Prieur’s readings (March 24, 2010)

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This post provides links to a number of interesting articles I have read over the past few days that you may also enjoy.

• Brett Arends (MarketWatch): It’s a jungle out there, March 23, 2010. 10 things Michael Lewis can teach us about the economy.

• Robert Reich (Financial Times): Recovery depends on Main Street, March 23, 2010. Can the American economy recover if only its big global companies, Wall Street and high-income Americans are doing better but its small businesses and middle and lower-income Americans are not? The short answer is no.

• Editorials (Chicago Tribune): Victory – at what cost? March 21, 2010. In reality, if you strip out all the gimmicks and budgetary games and rework the calculus, a wholly different picture emerges: The health care reform legislation would raise, not lower, federal deficits, by $562 billion.

• Moody’s Investors Service (via Zero Hedge): Dodd bill may reduce systemic support for bank debt, March 2010. On March 15, 2010, Senator Christopher Dodd, chairman of the Senate Committee on Banking, Housing, and Urban Affairs introduced a financial reform bill for consideration by the Senate. The proposed bill increases regulatory power over many financial companies, mandates not only clearing but exchange trading for derivative transactions, and creates new resolution powers for failing large non-bank financial companies, including bank holding companies.

• Rana Foroohar and Melinda Liu (Newsweek): It’s China’s world. We’re just living in it, March 12, 2010. The middle kingdom is rewriting the rules on trade, technology, currency, climate – you name it.

• Vitaliy Katsenelson (Christian Science Monitor): China – the coming costs of a superbubble, March 16, 2010. China may seem to have defied the recession and the laws of economics. It hasn’t. When China’s bubble bursts, the global impact will be severe, spiking US interest rates.

• Kevin Brown (Financial Times): Asia’s inflation genie leaps out of the bottle, March 18, 2010. In many countries, the inflation genie is leaping out of the bottle, generating the biggest swings in year-on-year consumer price indices in the region since the 1997-98 Asian financial crisis.

• Martin Wolf (Financial Times): Excessive virtue can be a vice for the world economy, March 23, 2010. Germany is wrong to reject a role in rebalancing global demand. Beggar-my-neighbour policies to boost exports cannot work for everybody.

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• Doug Kass (TheStreet.com): Moving on, March 22, 2010. The discipline of recognizing the errors in the timing of one’s analysis and, even more important, respecting Mr. Market’s price action are integral parts of the investment equation – whether or not the price action is later confirmed or unconfirmed by the fundamentals.

• Rowena Mason (Telegraph): Oil reserves “exaggerated by one third”, March 22, 2010. The world’s oil reserves have been exaggerated by up to a third, according to Sir David King, the Government’s former chief scientist, who has warned of shortages and price spikes within years.

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