My afternoon train reads, edited for you in real time:

• Who is Jack Lew? (THE FIX) see also Jacob Lew (Wiki)
• Time for the great rotation? (Buttonwood’s notebook)
• The Google+ Long Game Is Brilliant (FeldThoughts)
• The Improbable is the New Normal (The Technium) see also Probability Theory — A Primer (Math ∩ Programming)
• Missed the China Rally? Wait for February, Ned Davis says (Barron’s)
• You’re not going to believe this, but is a tech visionary (Digital Trends)
• Social Security/Medicare vs Corporate Welfare (ataxingmatter) see also Hank Greenberg Should Be Shot into Space For Suing the Government over the AIG Bailout (Taibblog)
• The NYSE’s Long History of Mergers and Rivalries (Echoes)
• Capt Kirk actor tweets Canadian astronaut Chris Hadfield (BBC News)
• Seven Shapers Of Technology in 2013 (CTOVision) see also What It’s Like to Experience New Technology After 25 Years in Jail (Gizmodo)

What are you reading?


The age of man

Source: The Economist

Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

9 Responses to “10 Mid-Week PM Reads”

  1. MoreLiver says:

    Some People Still Think Currency Unions Are a Good Idea – WSJ
    You might have thought that the euro zone’s struggle to avoid a catastrophic splintering over the last three years had pretty much ruled out any possibility that anyone would still consider currency unions to be a good idea, but you’d have been wrong.

    In the euro area, it’s pretty much going to suck for awhile – alphaville / FT
    research from Goldman Sachs

    The Eurozone’s Agenda in 2013 – Project Syndicate
    EU leaders concluded 2012 with a landmark agreement that places all eurozone banks under a single supervisor. But they have clearly refused, at least for now, to hold a serious discussion about deeper integration, without which the euro crisis cannot be overcome.

    What’s Good For the Goose…? – Tim Duy’s Fed Watch
    German plans for further austerity indicate that fiscal policy remains a downside risk for the European economy.

    Germany is not profiting from the eurozone – The Guardian
    The export boom may benefit German industry, but wages and living standards have stagnated and poverty is rising

    Why Cyprus is Important – Marc to Market
    Amounts not determined, presidential elections in Feb, Troika in disagreement, political issues, euro exit risk.

    Merkel Confronts Growing Skepticism on Bailout Aid to Cyprus – BB
    Merkel warns Cyprus not to expect special treatment – euobserver
    German Chancellor Angela Merkel has warned Cyprus it should not expect special treatment when negotiating the terms of its bailout, which she suggested would not be concluded anytime soon.

    Debt Crisis: A €1m gateway to Europe – Die Zeit / presseurop
    Hard-hit by the crisis, Lisbon is wooing rich investors from its former colonies. Anyone who invests in the country has a good chance of obtaining a visa — and an open door to the rest of Europe.

    Europe’s Scariest Heatmap – ZH
    Regional youth unemployment rates mapped out.

    Ireland, a local (law) bond for foreign buyers – alphaville / FT
    …with the success of yesterday’s €2.5 billion syndicated bond sale, had eliminated the “funding cliff” presented by a €11.9 billion bond repayment due in mid January 2014.

    Barbarous Relics – Krugman / NYT
    If we have a crisis over the debt ceiling, it will be only because the Treasury department would rather see economic devastation than look silly for a couple of minutes.

    A Look At The Fed’s Nest In 2013: Here Are This Year’s Voting Hawks And Doves – ZH

    Q#4 for 2013: What will the unemployment rate be in December 2013? – Calculated Risk
    My guess is the participation rate will remain around 63.6% in 2013, and with sluggish employment growth, the unemployment rate will be in the mid-to-high 7% range in December 2013 (little changed from the current rate).

    Q#5 for 2013: Will the inflation rate rise or fall in 2013? – Calculated Risk
    Given the Fed’s tolerance for a little more inflation, we might see a little more inflation in 2013 than in 2012 – but I still expect inflation to be near the Fed’s target. With high unemployment and low resource utilization, I don’t see inflation as a threat in 2013.

    Time for the great rotation? – Buttonwood / The Economist
    So while we may well see fund flows move in the direction of the equity market, it seems hard to believe we will see a massive asset reallocation. Pension funds, for example, are heading inexorably towards bond-heavy portfolios as their membership matures and they reduce risk and aim for income; the same approach will be followed by ageing savers all around the developed world. A mini-rotation is more likely.

    Why Europeans and Americans Are Addicted to Budget Brinkmanship – PIIE
    The common refrain echoing through American politics, especially from Republicans, is that the United States must avoid, at all costs, becoming another Europe. How ironic, then, that thanks to Republicans, American and European politics have come to rely on the same sort of budget, borrowing, and fiscal brinkmanship.

    Passing the debt buck from the public to private sector – Pictet
    The December 2012 issue of Perspectives is now available for reading and downloading. Here is December’s topic of the month: as credit mechanisms have broken down, developed economies have been powerless since 2008 to return to potential rates of GDP growth. 2012 does seem to be closing on a more heartening note though: deleveraging in the private sector in the US looks to be over. The daunting challenge and big hope as the world moves into 2013 is to get credit flowing again. (or Zero Hedge’s summary)

  2. James Cameron says:

    “Between the pundits and the partisans, you’re dealing with a lot of very delusional people. And sports provides for much more frequent reality checks,” he wrote. “If you were touting how awesome Notre Dame was, for example, you got very much slapped back into reality last night. In politics, you can go on being delusional for years at a time.”

    Or even your entire life.

    Nate Silver: Between pundits and partisans, ‘a lot of very delusional people’ in politics

  3. Citizen38 says:

    Plutocrats by Chrystia Freeland. Ms Freeland is a very experienced and sophistiated journalist and really nails it with her latest book. If you want to understand the rise of the Superrich, her book does it in spades.

  4. willid3 says:

    the simple version of the debt ceiling explained?
    If someone already runs up large credit card bills, he owes the money even if he decides to rip up his credit cards and stop running up personal debt. If he doesn’t pay the credit card bills he’s accrued, he’s DEFAULTING on those debts, and his credit rating will plunge. And if someone owes monthly mortgage payments, he can’t simply stop paying them, and expect to keep his home. He’ll lose the home in a foreclosure proceeding.

  5. willid3 says:

    can’t claim corporate papers as a person? i thought thats what the supreme court ruled, corporations are pepole?

  6. [...] Ritholtz, a synopsis by ataxingmatter of the social welfare vs. corporate welfare components of the fiscal [...]

  7. mad97123 says:

    Time for the great rotation?

    It is easy to see how a rotaion out of bond into stock could be a short-term result of the bond bubble popping. I assume principle loss due to rising rates is what will cause the rotation, and if that is the case, it’s hard to say how that massive wealth destruction will be good for stock long-term. All those unrealized gains from the bond bubble would quickly vanish leaving pensions all the more unfunded.

  8. farmera1 says:

    About that guy (Feldstein) who speared the JPM whale.

    From the land of bizzaro weather comes this little eye catcher for data from NOAA’s National Climatic Data Center: