Links: 2013-06-18 | Main chunk of Greece aid went to banks and wealthy investors, Attac says

EU car sales at 20-year low – Tourism News | Travel & Tourism Industry News | The Irish Times – Tue, Jun 18, 2013

Macro and Other Market Musings: The Tapering Talk and Rising Yields Are a Sign of Recovery

What the bond market is telling the Fed | Gavyn Davies

“The nominal yield on 10-year treasuries has risen by 56 basis points since early May. This entire move, and more, has been due to a rise in the real bond yield, while the break-even rate of inflation has fallen fairly sharply. The rise in the real bond yield is a sign of normalisation in the economy, which had to happen sooner or later. Taken in isolation, that might be viewed as welcome.

But the decline in inflation expectations is more troubling”

G-8-Gipfel in Nordirland: Fremdeln mit Obama – SPIEGEL ONLINE

The NSA scandal and Syria have severely damaged Barack Obama’s standing amongst European leaders. At the G-8 in Northern Ireland, he is getting the cold shoulder.

Philadelphia Closes 23 Schools, Lays Off Thousands, Builds Huge Prison

Fitch says China credit bubble unprecedented in modern world history – Telegraph

German economy to slow this summer, warns Bundesbank – Telegraph

Detroit default, plan, break ground in municipal market: Moody’s | Reuters

BBC News – China’s Tianhe-2 retakes fastest supercomputer crown

Supreme Court invalidate Arizona voter registration law | Reuters

BBC News – Merkel tells young Europeans to move to find work

Analysis: Fed-induced selloff has investors hunting for bargains | Reuters

Former Bank of America workers allege it lied to home owners | Reuters

Altkanzler : Schmidt zweifelt an Merkels Finanzkompetenz – Nachrichten Wirtschaft – DIE WELT

Very interesting – if partisan intervention by Helmut Schmidt. He says he doubts the economic competence of the Chancellor and points to the lack of wage growth and a burgeoning current account surplus as a sign that she doesn’t know what she’s doing. He says the two are directly related and that wages need to rise. I think this is exactly right.

Treasury Identifies Virtual Currency Provider Liberty Reserve as a Financial Institution of Primary Money Laundering Concern under USA Patriot Act Section 311

German wage rises, exports offer hope for euro zone | Reuters

Moody’s warns on China local government debt, financing vehicles | South China Morning Post

1,200 years later, lost city discovered in the jungles of Cambodia | The Verge

Worthwhile Canadian Comparison –

Paul Krugman: Canada vulnerable to a ‘big deleveraging shock’ | Economy | News | Financial Post 

Istanbul shaken by fresh violence –

Greek prime minister backtracks on decision to close public broadcaster | World news |

Brazil protests: beware the power of Facebook | beyondbrics

What is neoclassical economics – a rejoinder to Noahpinion | LARS P SYLL

China’s credit is literally off the charts – Telegraph Blogs

Detroit defaults on some debt to avoid bankruptcy filing | Reuters

IMF denounces US fiscal policy –

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