Links 9 December 2013

Global Macro / Markets:

• Nobel economics winner Fama says risk of global recession in 2014 – Reuters
• McKinsey: the world needs $57 trillion to keep growing – CNBC
• Bitcoin is a badly organised lottery – Dizzy Economics
• Bitcoin crashes to $576 – Business Insider
• WTO seals first global trade deal – The AFR

North America:

• The Volcker rule is nearly finished. Here’s how we’ll know if it’s good – Washington Post
• Fed Closes In on Bond Exit – Wall Street Journal
• CBO: Federal Deficit declined Sharply in October and November compared to last year – Calculated Risk
• Door is open for Fed to taper: Pro – CNBC
• US Employment Report: Decent Report, Solid Seasonal Retail Hiring – Calculated Risk
• U.S. Economy Adds 203,000 Jobs, as Unemployment Falls to 5-Year Low – New York Times

Europe:

• By George, Britain’s Austerity Experiment Didn’t Work – The New Yorker
• France fights back against German ’Sick Man of Europe’ – The Telegraph
• House prices across the UK are rising at nearly ten times average earnings – The Telegraph
• ECB: The future of Europe: building on our strengths – European Union

Asia:

• The Thorny Challenge of Covering China – New York Times
• The Meaning of China’s Crackdown on the Foreign Press – The New Yorker
• Shanghai’s Disappearing Skyline: 21 Images of Record Pollution – Mashable

Local:

• Labor says Qantas is “too-big-to-fail” – The AFR ; The Australian ; The Guardian
• Chinese in plan to back stake in Qantas – The Australian
• Will Qantas be the next Holden – The Australian
• Qantas’ distress calls go unanswered – The Age
• We are at population tipping point – The AFR
• Government not ATM for car industry – The AFR
• Hockey embraces “economic fringe dwellers” – The Australian
• Detroit decides: Holden will close – The Australian
• Car makers fear curtain will fall – The Age
• Abbott: No more blank cheques – The Australian
• Abbott: No more money for Holden – The Guardian
• Carbon tax ineffective: report – The Australian
• Growth likely to remain weak – The Age
• How I got it wrong on migration – Business Spectator

Other:

• Asset-price booms and the composition of capital inflows – VOX
• How Do You Define a Bubble? (And Are We in One Now?) – Bloomberg