Saturday, November 13, 2010

Weekend reading

#%&^%! G20 capitulates to big banks. Bloomberg
Sets course for a trade war. FT
And ramps up the lies. Reuters
Lessons from 1933. FT
How to address overvalued currencies. Nouriel Roubini
The Fed's new bubbles. NYT
The Basel III will hurt meme. Simon Johnson
US Korea trade deal on rocks. WSJ
Grantham selling. Credit Writedowns
No speculation at work in commodity prices. Pfft. Economist
If you ignore leverage and derivatives. PragCap
ECRI rising. ECRI
Europe slowing - a lot. Econompic
Austerity working nicely for Ireland - not. FT
QE is finished. Tim Duy
Ore up, BDI down.
Mortgage stress tipping points. SMH
Gimme Keynes. Just don't mention the doomsday cycle. Ross Gittins
The Australian's bank love-in continues. Hewitt, Stevens, McCrann
The Drum is better. Elvis Jarnecic (h/t blissfullignoramus)
Copper deeeeefinately a bubble. Metal Miner
Living in a bubble. $1.6M on the block, $2.65M on a prefab. Grand Designs (h/t The Lorax)

6 comments:

The Lorax said...

Seems like all commodities were down sharply last night except iron ore which is (still) on an absolute tear.

Seriously, has Tom Albanese sold his soul to the devil?

BTW, check out what the Chinese are doing with Aussie ore. Undoubtedly impressive, but will anyone stay in that hotel, or will they knock it down again in six months a rebuild it?

theblissfulignoramus.com said...

"The Oz bank love-in continues"

Perhaps not... read this David?

"Houston, we have a problem with our (banking) system"

David Llewellyn-Smith said...

The Bliss,

Actually meant The Australian newspaper's love in...though there hasn't been much broader good stuff either.

Have added your link...

Anonymous said...

David

I agree with you re The Australian's love in - was hoping for something a little contrary in today's edition - couldn't find it!

Do you have a view as to why this romance with banks?

David Llewellyn-Smith said...

The Australian has a love for corporations generally. Ask most of The Oz commentators what their point of view is and they'll defend themselves as 'pro-business'. Others see themselves as Libertarian.

Truth is however, that both of these positions are fig leafs. They're apologists for corporations.

I'm pro-business and liberal, but it's expressed through a genuine belief in meritocracy and free markets. However, capitalism has an inherent tendency toward monopoly so you have to intervene sometimes.

The Murdoch papers, on the other hand, are a vested interest protection racket for private monopolies.

Anonymous said...

David,
Why did the Govt' lobby the G-20 over the Basel III Liquidity Requirements? Surely the Liquidity Coverage Ratio (LCR)where banks have to maintain a stock of "high-quality liquid assets" that is sufficient to cover net cash outflows for a 30-day period is a good thing? Dose APRA have any equivalent requirements?
What do they have in place currently?
Love your Blog.