Swimming swans push up the cost of the 12 Days of Christmas Guardian. No deflation here.
The Great Crash of 2008 Robert Reich
China Fears Restive Migrants As Jobs Disappear in Cities and Yuan’s Fall Watched Ahead of U.S.-China Summit Wall Street Journal. We got brickbats when we suggested a couple of months ago that Beijing might nudge the yuan lower. But today’s move was a market reaction.
Tudor Jones suspends withdrawals from flagship fund Financial Times
Long Bond Returns Most Since 1995 as Rosenberg Sees ‘Bubble’ Bloomberg, Yes, but these bubbles can go higher and longer than you’d ever expect.
U.S. ignored warning to tighten lending rules GlobeInvestor
Expenditure vs investment — thinking clearly Steve Waldman
A note on Japan’s experiment with quantitative easing Marshall Auerbach, Credit Writedowns
Commodity Pay Falls Faster Than Oil as Goldman, Funds Retrench Bloomberg. So much for the idea that commodity traders needed good bonuses to keep such valuable traders from fleeing the coop.
Stigma, schmigma Willem Buiter. Comes down strongly against the Fed and for Bloomberg in Bloomberg’s Freedom of Informatoin Act suit to get the central bank to disclose who has been providing what sort of collateral for loans under various Fed facilities.
Antidote du jour. A double today. The video of the parrot petting a kitten is intriguing, but might not suit everyone: