News: 2014-01-02

Happy New Year! I have a BIG list of links for you today.

This is the first post of 2014. I wish you a safe and satisfying new year.



Edward Snowden, Whistle-Blower –

This editorial from the NYTimes editorial board is significant as the paper calls Edward Snowden a Whistleblower, giving official and mainstream media support for that moniker 

The NSA Uses Powerful Toolbox in Effort to Spy on Global Networks – SPIEGEL ONLINE

NSA’s ANT Division Catalog of Exploits for Nearly Every Major Software/Hardware/Firmware | LeakSource

Apple Denies Working With NSA On iPhone Backdoor – Arik Hesseldahl – News – AllThingsD

French Contractors Jump Into Market for Secure Communications. –

Alleged Snapchat hackers explain how and why they leaked data on 4.6 million accounts | The Verge

Walt Mossberg and Kara Swisher launch Re/code news site, Code Conference series | The Verge

Windows 8.x Busts Past 10% Market Share As Windows 7 Rises, XP Falls | TechCrunch

You won’t believe what viral content does to news –

4.6 Million Snapchat User Names and Phone Numbers Leaked (Check Yours)

Spotify streaming surge boosts record labels – Telegraph

Apple says never worked with NSA on iPhone hacks | Reuters



“Stop Talking About Yasukuni; The Real Problem Is Yūshūkan” – James Fallows – The Atlantic

The coming of Abegeddon | South China Morning Post

John Quiggin – Austerity in Australia, 1980s style

China gives local governments go-ahead to roll over debt –

Local Government Debt Audit Sheds Light on What’s Ailing China – Real Time Economics – WSJ

China final HSBC factory PMI dips to three-month low in December | Reuters

China house prices show signs of stabilizing: surveys | Reuters

Singapore GDP Contracted Last Quarter as Output Eased: Economy – Bloomberg

Asia Themes 2014: North-South Divide Widening – Real Time Economics – WSJ



Bond Funds Post Record $80 Billion in Redemptions in 2013 – Bloomberg

The big story of 2013 that hasn’t found it’s way into many headlines is that bonds were slaughtered. We had the worst year since 1994 for Treauries. But no one has focused on this even though we could see yields climb higher.

CWS Market Review – January 1, 2014 | Crossing Wall Street

“ Last year was a great year for Wall Street and for our Buy List. I’m pleased to report that our Buy List beat the market for the seventh year in a row. Thanks to everyone for your support. Our strategy of focusing on high-quality stocks and low prices continues to pay off.“

Berkshire Seen Failing Buffett 5-Year Test for First Time – Bloomberg

Tepper, Tudor and Paulson Were Among 2013’s Big Winners –

Catalyst For A Market Crash? – Business Insider

Yields on Puerto Rico Bonds Hit High –

Commodities Set for First Drop in 5 Years as Corn to Gold Tumble

Deutsche Bundesbank – Bundesbank – Basic rate of interest pursuant to section 247 of the German Civil Code

Deutsche Bundesbank – Press releases – Announcement of the basic rate of interest as of 1 January 2014: basic rate of interest reduced to -0.63%

More Irish firms to accept virtual currency Bitcoin instead of euro –

Why don’t economists like Bitcoin? | The Verge

Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct – Bloomberg

Links do not equal endorsements. Since this headline is so strong I need to remind you! :) MUST READ though



Euro zone factories end 2013 on a high, but France a worry: PMIs | Reuters

German firms transplant European apprentice model to US | World news | Guardian Weekly

Greece assumes EU presidency as anger towards Brussels grows | World news | | Greece: Numbers improve, problems worsen in 2014 | Suspect testifies in German arms bribery case

British manufacturing growth eases slightly in December – Telegraph

RBS leaves taxpayers £14.5bn out of pocket five years on from bailout | Business | The Guardian

November house prices highlight wide regional differences | Money |

Latvia to Become 18th Euro Member Amid Public Resentment – Bloomberg

Latvia reluctantly joins euro after shock therapy, but controversy rages on – Telegraph

Romanians step onto UK soil into glare of political controversy –

The State of the Euro, In One Graph –

Echoes of Spanish crisis haunt Italian banking sector | Capital City | IFRe

Turkey facing ‘mini-coup bid’, says deputy PM – Europe – Al Jazeera English


North America

Interview with John Cochrane

Private mortgage insurance helping the return of jumbo loans | 2013-12-31 | HousingWire

Four Years Into Economic Recovery, America’s Fertility Rate Remains Depressed – Real Time Economics – WSJ

End of Retirement – Bloomberg

55% of US households with a head aged 55-64 have no pension retirement benefits.

At 77 He Prepares Burgers Earning in Week His Former Hourly Wage – Bloomberg

Home Prices in 20 U.S. Cities Climb by Most in Seven Years – The Washington Post

Calculated Risk: Case-Shiller: Press Release and Graphs

Five Challenges for the Federal Reserve in 2014 – Real Time Economics – WSJ

The Complete List of Everything Banned by Mayor Michael Bloomberg

Toronto condos: 2014 to be the year of The Big Move | Toronto Star



Dolphins caught chewing on fish to get high | The Verge

Wow this is doge | The Verge

Malarkey – Irish Potato Fanmine

I’m siding with Don Bodreaux on this one. Anyone who knows the history, knows that the Irish potato famine was NOT the result of free market forces but of a system of repression and tariffs.


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