• Queensland urged to sell power assets AFR

Other:

• On production, capital and aggregation Unlearning Economics
• Economics and natural disasters Conservable economist
• New Zealand out to mine tourist magic from Hobbit movies France24