Wednesday, November 20, 2013

Today's links

1---Obama sinks to Bush's popularity, CBS

President Obama's job approval rating has plunged to the lowest of his presidency, according to a new CBS News poll released Wednesday, and Americans' approval of the Affordable Care Act has dropped to its lowest since CBS News started polling on the law.

Thirty-seven percent now approve of the job Mr. Obama is doing as president, down from 46 percent in October -- a nine point drop in just a month. Mr. Obama's disapproval rating is 57 percent -- the highest level for this president in CBS News Polls

2---Against the Bolivarian Revolution--On the Warpath in Venezuela, counterpunch

3--What Recovery? Ian Welsh

Ok, enough, the Dow just skirted 16K and I’m here to tell you that virtually the entire run-up of the stock market is based on one thing, and one thing only, the Fed pumping money into the markets.  That is it, that is all.  Since the market bottom the market has more than doubled, but jobs aren’t even close to recovering as a percentage of the population, Europe is still in crisis, and oil prices are still ludicrously high.

4---The end of US deleveraging, macrobusiness

5--Castro: Oswald didn't kill Kennedy, Bloomberg

6---Bubbles, interest rates and full employment., VOX
The presentation of Larry Summers at a recent IMF conference has generated a good amount of comments
7---IMF prepares to provide cheap money forever so banks can continue to roll over debts, IMF
We should not dismiss the possibility, raised by Larry Summers that we may need negative real rates for a long time.   Countries could in principle achieve negative real rates through low nominal rates and moderate inflation.  Instead, we are still facing today the danger of an adverse feedback loop, in which depressed demand leads to lower inflation, lower inflation leads to higher real rates, and higher real rates lead in turn to even more depressed demand.

Turning to liquidity provision:  in advanced countries (but, again, the lesson is more general), we have learned that runs are relevant not only for banks, but also for other financial institutions, and for governments.   In an environment of high public debt, rollover risks cannot be excluded....

In short,  monetary policy will never be the same after the crisis.  The conference helped us understand how it had moved, and where we have to focus our research and policy efforts in the future.

8--Inflation watch: Too Low, econbrowser

9---Junk Glistens Under ‘Bernankecare’ as Worst Stocks Win, Bloomberg

10--Dow hits new record amid deepening world slump, wsws

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