Links 24 May 2013

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Global Macro/Markets:

  • Austerity: the history of a dangerous idea – The New Yorker
  • ‘Recessions Hurt, but Austerity Kills’: Study – CNBC
  • The banking crisis as a giant carry trade gone wrong – VOX
  • Don’t fear the bubble – Reuters
  • Are we living in a time of asset bubbles? – Marginal Revolution
  • Fears grow over EM sovereign bond bubble – Financial Times
  • BRICS risk ‘sudden stop’ as dollar rally builds – The Telegraph

North America:

  • Why US corporations should pay more tax – The Economist
  • How Apple dodges paying corporate taxes – New York Times
  • Creative destruction goes MIA in the US – Bloomberg
  • Cash Piles Up as U.S. CEOs Play Safe With Slow-Growth Economy – Bloomberg
  • Stop celebrating our falling deficits – Washington Post
  • Falling inflation complicates the Fed’s QE exit plan – Financial Times

Europe:

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  • ECB seeks new tools while Fed toys with exit – Reuters
  • Shrinking eurozone output suggests recession in second quarter – Financial Times
  • Austerity in the Eurozone and the UK: Kill or Cure? – Financial Times
  • Eurozone Flash PMI Still Contracting – Business Insider
  • U.K. Economy Grows 0.3% on Inventories, Consumer Spending – Bloomberg
  • European Leaders Saying No to Austerity – Bloomberg

Asia:

  • Japanese Shares Extend Biggest Drop in Seven Weeks on Yen – Bloomberg
  • Japanese Stocks Fall Sharply – Wall Street Journal
  • Small investors lead Japan share exodus – Financial Times
  • Japan Bond Yields Spike—10-Year Hits 1% – CNBC
  • Japan’s mini crash: Blame China, not just Ben – Financial Times
  • What goes up must come down, Japan version – Financial Times
  • China HSBC flash PMI hits 7-mth low, fans growth fears – Reuters
  • Japan’s Stock Market Falls 7% – Business Insider
  • Asian Stocks Plunge on China PMI as Japan Shares Plummet – Bloomberg

Local:

  • Treasury ToT projections assume a new normal – The AFR
  • Ford exit a reality check for Aussie manufacturing – The Conversation
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.