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Will the eurozone crisis send the gold price soaring? – Telegraph
Pressure grows on European Central Bank to start printing money.
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It’s time for you to fire the silver bullet, Mr Draghi – FT.com
The European Central Bank, now led by Mario Draghi, must accept its role as the lender of last resort in Europe. The ECB could stop the panic engulfing Italian and Spanish government bond markets, and it is the only institution in the world with this power.
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Bundesbank rejects calls to fund euro zone rescue | Reuters
Bundesbank President Jens Weidmann pushed back on Tuesday against growing pressure from world leaders for euro zone central banks to play a greater role in supporting states mired in the bloc’s debt crisis.
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Mr Berlusconi had said he wanted to show global markets that the country was "serious" about sorting out its finances. But on Wednesday morning, Italy’s 10-year government bond yield – the rate the country pays in interest to borrow money – rose above 7% for the first time since entering the euro.
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German wise men warn ECB is risking credibility | Reuters
Germany’s "wise men" panel of economic advisers warned the European Central Bank it risks losing credibility by buying the bonds of heavily-indebted euro zone states, and that monetary and fiscal policy are becoming worryingly blurred.
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Germany’s hardline attitude is making the situation in Europe worse | Business | guardian.co.uk
It is becoming increasingly obvious that while it might be morally right that countries put their own house in order and private investors take a loss on their loans, Germany’s hardline attitude is making the situation worse
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Wall Street Ignoring Europe? – Tim Duy’s Fed Watch
Yes, Europe is bad. And getting worse. By the time European policymakers reach an agreement, the goalposts have moved. They are literally looking into the abyss, caught like deer in the headlights. And like the US in 2007, they cannot avoid the abyss. And yet, US equities markets hang on, edging upward in the apparent belief – or delusion – that a European financial crisis will not filter back into the US. I hope that is correct, but suspect it is not. And if it not correct, I don’t anticipate equities will react until it is obvious corporate profits will suffer.
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Paul Volcker says Volcker rule too complicated | Reuters
The Volcker rule is too long and complicated and financial lobbyists are to blame, said the man who gave his name to the new regulation on bank trading.
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Chinese inflation in sharp fall to 5.5% – FT.com
Chinese inflation fell sharply in October to 5.5 per cent year-on-year, the lowest in five months, clearing the path for a slight easing in monetary policy to support growth.
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NBA Says They Can Still Salvage A 10-Game Season | The Onion Sports Network
"If we continue to push ourselves through 13-hour days as we have been, we’re probably only six or seven months away from breaking the impasse," NBA commissioner David Stern told reporters. "We know the fans want to see this season happen, so we’re doing everything in our power to give them a whole week of games in early April before their team hits the offseason."
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Stuyvesant Town Bondholders Face Losses From Court Decision on Rent Costs – Bloomberg
Bondholders are one step closer to having to reimburse residents of Manhattan’s largest apartment complex for excessive rental costs after a court decision last week, according to Deutsche Bank AG. The tenants are seeking more than $215 million for past rent overcharges plus legal expenses and damages, according to Deutsche Bank.
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Don’t panic, China’s economy is not on the rocks yet – FT.com
while there should be little doubt that China has a very difficult economic adjustment ahead – with Beijing policymakers increasingly aware of the challenge – today’s panic may be no more justified than yesterday’s euphoria. If the adjustment is well managed the Chinese financial system will not collapse and the social cost will be minimal. It will, however, require Beijing to become serious about transferring wealth from the state to the household sector.
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Michael Tomasky: Penn State Coach Joe Paterno’s Moral Fall – The Daily Beast
A boy Sandusky had seduced with promises of things like tickets to games and visits to the mighty Penn State locker room. A graduate assistant, also a former star quarterback and today still an assistant to Paterno, saw it and went to his father. His father told him to go not to the police, according to the report, but to Paterno. The great man would make it right.