Links 23 July 2013

Global Macro/Markets:

• Balanced budgets are rarely appropriate – Bill Mitchell
• Why new leverage ratios rules could stifle repo markets – Financial Times
• Investors, Analysts See End of Commodity ‘Supercycle’ – Wall Street Journal
• QE ineffectiveness is playing out on banks’ balance sheets – Sober Look
• Pimco’s Gross Says Fed Will Tighten Policy in 2016 at Earliest – Bloomberg

North America:

• Was America’s Economic Prosperity Just a Historical Accident? – New York
• A Tale of Two Rust-Belt Cities – New York Times
• Higher Rates Aren’t Enough to Stall Housing – Wall Street Journal
• The Solution to America’s Collapsing Confidence – Wall Street Journal
• Why Fed Has Failed to Lower U.S. Unemployment – Bloomberg

Europe:

• Austerity Costing UK 3% in lost GDP – Mainly Macro
• A Grexit is starting to look more feasible for Athens – Financial Times

Asia:

• The China disconnect: analysts lose plot on financial stocks – Reuters
• Beijing Lending Shift May Force Banks to Raise Capital – Wall Street Journal
• A Reformist Chinese Leader? Stop Fooling Yourself – Time
• China Freeing Lending Rates Puts Focus on Saver Returns: Economy – Bloomberg
• Sato says BOJ will act if needed, wary of China slowdown – Reuters

Local:

•  Labor to blame for retail crisis – The AFR

Other:

• How to avoid middle-income traps? Evidence from Malaysia – VOX
• Banks’ Size Is Greater Threat Than Complexity – Bloomberg