Links: 2013-07-24

I have a bit of a backlog of links that I am releasing here. So some of these links are from late last week. Expect a lot more tomorrow. On Friday, I will be in transit the whole day and will probably not post.


United States 

Caterpillar slashes outlook, plans more cost cuts | Reuters

Jim Chanos is short Caterpillar I understand. He believes the slowdown in China will have a material impact on the company

Defense firms weathering budget cuts more easily than expected – The Washington Post

Weiner Not Dropping Out of NYC Mayoral Race |

Right now, Larry Summers is the front-runner for Fed chair

Shock and Awe(ful) – Tim Duy’s Fed Watch

The Time Bernanke Got It Wrong –

From late last week:

“It is amazing that a lot of criticism of the Federal Reserve today focuses on what it clearly got right — the response to the debt crisis in 2008 and thereafter, a response that may well have prevented Great Depression II — and not on what it got wrong: policies that allowed the dangerous imbalances to grow and bring on the crisis. “

Why Yellen should be the next Fed chair | FT Alphaville

Key Mistakes Sway Jury in Zimmerman Trial

Demography: Broke in the ’burbs | The Economist

Elizabeth Warren, hard-liner – Burgess Everett and Manu Raju –

New home sales hit five-year high, prices soar | Reuters

U.S. House Prices Climbed 7.3% in Year Through May – Bloomberg

Detroit will start a wave of municipal bankruptcies –

America in the 1970s: New York City – In Focus – The Atlantic



A Grexit is starting to look more feasible for Athens –

I think you should read this and keep the following in mind:

“In private conversations with policy makers, I only rarely encounter someone who tells me with a straight face that Athens could stabilise its economy at full employment while happily servicing its current debt in full.”

Fifth of Greeks live below poverty line – Telegraph

Irish house prices record annual rise for first time since 2008 | Business |

Belgium to Crown Seventh King Amid Doubts About an Eighth – Bloomberg

BBC News – The Vatican Bank is rocked by scandal again

Eurozone ‘could exit recession’ in third quarter – Telegraph


Asia and EM

Signs Suggest China Warming to Stimulus Amid Bad Economic News –

China capitulates – Telegraph Blogs

I have been saying this would happen eventually.

“Already we hear talk of more investment on railway projects, social housing, infrastructure, green energy, sewage, broadband and G4, the tried and tested levers of fiscal stimulus.

Ting Lu from Bank of America calls it the “Li Keqiang Put”. That is certainly what it looks like.”

From copper to cameras; feeling the heat from China slowdown | Reuters

“China’s manufacturing engine lost further momentum in July and the job market weakened, a survey showed on Wednesday, complicating a transition to consumer-driven growth and boding ill for so many leveraged to the world’s second-largest economy.”

China: Record Downgrades Foreshadow First Onshore Default – Bloomberg

China Imports Punish Low-Wage U.S. Workers Longer, Study Finds – China Real Time Report – WSJ

BBC News – Japan exports continue to recover on a weak yen

“Japanese exports continue to recover, rising for a fourth month in a row in June, boosted by a weak yen and a revival in demand from Europe.” 

BBC News – What is wrong with India’s economy?

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