Financial News Links: 2010-12-19


We have just a few stories today from around the web. Three come from Europe on Irish collateral at the ECB, Spainsh bank restructuring in Europe, and Spanish over-buildings effects on Spanish banks. The U.S. story is about Ron Paul and his likely tactical agenda as head of the committee overseeing the Federal Reserve in Congress. The four articles at CW have two on China, one on municipal bonds and a fourth on the capture of the state by financial interests. Enjoy.

The Usual Fare

Credit Writedowns

  • Chinese growth in 2011: Michael Pettis writes that Chinese GDP growth would average 5-7% annually over the rest of the decade. Will that be a disaster? It depends on how it takes place.
  • Financial Interests Dictate Sovereign Policy: Michael Hudson writes that the financial sector is trying to get politicians to siphon off money from labor and industry to pay bankers. This will impede capital formation and living standards.
  • Muni Bonds: Tax Free Doesn’t Mean Worry Free: Kevin Brekke of Casey Research writes that we should expect the trend where states outlaw, or intervene in, the ability of municipalities to choose bankruptcy to continue.
  • China and U.S. – Driving in Different Directions: John Lounsbury writes that Chinese auto sales are on track to far exceed the all-time U.S. record (2005) as early as next year.

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