ekathimerini.com | Main chunk of Greece aid went to banks and wealthy investors, Attac says
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.
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 – NYTimes.com
Paul Krugman: Canada vulnerable to a ‘big deleveraging shock’ | Economy | News | Financial Post
Istanbul shaken by fresh violence – FT.com
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