Links 21 June 2013

Global Macro/Markets:

• Emerging Markets Crack as $3.9 Trillion Funds Unwind: Currencies – Bloomberg
• The Fed begins its long and gradual exit – Financial Times
• Bernanke’s Forward Guidance Is Transparent as Mud – Bloomberg
• The next Libor? Everything you need to know about the oil price fixing scandal – Reuters
• Gold Prices Are Melting Down – Business Insider
• Gold Tumbles to 2 1/2 Year-Low After Fed as Silver Plummets – Bloomberg
• The QE Carry Trade Is Imploding Right Under Everyone’s Noses – Minyanville
• Where The Money Is Flowing In Emerging Markets – fastcoexist.com

North America:

• How Immigration Reform Would Help the Economy – New York Times
• If American Car Companies Are Doing Well, Why Aren’t They Hiring? – consumerist.com

Europe:

• UK banks need to plug 27bn capital hole, says PRA – BBC
• Five Banks Must Raise $21.2 Billion in New Capital, BOE Says – Bloomberg
• Germany’s ascendancy over Europe will prove short-lived – The Telegraph
• Life is good for Germany’s economy. But is it good for Germans? (+video) – csmonitor.com

Asia:

• China’s key money rate closes at multi-year high; trading extended – Reuters
• Echoes of Mao in China cash crunch – Financial Times
• China data points to growth dipping into the danger zone – Reuters
• China’s central bank’s inaction can have dire consequences – this is not a game – Sober Look
• China Interbank Market Freezes As Overnight Repo Explodes To 25% – ZeroHedge
• Chinese Govt Says Financial System Must Support Economy – Bloomberg
• Asian Stocks Drop Most in Two Years on Fed, China Credit – Bloomberg

Local:

• Rio Tinto Starts Mongolia Mine Shipments – Wall Street Journal
• Jumping off the currency rollercoaster – The Conversation

Other:

• Who Killed Equality? – Bloomberg
• Niall Ferguson: More Mistaken Musings from the Land of the Excel Spreadsheet Error – cepr.net