Links 12 February 2013

Here’s a list of things Reynard read over night.

Global Macro/Markets:

North America:

  • America’s broken dreams – Four Corners
  • Student Loans Going the Way of Housing – Daily Reckoning
  • Fed’s Yellen: “A Painfully Slow Recovery for America’s Workers” – Calculated Risk
  • Central banking and bubbles: Scott Sumner is wrong – The Economist
  • Bill to Limit Too-Big-to-Fail Bank Risk Prepared in U.S. House – Bloomberg
  • More About US Austerity – New York Times
  • Balancing the federal budget in 10 years: More gimmick than good policy –
  • Home Prices Rise in 88% of U.S. Cities as Recovery Gains – Bloomberg


  • The Netherland’s slow motion bank wreck – FT Alphaville
  • UK banking reform bill won’t curb reckless risk-taking – The Conversation
  • A rare sighting of good news in Europe – Financial Times
  • Productivity is Europe’s ultimate problem – Financial Times
  • S&P lifts Ireland’s outlook to stable – Reuters
  • EU Crisis Damage Seen in Worst Quarter Since Lehman Wake – Bloomberg


  • How Much Gold Does China Really Have? – Money Morning
  • Japan, Demographics and National Productivity – Forbes
  • Speculation Over the Next BoJ Governor Intensifies – The Big Picture
  • Guest post: China’s looming debt burden threatens growth – Financial Times


  • No country for young voters – ending the superannuation rort – New Matilda
  • Labor stews over fix for mining tax – The AFR
  • Labor has dug a budget hole – The AFR
  • Fortescue considers fresh appeal over Rio rail access – The Age
  • Super tax breaks not super at all – The Age
  • Government may cave in on mining tax – The Age
  • PM blames states for tax fiasco – The Australian



  1. I don’t know if this was already linked but the bookish Professor Schiller kicks the shite out of housing as an investment.

    “If you think investing in housing is such a great idea, why not invest in cars?” he asked. “Buy a car, mothball it, and sell it in 20 years. Obviously not a good idea because people won’t want our cars. It’s the same with our houses. So, they’re not really an investment vehicle.”

    • Thanks Nick. Sayonara Nippon.

      Bass at his best.

      “If there is no immediate consequence (interest rate rises) for this profligacy, they will keep spending”
      “CB’s are enabling the profligacy”
      “The ultimate consequence is runaway cost-push inflation”