When Truth Survives Free Speech New York Times. I’d refrained from posting on this situation precisely because it was hairy and the blogger did not seem to be the wronged party. Glad someone did the heavy lifting.
Europe’s suicide pact MacroBusiness. Be sure to look at the table at the bottom.
Merkel’s Teutonic summit enshrines Hooverism in EU treaty law Telegraph (hat tip reader psychohistorian)
Depression and Democracy Paul Krugman, New York Times
Italy Can Endure Rise in Borrowing Costs: BIS Bloomberg. Provided Unicredit does not fall over. And note the fact that the BIS adds a qualified “provided it retains access to the market.” That worry would have been deemed barmy a year ago.
Swedbanks kunder i Lettland i panik Aftonbladet (hat tip Richard Smith). Bank run in Latvia! But Svedbank says no worries: Swedbank says ATM queues in Latvia due to false rumours Reuters
Russia’s middle class rises up against Putin Independent (hat tip Mark Ames)
BIS report contradicts BoE easing estimates FT Alphaville (hat tip Philip Pilkington). QE skeptics will take note.
Phone-hacking victims to number 800 Guardian (hat tip Buzz Potamkin)
US vacates Pakistan base amid drone debate Aljazeera (hat tip reader Richard Kline). This is a very big deal.
US groups told to reveal Syria, Iran links Financial Times (hat tip reader furzy mouse)
Slipping traction for Chinese stimulus MacroBusiness
What Latin America Can Teach Us New York Times
Economic Crisis + Offshore tax justice network (hat tip reader Maura)
INTERVIEW WITH DAVID GRAEBER The White Review (hat tip Lambert Strether)
Police employ Predator drone spy planes on home front LA Times (hat tip Lambert Strether)
The 1% Election Tom Engelhardt
Lowest Hanging Fruit Cassandra
Private equity trapped in ‘zombie funds’ Financial Times (hat tip reader furzy mouse)
$29 Trillion Bailout: Response to Critics Randy Wray
No One Says Who Took $586B in Fed Swaps Bloomberg
Steve Keen: How He Saw “It” Coming, and Others Did Not INET. We posted the first segment of this interview.
Treasury’s Failure on Bank Accountability, and Nevada’s Success Dave Dayen, Firedoglake
A Romance With Risk That Brought On a Panic New York Times. As we’ve been saying, if Corzine does not go to jail, something is VERY wrong. This is a lengthy and damning account. I’m sure Jesse will have lots of additional remarks. It disputes Corzine’s efforts to portray himself as a removed CEO. He pressured the board AND auditors to do the trade that killed the firm (a concerned risk officer left the firm before the trade blew up). And get this:
MF Global filed for bankruptcy on Oct. 31. As the firm spun out of control, it improperly transferred some customer money on Oct. 21 — days sooner than previously thought, said people briefed on the matter. And investigators are now examining whether MF Global was getting away with such illicit transfers as early as August, one person said, a revelation that would point to wrongdoing even before the firm was struggling to survive.
Antidote du jour (by Alexia Khruscheva):