Links 9 May 2014

Global Macro / Markets:

• Why a savings glut does not increase savings – Michael Pettis

North America:

• Americans Shut Out of Housing as FHA Fees Jump: Mortgages – Bloomberg
• Could take 5-8 years to shrink Fed portfolio: Yellen – Reuters
• Chicago and the Causes of the Great Recession – House of Debt
• Republicans Stumble on Flawed Obamacare `Facts’ – Bloomberg
• The Cities Where Americans Bike and Walk to Work – The Atlantic
• Map: Where the average student loan burden is largest – Washington Post

Europe:

• More than half of Russians want the Soviet Union back – Quartz
• New Draghi Era Seen on Hold at ECB as Euro Area Recovers – Bloomberg
• The Bank of England must curb its institutional dovishness – Financial Times
• London’s black cabs plan ’severe chaos’ for capital in protest against taxi app Uber – The Independent
• London taxis plan anti-Uber gridlock – BBC

Asia:

• China blames Vietnam for sea collisions, but calls for talks – Reuters
• More Hugs Please, We’re Chinese – New York Times

Local:

• Abbott edges towards serious tax reform – The AFR
• Fuel excise unfreeze a risk for Abbott – The AFR
• Petrol set to rise 1 cent a litre – The Australian
• Budget petrol shock leaves people fuming – Canberra Times
• Motor groups to fight excise rise – The Guardian
• Excise lift gets nod from economists – Canberra Times
• Axe to swing on public sector – The Australian
• Public service spill and fill – Canberra Times
• DSP to be cut with new index scheme – The Australian
• WA debt rises amid infrastructure splurge – The Australian
• Keating urges longevity levy – The Australian
• Economy weaker than you think – Canberra Times
• Australia caught in confidence trap – Canberra Times
• Family Tax Benefit cuts will hit families more than deficit levy – The Guardian
• A hard slog ahead for labour market – Business Spectator

Other:

• ’Firenado’: Wind Whips Up Wicked Whirl in Missouri Field – NBC News