MacroBusiness

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Weekend Links 16-17 March 2013

Global Macro/Markets: The stock market and economy are two very different animals – Abnormal Returns A new era for gold? – Financial Times BRICs Abandoned by Locals as Fund Outflows Reach 1996 High – Bloomberg No ‘Irrational Exuberance’ in Stocks Now: Greenspan – CNBC North America: 2013 Economic Report of the President – whitehouse.gov Ten

28

Links 12 March 2013

Global Macro/Markets: “The [US] Stock Market Is Looking Like 2000 And 2007 All Over Again” – Comstockfunds.com  Is the commodity sell-off overdone? – FT Alphaville North America: Canadian house prices to keep growing – TD Bank Canadian brokers seek mortgage break for first-time home buyers – The Globe & Mail Canadian Real Estate Association report

33

Links 11 March 2013

Global Macro/Markets: Yes the Financial System Is Rigged, but why not profit from it? – Business Week Jim Rogers: We’re Wiping Out The Savings Class Globally, To Terrible Consequence – Peak Prosperity Another step towards an East-West trade war – The Telegraph The IMF on the Austerity Trap – New York Times Investing: Growth and

97

Weekend links 9-10 March 2013

Global Macro/Markets: Stabilising the gold price – FT Alphaville World Gold Council launches new ‘Gold Facts’ website – goldfacts.org Looking for a Robust Defence of Austerity – mainly macro North America: Is it time to short Canadian banks? – The Globe & Mail Video interview on the Canadian housing market – The Globe & Mail

8

Links 8 March 2013

Global Macro/Markets: Dow 36,000 Is Attainable Again – Bloomberg Nikkei rises above 12,000 for first time since September 08 – Reuters Fiscal tipping points – Econbrowser North America: Oh, those house-crazy Canadian consumers – The Globe & Mail Blasting Canada’s tightened mortgage rules – Edmonton Journal Fed’s Q4 Flow of Funds: Household Mortgage Debt down

7

Links 7 March 2013

Global Macro/Markets: Is the Dow the New Safe Haven? – CNBC Towards a more procyclical financial system – VOX Global economic recovery “built on a mirage” – The Australian  The age of infinite equity? – FT Alphaville North America: Beige Book – March 6, 2013 – Federal Reserve Fed’s Beige Book: Economic activity expanded at

16

Links 5 March 2013

Global Macro/Markets: Warning signs for US corporate bonds – Financial Times. Investors demand higher yields even for safest borrowers. Well, if this isn’t a bullish sign for securitisation – FT Alphaville The M&A pickup – FT Alphaville Why having a lot of bankers is dangerous for any economy – Quartz Currency War Turns Stimulus War

15

Links 4 March 2013

Global Macro/Markets: “Central Banking: Doomed To Fail? – The Economist Private Banks Ease Up on Bonds and Go for Equities – Barron’s Does Dodd-Frank really end ‘too big to fail’? – Washington Post Warren Buffett On High-Quality Stocks – Business Insider Have They Finally Cracked the Stock-Picking Code? – Wall Street Journal Berkshire Hathaway 2012

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Weekend Links 2-3 March 2013

Here’s a list of things Reynard read overnight. Global Macro/Markets: Time to End the ‘Monetary Ritalin’: Fed’s Fisher – CNBC Central banking: Doomed to fail? – The Economist North America: Recessions Aside, Canada’s Economy at its Weakest Since The Mid-1990s – Wall Street Journal Canada’s economy still ‘sickly’ – The Globe & Mail Canada’s economy

44

Links 1 March 2013

Here’s a list of things Reynard read overnight. Global Macro/Markets: Bondholders, a two-pack, and “all necessary measures” – FT Alphaville Chris Martenson: A Steep Stock Market Decline Is Coming – Jesse’s Cafe McKinsey: Emerging markets biggest growth opportunity ever – Business Insider North America: Canadian “Q4 GDP growth will be bad: expect more of that”

17

Links 28 February 2013

Here’s a list of things Reynard read overnight. Global Macro/Markets: The false-alarmists behind this shrinking population panic – The Guardian North America: Millennials (Gen Y) Reducing Debt Thanks to Less Home Ownership – Time Magazine Another voice turns cautious on Canadian banks – Globe & Mail Canada’s looming condo crash – Bloomberg Downsizing boomers shunning

13

Links 27 February 2013

  Here’s a list of things Reynard read overnight. Global Macro/Markets: A powerful convexity in short-term Vix futures – FT Alphaville North America: A soft landing for Canada? Not so fast – The Globe & Mail A mini Canadian debt default: Ottawa writes off another $540-million in unpaid student loans – National Post Whither Canada’s

16

Links 26 February 2013

Here’s a list of things Reynard read overnight. Global Macro/Markets: Moody’s plays the sucker card … again – Bill Mitchell Leveraged loan market on fire – Sober Look Austerity obstructs real economic reform – Financial Times North America: Investors cash-in on land deals as US housing picks-up – Reuters Bernanke’s Stimulus Spurring U.S. Employment in

8

Links 25 February 2013

Here’s a list of things Reynard read overnight. Global Macro/Markets: “A feature of all bubbles is the emergnce of seemingly-plausible fundamntal arguments to justify rise in asset prices” – Riholtz “We are seeing “the exhaustion of a growth model based on consumption” – Zero Hedge Paul Krugman on whether 80% of GDP is a “danger

101

Weekend links 23-24 February 2013

Here’s a list of things Reynard has read so far this weekend. Global Macro/Markets: Global economic recovery weakening – BBC News Central banks will keep taking it easy – Reuters Deficits: good marketing in a time of austerity? – FT Alphaville Are rates mispriced or are investors missing something? – FT Alphaville Nouriel Roubini Is

15

Links 22 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: Major Bottom Forming In Gold – King World News North America: The PHD bust – The Atlantic The U.S. Army Estimates Staggering Initial Job Losses From Automatic Budget Cuts – Business Insider Bitter Pill: Why Medical Bills Are Killing Us – Time Fed’s Fisher

39

Links 21 February 2013

  Here’s a list of things Reynard read over night. Global Macro/Markets: Jeremy Grantham about managing progress in a world of finite resources – BBC Radio Why do “experts” always avoid mentioning household debt – Wall Street Pit Our obsession with growth rates, by Scott Winship – Marginal Revolution North America: Housing starts plummeted in

18

Links 20 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: Will China’s inflationary stimulus revive flagging commodity prices? – South China Morning Post Jeremy Grantham: Managing Progress in a World of Finite Resources – The Big Picture OECD economies in 0.2% quarterly decline – BBC Global Trend Indicators – The Big Picture North America:

14

Links 19 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: Japanese investors, the AUD and everyone else – FT Alphaville Why central banks should take charge of their digital currencies – FT Alphaville Why aren’t more countries run by economists? – Washington Post North America: In America, bigger is better, especially when you’re a

19

Weekend Links 16 to 17 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: The New PE Ratio: Price to Ego – The Reformed Broker Currency War Confusions – New York Times What if the Stock Market Were a Bond? – Crossing Wall Street Do Record Equity Inflows Mean Anything? – The Big Picture What QE means for

22

Links 15 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: Central Banks Bought Most Gold in Nearly 50 Years – CNBC Is the world ready for the great rebalancing? – The Diplomat Trade allows countries to exploit their comparative advantages – World Bank Talk of currency wars over blown: IMF – The AFR North

31

Links 13 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: Evidence suggests central banks can use monetary policy tools to restrain credit growth without crushing the economy – The Economist. So why’s the RBA sitting on its hands? Rio and the $115bn capital return – FT Alphaville Andy Xie: Strong Dollar Could Cause Next

8

Links 12 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: Oh look the CDS market isn’t working again – FT Alphaville A breakthrough speech on monetary policy – Reuters Stocks Beat Bonds (Finally) – The Big Picture Wealth Effects Revisited – The Big Picture North America: America’s broken dreams – Four Corners Student Loans

6

Links 11 February 2013

Here’s a list of things Reynard read over the weekend. Global Macro/Markets: Fiscal policy: The austerity is real – The Economist Government Debt and Macroeconomic Activity: A Predictive Analysis for Advanced Economies – The Big Picture 2013 Investment Themes – The Big Picture North America: Housing data a bad omen for Canada’s economy –  Globe

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Weekend Links 9-10 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: Breaking Up Banks Wouldn’t Stop Risk: Rubin – American Banker Economist’s View: Fed Worried about Bubbles, Not Inflation – Economist’s View Is Mark Carney the next Alan Greenspan…? – The Big Picture North America: Canadian jobs report draws skepticism – Wall Street Journal Canada

5

Links 8 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: Let’s wait for a fall in stocks before declaring a great rotation – FT ALphaville Ranking Economists’ 2012 Predictions: The Best and Worst – Wall Street Journal Simon Johnson: A Hollow Case for Big Banks – New York Times Jim Rogers Joins Bill Gross

22

Links 7 February 2012

Here’s a list of things Reynard read over night. Global Macro/Markets: Fed’s Financial Stress Index falls to pre-recession 2007 level – aei-ideas.org Time to Revive the Financial Transaction Tax – New York Times North America: British Columbia (Vancouver) home sales plunge – Ben Rabidoux Shadows creep over Canadian house prices – Financial Times Canadian consumer

28

Links 6 February 2013

Here’s a list of things Reynard read over night. Global Macro/Markets: All’s fair in love and currency wars – FT Alphaville S&P killer, qu’est-ce que c’est? – FT Alphaville Roubini Global Economics – The View From Davos: Too Bullish? – roubini.com North America: The US v S&P – FT Alphaville US government has not exhausted

18

Links 5 February 2013

Here’s a list of things Reynard read over the weekend. Global Macro/Markets: Why do CFDs baffle the cops? – FT Alphaville Securitization is basically the idea that introducing moral hazard can improve allocation of capital – Economist’s View Shadow boxing with a very real (and large) system – FT Alphaville No there probably isnt a

36

Links 4 February 2013

Here’s a list of things Reynard read over the weekend. Global Macro: Matt Taibbi on Big Banks’ Lack of Accountability – The Big Picture Ray Dalio Schools You on the Great Rotation Debate – The Reformed Broker North America: U.S. shale gas revolution throws down the gauntlet to Europe – Reuters Banks, at Least, Had