News: 2013-11-26

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Obama’s Weekly Job Score Ties His Lowest

China Government-Bond Yields Soar –

Troll wins Newegg encryption patent case, threatening web firms that protect customers — Tech News and Analysis

Mario Seccareccia: Larry Summers, Secular Stagnation, and the Crisis of the New Consensus Model « naked capitalism

This is a must-read post for a couple of reasons. First, while dense, the post makes clear that the “natural rate” of interest is an artificial construct of neoclassical economics of limited utility based on a loanable funds worldview. I think the “natural rate” can be beneficial as a way of thinking about how people respond to low nominal rates, but taken to its logical conclusion here, you can see it is problematic.

Second, while I disagree that Summers and Krugman are talking in an anti-fiscal way, they are talking as if monetary policy is the only game in town. They are acting as if fiscal policy is not politically viable and so we should lean extra heavily on monetary policy. My claim is that this heavy lean on monetary policy is inherently geared to financial assets.

Zero-hours contract workers in UK find their shifts are cancelled at will | UK news | The Guardian

Canadians Still Borrowing Heavily, Still Paying it Back – Canada Real Time – WSJ

“Canadian households pushed their total borrowing to new highs in recent months, with the debt-to-disposable income ratio reaching a record 163.37% in the April-to-June period.”

Data Suggest Canadian Consumers Not Scaling Back – Canada Real Time – WSJ

El déficit público se mantiene en el 4,8% en septiembre | Economía | Cinco Días

Total Spanish government debt including the regions is 4.8% of GDP through September. The State’s portion of that is 3.61% versus 3.33% last year.

El déficit del Estado hasta octubre supera el del año pasado | Economía | EL PAÍS

Spain’s federal deficit this year is larger than last year’s. Through October the deficit is 3.61% of GDP versus 3.33% in 2012.

Carlyle relives boom years with $13bn fundraising –

“The Carlyle Group has underlined the return of the large buyout funds that were a trademark of the boom years after it secured $13bn for its flagship North American vehicle.”

Cyber Monday Every Day as IPhone Users Shun Retail Stores – Bloomberg

German Amazon workers strike in long-running dispute over pay | Business | The Guardian

“Amazon has confirmed it will soon be opening three new distribution centres in Poland, leaving German employees nervous that their jobs will go to Polish workers across the border if industrial action continues to disrupt business.”

The role of dark inventory in the commodities bull run of 2008 | FT Alphaville

China launches antitrust probe into Qualcomm –

BBC News – Yahoo hires Katie Couric as new global news anchor

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