Links 22 February 2013

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

Global Macro/Markets:

North America:

  • The PHD bust – The Atlantic
  • The U.S. Army Estimates Staggering Initial Job Losses From Automatic Budget Cuts – Business Insider
  • Bitter Pill: Why Medical Bills Are Killing Us – Time
  • Fed’s Fisher wants to taper off QE this year if economy improves – Reuters
  • US flash PMI at 55.2, misses estimates – Markit
  • Fed Signals Possible Slowing of QE Amid Debate Over Risks – Bloomberg


  • UK mortgage lending hits lowest level since April 2012 – BBC News
  • ECB Banks Earn Over Half a Billion From Greek Debt – Wall Street Journal
  • Manufacturers Survey Points to New Downturn in Euro Zone – New York Times
  • Euro-Area Manufacturing, Services Contraction Worsens: Economy – Bloomberg
  • Eurozone PMI signals steepening downturn – Markit
  • Panic-driven austerity in the Eurozone and its implications – VOX


  • Guizhou landslide creates an unstable dam – Caixin
  • South Korean h/hold debt (163%/disposable income in 2011) a poisoned chalice for Park – Bloomberg
  • China housing slaves helping property rebound – Bloomberg
  • The problem with Japanese deflation – Reuters
  • The Japanese puzzle – Economonitor
  • China’s concrete diplomacy – The Telegraph





  1. Who Bono?

    Bono is the lead singer of U2 lol

    I jest Pat.

    We should rate the RE screams out of ten to monitor their fear.

  2. A suggestion for MB – Please see if Waleed Aly will contribute to a regular political economy segment on MB.

    His article on the ALP is the most cogent piece on this debate by far.

  3. Some links for today:

    Fort Collins, Colorado, bans fracking as democracy comes alive in Colorado

    “Drill Baby Drill” – popping the shale bubble

    The U.S. is a mature exploration and development province for oil and gas. New technologies of large scale, multistage, hydraulic fracturing of horizontal wells have allowed previously inaccessible shale gas and tight oil to reverse the long-standing decline of U.S. oil and gas production. This production growth is important and has provided some breathing room. Nevertheless, the projections by pundits and some government agencies that these technologies can provide endless growth heralding a new era of “energy independence,” in which the U.S. will become a substantial net exporter of energy, are entirely unwarranted based on the fundamentals.

    • You missed these bits, spindoc.

      “Dr Pachauri said global average temperatures had plateaued at record levels and that the halt did not disprove global warming.”

      (that’s “record levels”…….9 of the 10 warmest years have been this century)

      “What is quite perceptible is, in the last 50 years, the trend is upwards…what you should be concerned about is the trend, and that is being influenced now to a large extent by human actions.”

      He is saying that it would take between a thirty and forty year halt for it to be considered that the long-term upward temperature trend has been broken.

      • I know. I did give the link to the article, didn’t I? Other luminaries in climate science (Gavin Schmidt, Ben Santer eg) have expressed different opinions on how long before we need to reassess the current paradigm.

        BTW, I am happy to agree that the current pause is not permanent, and there very likely is more warming to come. My views are more nuanced than you seem to think.

  4. Written after digesting the long article in Time about US health system’s problems.

    Wow . . . .
    Just W O W !
    I must live on the wrong planet.
    I can’t get my head around such blatant abuse of sick people seeking treatment (not abuse) from so-called charitable/non-profit “healthcare” providers.

    P PITS
    T (price-)TAKERS
    M MEGALOMANIC (bosses)