Links: 2009-06-26

• ‘Stoned wallabies make crop circles’ – BBC News

  "Australian wallabies are eating opium poppies and creating crop circles as they hop around "as high as a kite", a government official has said."

• Is an Ugly Baby Harder to Love? – Time

  A small new study suggests we\’re wired to appreciate beautiful babies more than unattractive ones, but does that say anything about our ability to parent?

• Thinking About Michael – The Daily Dish | By Andrew Sullivan

  A good summation of how tragic this man’s life was and the reflection he is on our society.

• Sources: Suns agree to send Shaq to Cavaliers – ESPN

  Huge trade. "The Cleveland Cavaliers and the Phoenix Suns have come to an agreement on a blockbuster trade that will send Shaquille O’Neal to Cleveland to team with LeBron James, according to sources."

• Inflation – the real threat to sustained recovery – Alan Greenspan, FT

  Greenspan makes the case both for targeting asset prices and against government infrastructure stimulus.

• China argues to replace US dollar – BBC News

  As I have been saying for months, the Chinese want a change. Eventually, they will get one.

• ‘Spendaholic’ singer dies in debt – BBC News

  Very sad. He is a tragic figure. "Michael Jackson, one of the biggest and most successful pop stars of all time, ended his days deeply in debt…The irony is that with music channels and radio stations replaying his greatest hits, Sony, his record label, may reissue the songs that made his name and his fortune. Once again, the Michael Jackson machine will generate money."

• Jackson cancellations to hit AEG – BBC News

  Who’s Bad? "AEG Live, the organiser of Michael Jackson’s concerts at the 02 arena, could lose millions from the cancellation of the concerts."

• Rift between Darling and King widens – Guardian

  Maybe because King has a spine and Darling doesn’t.

• Singer Michael Jackson dies in Los Angeles aged 50 – Telegraph

  Wow!

• "What Can I Do?" – Robert Reich

  How can we stop the reform agenda Obama promised from getting derailed. "We must make Obama do the right things. Email, write, and phone the White House. Do the same with your members of Congress. Round up others to do so."

• California’s Rating Cut to A- by Fitch Amid Deadlock
• Fed Email Excerpts: ‘Nationalization Here We Come’ – Real Time Economics

  Real excerpts of emails from Fed employees as the crisis unfolded. Interesting suff

• Conventional Wisdom About Credit Default Swaps – James Kwak

  I have been meaning to mention the custom derivatives loophole for some time. While I am not a fan of clearinghouses, I am less enthralled with loopholes because we know that eventually firms will exploit this loophole in order to continue business as usual. And remember, the CDS market is a huge regulatory arbitrage. If it exists at all, it must be fully regulated and exchange-traded full stop. Yet another reason why the Obama white paper is not on the mark.

• Is China Inc. Overpaying in Its Merger Deals? – Deal Journal

  Interesting piece which says that China is so desperate to get access to natural resources that it can and does pay above market prices in mergers.

• Risk of major social upheaval likely if bank bonanza continues – Marshall Auerback

  Always very provocative, Marshall thinks social unrest could happen in America too.

• The Rant that Explains Why Dylan Ratigan Left CNBC – Gawker

  He seems like a straight shooter. But, this is too good – he goes ballistic! I remember Ratigan on Bloomberg, when he used to beat up on Brian Sullivan playfully.

Distraction of the Day: Michael Jackson