Links 3 May 2013

Global Macro/Markets:

• Austerity is not the only answer to a debt problem – Financial Times
• True Economics: 2/5/2013: Austerity… savagely over-hyped?.. – True Economics

North America:

• The Trouble with Low Inflation – jaredbernsteinblog.com
• US Already Be Growing Above Potential – advisorperspectives.com
• Why the housing market imploded – Marginal Revolution

Europe:

• Underemployment in the UK – Not the Treasury View
• Five reasons why Mark Carney might be short of options when he becomes BoE Governor in July – bondvigilantes.com
• For Germans There Is No Alternative to the Euro – Bloomberg
• Analysis – What taxpayer bailouts? Euro crisis saves Germany money – Reuters
• Irish president urges ECB reform or risk social upheaval – Financial Times
• Thousands Rally Against European Austerity on May Day – CNBC
• Who Cares About an ECB Rate Cut? Not the Euro – CNBC
• Southern Europe’s Recession Threatens to Spread North – CNBC
• European PMI readings impress but ECB decision takes centre stage – CMC Markets

Asia:

• ASEAN Summit in Brunei Finds More Common Ground – The Diplomat
• Asia PMI scorecard: 3 up, 3 down – Financial Times
• China guides renminbi to fresh high against US dollar – Financial Times
• China Confidential’s April indicators suggest further weakening in economic growth – FT China Confidential Report
• BoJ reveals concerns over easing policy – Financial Times
• China’s provincial GDP figures don’t add up – The Atlantic
• BOJ says monetary base soars to record on new QE scheme – Reuters
• Japan’s Abenomics Haunted by Ghost of General MacArthur – Bloomberg

Local:

• Australia output gap – not close to full capacity – Bill Mitchell
• Will the economy be left ‘with no clothes’ after the boom? – Property Observer
• Bernie Brookes is no economist. Tim Colebatch

Other:

• Six Ways to Separate Lies From Statistics – Bloomberg