Links 7/21/10

Here are the links for today. I really appreciate all the link suggestions from readers by the way. To ping me with links, you can also try twitter. I use twitter a decent amount to tweet or retweet stories as I find them. I am @edwardnh.

I appreciate foreign language stories too because with the stress tests and the European sovereign debt crisis, a lot of times the European news breaks stories first. I can deal with links in any Romance or Germanic language (no Finnish, Hungarian or Latvian!) You’ll see a few links of that ilk below.

By the way, Yves has a twitter feed which updates you with every post here at NC. She’s @yvessmith. Show Yves love and follow her.


The shale gas fairytale continues John Dizard, FT (Hat tip Scott)

Multimedia Presentation: The Geography of a Recession American Observer (engaging visual of how the US unemployment has developed)

Elizabeth Warren Could Head CFPB Without Senate Confirmation HuffPo (Hat tip Carrick)

What’s up with Spanish mortgage lending? FT Alphaville

Wolfgang Schäuble  : «Une réduction modérée des déficits stimule la croissance Les Echos

Mauboussin: Untangling Skill & Luck Paul Kedrosky

US financial system support up $700 bln in past year-watchdog Reuters (Hat tip Heidi Moore and Professor Pinch)

España es el país europeo con mayor número de inmigrantes a pesar de la crisis Finanzas

Meanwhile, in the Chinese property market… FT Alphaville

Capital controls: Thailand joins Asian central bankers taking on Greenspan beyondbrics

France et Allemagne s’attaquent à l’harmonisation de leur fiscalité Les Echos

European Bank Stress Tests Said to Describe Three Scenarios Bloomberg

A Top-to-Bottom Guide to Saving Money Around Your House Lifehacker

Biggest star ever found may be ticking antimatter bomb New Scientist

Ex-MI5 Spy Chief: No Link Between Hussein, 9/11 NPR

Buying a home ‘cheaper than renting’ in most of Britain The Telegraph

Voodoo That I Don’t Do Credit Writedowns

Krugman versus Ferguson: Round Two Jeremy Warner

Meredith Whitney Is Still ‘The Man’ on Goldman Sachs (GS) Street Insider (‘The Man’? hmmm… How about the bomb or the hype?)

New Mega Banks Pressure Smaller Players – WSJ ( Must-read piece on how TBTF banks are more powerful than ever)

Double dip in the Baltic Ambrose Evans-Pritchard (on the decline in the Baltic Dry Index)

Greg LeMond believes Lance Armstrong probe will show ‘overwhelming’ evidence ESPN

Recovery: What’s Germany’s secret? Ryan Avent

A Keynesian Success Story: Germany’s New Economic Miracle Spiegel

Krugman on Cowen and Germany Tyler Cowen

Facebook, MySpace Get Failing Grade on Customer Satisfaction PC Magazine

Glenn Beck: Fox Host’s Golden Advertiser Goldline Under Investigation ABC News

Antidote du Jour: Spread Your Wings (Thanks Bob!)


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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. Rik

    Mr Harrison,

    Shouldn’t “any Romance or Germanic language” read “any /Roman/ or Germanic language? “Romance language” I would associate with romance or the Romantic period.

  2. conor

    RE: Jeremy Warner’s article, Krugman versus Ferguson: Round Two

    Warner says: “But curiously, he now seems to buy the Cheney argument, which is that by cutting taxes and spending more, you can stimulate growth and therefore reduce the deficit.”

    This may be ignorance on my part (and correct me if I’m wrong), but I can’t remember Paul Krugman ever making any assertions about cutting taxes, that indeed he has always been consistent about increasing taxation on the rich.

    Those tax and spend liberals. *snort* It’s a heck of a lot better than no-tax and spend us into a hole conservatives. And heaven forbid don’t you touch Medicare and Social Security… But socialism is just SO EVIL!! And that’s why Obama is soooo evil, ‘cause he’s a socialist. *double snort*

    It’s what so many Americans just don’t understand: we get what we pay for.

    1. Cujo359

      I don’t recall having read anything by Krugman that said that. As close as he comes is saying that government deficits don’t matter right now. Anything I’ve read of his has always emphasized spending – on programs that create jobs, prevent state and local governments from collapsing, that sort of thing.

      Frankly Warner’s whole article struck me as carelessness intermixed with snottiness. If this is what he writes normally, I think he’d be better off chucking the markets thing and just writing a gossip column.

      1. craazyman

        Ed, I’ve already given, for free, the best one-liner in the history of macroeconomics to label the “Steemulate it Mon” crowd as opposed to the Austerians — “the Viagrans”

        And here is the theme song, from the eternal Bob Marley & the Wailers, this with the Viagran label is a pre-packaged deal to work in to NC or CW. Just give me a nod, but you can take the cash. LOL.

  3. tyaresun

    Re the LeMond claim:

    It is a witchunt against Armstrong because the real question is who does not use performance enhancement drugs in cycling and sports in general.

    1. curlydan

      The fact that LeMond and Landis have been all over the map regarding their claims on Armstrong in the past few years makes one wonder how much they really know. If Landis, in particular, had been more consistent, it would be more believable.

  4. Hugh

    The Germans (and Europeans) are screwed. Shäuble is just babbling. Germany will grow by cutting back. The G20 made progress even if it didn’t agree on anything. As for the stress tests, he sounds like he read Turbo Timmy and stole his lines. What doesn’t get mentioned is Club Med. You would think it didn’t exist except for a tangential reference to maybe pulling their voting rights if they don’t kowtow to German policy. The depth of ignorance and denial is staggering.

  5. tenletters

    Re Glen “Goldbug” Beck

    If the company was ripping people off wouldn’t they have more than 100 or so complaints out of hundreds of millions of sales? I’m no fan of ole Glenn but this seems like more of a PR attack on the gold coin buying trend and it’s barkers than anything else.

    1. aet

      Not necessarily…some things just scream for a class-action, if the individual rips are too small to take action over.

    2. Jojo

      I would find it hard to believe that the practices described in the story were limited to just a few sales reps and a few people. Management listens in to sales calls and they would know exactly what pitches and promises their sales reps are making.

      Having worked in sales for some time, business practices are usually the same throughout the whole organization. In a boilershop, everyone operates the same.

      1. aet

        I don’t watch much TV, so I don’t know their ads,but if they are representing that what they sell will increase in value after you’ve bought it, are they not in fact selling securities? And subject to all the riules and regs appertaining thereto?

        In what way would selling these coins, or painted plates,as an investment not be like selling securities?

    1. craazyman

      that was a link here about a week ago.

      wonder if they’ll slice ’em up for organ sales after they work them to death making plastic shit for exported junk that ends up in US landfills within a year.

      And some global financial giant will be in the middle, making a market, willfully oblivious to every fact on the ground, and sanctimoniously championing the liquidity they provide to drive efficiency of price discovery.

    1. aet

      Nice to see that there can still be consequences for those who ignore lawful summons to attend court proceedings.

  6. Knute Rife

    Why are you linking to Warner and Telecrap? His takes on the ’37 recession and Krugman’s ’06 comments are just neocon drivel. And Niall’s opinions rarely rise above the level of standard issue, post-modernist self absorption, his March article in Foreign Affairs being a recent, egregious example.

    1. aet

      Perhaps they are being linked as fine examples that plain common sense cannot ever be taken for granted.

  7. doc holiday

    A.I.G.: The First Test of Financial Reform?

    Random Link: The Treasury secretary would then decide whether to put A.I.G. into receivership based on a seven-factor test that requires him to determine whether A.I.G. “is in default or in danger of default” on its obligations and “no viable private sector alternative is available.” Importantly, the definition of default here is quite wide and includes a situation in which “the assets of the financial company are, or are likely to be, less than its obligations to creditors and others” or A.I.G. has depleted all or substantially all of its capital.

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