Weekend Links July 20-21

Global Macro/Markets:

• BRICS joint action at G20 summit may be wishful thinking – Reuters
• Investors pour huge sums into US equity funds – FT , BI
• Changing the mix, not level, of accommodation Tim Duy

North America:

• Detroit just filed for bankruptcy. Here’s how it got there. – Washington Post , WSJ
• Detroit ‘Gut Kick’ Poses New Test for Long Suffering City –Bloomberg
• What’s behind the slowdown in residential construction? – SoberLook
• Philly Fed Manufacturing Survey indicates Solid Expansion in July – Calculated Risk
• China, U.S. companies’ great hope, now a drag – Reuters
• Janet Yellen for Fed Chair – Calculated Risk

Europe:

• Going, Going, Gone: Crisis-Plagued Madrid Sells Out – Der Spiegel
• The European Central Bank Is a Much Bigger Problem for Italy’s Young Than the Elderly – Firedoglake
• Greek current account swings to surplus in May – Ekathimerini
• European Banks Brace for Losses on Detroit – Wall Street Journal

Asia:

• Hitting Chinas Wall – New York Times
• Record Downgrades Foreshadow First Onshore Default – Bloomberg
• China to scrap controls on lending rates – WSJ , BBC
• Will robot nannies save Japan’s economy ? NPR
• Japan’s assessment for July: Economy is recovering – Asahi

Local:

• Rudd’s ‘hard-line’ PNG solution – TheOz
• ATO has private pensions in its sights AFR
• Vodafone losing thousands of customers – SMH

Other

• The 100 Best Finance Blogs: All The Internet’s a Stage – Insider Monkey
• The NSA’s Massive Data Center Is Coming Online Ahead Of Schedule — And It’s More Powerful Than You Thought – BuzzFeed
• Florida lawmakers urge overhaul of ‘Stand Your Ground’ law – Reuters
• Snowden Standoff Threatens Obama-Putin Moscow Summit – Bloomberg
• Huawei spied for China, claims ex-CIA head Michael Hayden – FT
• In Case You Don’t Appreciate How Fast The ‘Windows Monopoly’ Is Getting Destroyed – BI , and don’t forget Surface RT