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News from around the web: 2009-10-11
FT.com – Latvian contagion
There will be contagion: Lithuania and Estonia at a minimum.
bubbleinfo.com » Only The Shadow
Gives you a taste of the extent of the shadow inventory overhang
“Capitalism: A Love Story” « naked capitalism
Wonderful post on Michael Moore’s new movie.
Letting Data Die A Natural Death
T-mobile lost a bunch of data… permanently. This is a big deal. How can you protect yourself?
On the government’s owners – Glenn Greenwald – Salon.com
On how the government is completely captured
China objects to U.S. steel pipes probe | Reuters
More protectionist strains in global trade
Economist’s View: "Global Imbalances and the Financial Crisis: Products of Common Causes"
Good additions to debate on imbalances
California Budget Is Already in the Red 10 Weeks After Passage – Bloomberg.com
The budget there is a black hole
Anger as Iceland battles to recover
Icelanders remain angry at the economic collapse
FT.com – German rift opens over Opel sale
Will the FDP put the Kibosh on this? Spain, UK and Belgium will add pressure.
Citigroup to sell Phibro unit to Occidental for $250m – Telegraph
Selling off everything at Citi. Seems like a low price
How Chinese men searching for “village of hot lesbians” broke the Internet in Sweden
Another internet hoax makes a stir in China
Morgan Stanley Set for Profit, but Goldman Ahead – DealBook Blog – NYTimes.com
Expectations are for big profits on Wall Street
Irish banks to be hit by EU dividend ban – Independent.ie
The ban is because of the state aid the firms receive
Current account surplus surged 10.4% in August | The Japan Times Online
Japan is back to huge surpluses.
FT.com – US retailers in first gain since 2008 crisis
Again, retail sales is up. That’s big news.
Is F.H.A. the Next Shoe to Drop? – DealBook Blog – NYTimes.com
Yes, the FHA is in big trouble.
How to make Firefox Portable your default web browser
Very cool hint for anyone who uses a USB stick.
Why the ‘peak oil’ debate is irrelevant – New Scientist
Or rather why oil production will decline.
Roubini says housing market hasn’t bottomed | Reuters
10 percent more coming.
Consumer prices continue to fall – Independent.ie
Ireland in a deflationary depression.
House prices ‘have further 17pc to fall’ – Telegraph
Fitch says the recent increase is a false dawn
Leaked Hotmail Data Shows Poor Choice Of Passwords
This serves as an example of why one needs a more secure password.
I-Believe-in-Strong-Dollar Turns Relic as China Begs – Bloomberg.com
A strong dollar policy is not credible
Obama, Does It Take Winning A Nobel To Get An Email From You? What #Obamashould Do.
Must read.
U.S. states suffer "unbelievable" revenue shortages
This counteracts any Federal stimulus.
Google Android Search Just Became Awesome
Google has a long way to go to be as user-friendly as the iPhone.
The AT&T vs Google Voice War Erupts Over Sex Lines
I fully support Google here.
Distraction of the Day: Celebrity Look-a-likes with a twist
About Edward Harrison
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.
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Edward,
When the effects of the housing shadow inventory hit, are we better off to be in bonds? gold? how about foreign bonds?
Barry
Sorry it took me a long time to respond, Barry. The shadow inventory overhang is one thing that makes me feel we are not off to the races – and that’s a good thing as far as asset price inflation goes. I prefer gold to bonds because gold represents a fiat currency hedge whereas bonds are good more as a safe haven and in deflation. If we do get any inflation to speak of via a dollar rout, expect bonds to get crushed.