Links 20 February 2013

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

Global Macro/Markets:

North America:


  • A eurozone safe against, or is it safe for, sovereign holdouts? Part one – FT Alphaville
  • A eurozone safe against, or is it safe for, sovereign holdouts? Part two – FT Alphaville
  • Why the euro crisis is not yet over – Financial Times
  • Economic performance since the introduction of the euro – Thomson Reuters
  • Merkel Cites East German Lessons for EU’s Problem States – Bloomberg


  • Chinese issuance of (potentially risky) local govt bonds has exploded 10-fold since 2008 – Financial Times
  • Chinese bankers are starting to play CYA over bad debt – Wall Street Journal
  • Prosperous property deals during Chinese New Year – Want China Times
  • China’s foreign oil output surges – Financial Times
  • China’s Army Is Seen as Tied to Hacking Against U.S. – New York Times
  • Pettis on China: how to spot early signs of economic reform – Financial Times


  • Are we ashamed of Australian culture? – Daily Life
  • Is the Melbourne unit market oversupplied? – Property Observer
  • If you build greenfield housing estates, they won’t necessarily come – Property Observer. Not when small blocks cost $200k.
  • Rudd is Labor’s last hope – The Age
  • Labor’s plan to save $1 billion in doubt – The Age
  • The RBA’s policy paradox – The AFR
  • RBA remains in wait and see mode – The AFR
  • Coal seam gas debate mix of myth & science – The AFR



  1. A New Era of Energy Abundance?

    We’re being told that – thanks to “fracking” for shale gas and oil, and massive stores of tar sands in Canada – the US is undergoing an energy revolution, leading us in a few short years to become virtually energy independent.

    But are we really entering a new era of energy abundance? Written by geoscientist and PCI Fellow David Hughes, “Drill, Baby, Drill” takes a far-ranging and painstakingly researched look at the prospects for US energy abundance in the 21st Century. While the report examines a range of energy sources, the centerpiece of “Drill, Baby, Drill” is a critical analysis of shale gas and shale oil (tight oil) and the potential of a shale “revolution.” The conclusions are a stark contrast to the hype

  2. Arctic Death Spiral Bombshell: CryoSat-2 Confirms Sea Ice Volume Has Collapsed

    The sharp drop in Arctic sea ice area has been matched by a harder-to-see, but equally sharp, drop in sea ice thickness. The combined result has been a collapse in total sea ice volume — to one fifth of its level in 1980.

  3. 1 billion in doubt?

    The lobbyists come marching down one by one
    The corporates sleazing out the rent one by one
    Mirabella comes so cheap
    Reform as always in a heap
    And they all go marching down.

    This response was far from unpredictable. That’s modern politics – vote for a party, get what the corporates want.

    • Very interesting thanks. I have been buying SLV call options (for Jan 2015 and a few Jan 2014), have some $ en route to add to that position tonight. Call options on specific mining companies is a bold move.

  4. When does DE return from hols? Missing his EU insights – has he been snapped up by The Telegraph or The Guardian.

  5. NZ to intervene?

    “When the New Zealand dollar is coming under upward pressure, we want investors to know that the kiwi is not a one- way bet,” Wheeler said in a speech to manufacturers and exporters in Auckland.“The Reserve Bank is prepared to intervene to influence the kiwi. But given the strength of recent capital flows, we can only attempt to smooth the peaks.”