Links 6/12/09

Edward Harrison here with another edition of the links plus the antidote du jour.

Two Ways to Deleverage an Economy Bill Bonner

Stand By Me: Banks’ exposure to eastern Europe The Economist

Terror Names Linked To Doomed Flight AF 447 Sky News (This story does not seem to be getting any media play as far as I can tell. Please do comment if you have heard more. Hat tip Scott.)

Volcker: Strong Recovery, Inflation Are Both Unlikely (Even Volcker is talking about a Q4 recovery now. According to my recent poll, you lot don’t really believe.

Does the Administration Care About Executive Compensation? James Kwak

Ronaldo, Kaka’s €160m price tag may not be too high Telegraph (Balderdash. This is absolute insanity. Real Madrid are spending shed loads of money when the Spanish economy is in a deep, deep downturn. It sounds like the height of folly and shows how these athlete’s world is completely divorced from yours.)

By the Numbers? Michael Panzner (If you are interested in how accurate our statistics are, you will find this post interesting.)

Government lending targets for bailout banks feed protectionism warns IIF Telegraph

US retail sales rise 0.5% in May “Much of the increase was driven by sales at petrol stations, which in part reflects higher gasoline prices as oil has increased.”

Conan O’Brien Loses Late-Night Lead – Bloomberg Video (I remember when I first saw Conan and his pal Andy Richter on CNBC Europe while I was living in London. We thought, “this guy sucks.” But, what the heck do I know. Certainly, he’s gotten a lot better, but I still prefer Letterman to Conan.)

Antidote du Jour:

Yves here. Thanks Ed! Some additions:

Thieving Fox Amasses 120 Shoes Der Spiegel (hat tip Freude Bud and Barbara)

Taking political philosophy back from the economists The Ethical Werewolf (hat tip Steve Waldman)

Crisis? What crisis? The market confounds the left Philip Stevens, Financial Times. Argues that the stabilization is proof of the durability of “liberal market capitalism.” Huh? Only if you airbrush out massive state subsidies to the banking sector.

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About Edward Harrison

I am a banking and finance specialist at the economic consultancy Global Macro Advisors. Previously, I worked at Deutsche Bank, Bain, the Corporate Executive Board and Yahoo. I have a BA in Economics from Dartmouth College and an MBA in Finance from Columbia University. As to ideology, I would call myself a libertarian realist - believer in the primacy of markets over a statist approach. However, I am no ideologue who believes that markets can solve all problems. Having lived in a lot of different places, I tend to take a global approach to economics and politics. I started my career as a diplomat in the foreign service and speak German, Dutch, Swedish, Spanish and French as well as English and can read a number of other European languages. I enjoy a good debate on these issues and I hope you enjoy my blogs. Please do sign up for the Email and RSS feeds on my blog pages. Cheers. Edward


  1. Diego


    €160m may sound like absolute insanity, but the fact is Florentino Pérez could raise Real Madrid's annual revenues from €100m in 2000 to €300m in 2006 with this strategy, and he expects to raise it again to €500m by 2011.

    The fact that Spain is in recession plays almost no role (by the way, Spain's "deep, deep" recession was just a 3% contraction y-o-y, compared to 7% in Germany and 9% in Japan… what are those recessions then?), since Real Madrid's market is global.

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