Links 5 February 2014

Global Macro / Markets:

• It’s the hot money, stupid – Financial Times
• Emerging markets risk repeating eurozone blunder of synchronised tightening – The Telegraph
• The future still belongs to the emerging markets – Financial Times
• Emerging-Market Stocks Extend Worst Start Ever on Economy – Bloomberg
• Where in the world are shares cheap? – The Telegraph
• Central banks must co-ordinate policy – Financial Times

North America:

• The Middle Class Is Steadily Eroding. Just Ask the Business World – New York Times
• How Economics PhDs Took Over the Federal Reserve – HBR
• Fed’s Janet Yellen has long history of breaking barriers – Washington Post
• NY Fed Says Job Market Is Great, Really – Bloomberg
• The Budget and Economic Outlook: 2014 to 2024 – CBO.gov
• An overreaction to the ISM manufacturing report? – Sober Look
• Slow GM and Ford sales raise questions about US boom – Financial Times
• Why the rate decision will drive Yellen’s early agenda – Wall Street Journal
• Budget deficit shrinks to lowest level under Obama – Politico
• Where is the land of opportunity? Intergenerational mobility in the US – VOX

Europe:

• A Lonely Bet Against Portugal’s Debt – New York Times
• Corruption across EU ’breathtaking’ – BBC
• Corruption costs European economy 120 billion euros a year – Reuters
• Draghi Said to Seek German Support on Bond Sterilization – Bloomberg

Asia:

• Henry Kissinger: War Increasingly Likely Between China and Japan – newsmax.com
• China to Ramp Up Military Spending – New York Times
• Inside China’s Mistress-Industrial Complex – Daily Beast
• Japan Sees Worst Developed-Stock Rout as Nikkei 225 Drops – Bloomberg
• At your service: China’s new economic chapter – Business Spectator

Local:

• How to fix our out-of-control building costs – The AFR
• Hockey lays ground for cuts – The AFR
• Wary RBA offers little to cheer about – The AFR
• Dollar could soar as payments balance shifts – The AFR
• ANZ’s Smith on economic reform: just get on with it – The AFR
• Current account surplus in five years: CBA – The AFR
• Abetz backs award overhaul – The AFR
• Coalition sets sights on awards – The Australian
• No place for corporate welfare: ACCI – The AFR
• End the Age of Entitlement – The AFR
• Age of entitlement proves selective – The Age
• Is Australia a workers’ paradise – Business Spectator
• Dollar’s rise turns heat on RBA – The Australian
• PM fails to appreciate consequences – The Australian
• Business as usual at biased ABC – The Australian
• Abbott ‘blackened’ SPC workers – The Age
• Roy Hill exports on target – The Age

Other:

• A Mis-Leading Labor Market Indicator – New York Fed
• Demography and Employment (Wonkish) – New York Times
• The Return of Land Prices – Slate
• Not All Forms of Wealth Are Equally Pernicious – Financial Times
• If car culture is really dying, it’s a long, slow, complicated death – Quartz
• Six reasons why flexible work spells career death – The AFR