Saturday, May 10, 2014

Today's Links

1--Putin's roadmap, (text), Kremlin

This is the crux of the matter, and it is for this that we need the dialogue we have been talking about today.

2--Fed Homes in On 'Shadow Banking, WSJ'
(5 years too late)
Yellen Outlines Case for More Oversight for Asset Managers...

If the failure of one firm could cause a systemwide crisis, "that's a reason for them to be designated and subject to risk standards and potentially capital and liquidity standards that would reduce the odds that they could fail," Ms. Yellen said.

3--Iraq: Sixty Nine Days In Fallujah General Hospital Emergency Department, Pravda

Hospitals are afforded special protection under the 1949 Geneva Convention as are all staff, not alone medical, but drivers, clerical, cleaners, cooks, maintenance. Attacking one is a war crime. But the troops have learned well from the Americans who of course boasted of training them and who on Sunday 7th November 2004: "...  stormed the Falluja General Hospital.

"They rounded up all the doctors, pushed them face down on the floor and handcuffed them with plastic straps behind their backs. With the hospital occupied, those wounded by the U.S. aerial bombings headed to the Fallujah Central Health Clinic. And so at 5:30 a.m. on Tuesday, November 9th, U.S. warplanes bombed that clinic as well, killing thirty five patients, fifteen medics, four nurses, five support staff and four doctors according to a doctor who survived. U.S. fire also targeted an ambulance, killing five patients and the driver."

The OECD, meanwhile, urged Prime Minister Shinzo Abe’s government to promote structural reforms and raise Japan’s consumption tax rate to 10 percent next year as scheduled to attain its goal of restoring the country’s precarious fiscal health.
“While the recent pick-up in inflation is encouraging, it could undermine the recovery unless it is accompanied by a matching rise in wages,” the OECD said, expressing concern over the potential negative impact of a sharp increase in consumer prices, as the Bank of Japan is implementing aggressive monetary easing to haul the country out of deflation.

In Japan, fears are lingering that wages are unlikely to grow at a pace that can help prevent a downturn in consumer spending and investment following price rises, including the effects of the 3-percentage-point consumption tax hike to 8 percent from April 1.
Tokyo’s consumer prices, seen as indicating nationwide price moves down the road, climbed 2.7 percent in April from a year earlier, the biggest increase in 22 years.

5--Whither Japan Stocks: Forget Abenomics. Focus On Companies, Forbes

This short, three day trading week has been an emotional roller coaster for investors in Japanese stocks.  (Disclosure:  I have small personal holdings of TMC.)
On Wednesday, May 7, the first trading day after Japan’s long Golden Week holiday, Japan’s Nikkei 225 stock average plunged by 2.9%, or 424 yen, closing at 14,033 yen. The drop sent the Nikkei below the level of one year ago, spurring commentators to opine that Abenomics is on the brink of ignominious failure, and suggesting that even this level of stock prices may be unsustainable.
If Abenomics’ “third arrow” can deliver a reduction in the corporate income tax rate, it will certainly be a plus for the market, and for profitable companies.  But this is a big “if.”

6---Yen may soar if BOJ misses inflation goal, JT

7--Doug Kaas: “This Is The First Shot Across The Bow” , zero hedge

8--Siege of Leningrad, Wikipedia

The Siege of Leningrad, also known as the Leningrad Blockade (Russian: блокада Ленинграда, transliteration: blokada Leningrada) was a prolonged military operation undertaken by the German Army Group North against Leningrad—historically and currently known as Saint Petersburg—in the Eastern Front theatre of World War II. The siege started on 8 September 1941, when the last road to the city was severed. Although the Soviets managed to open a narrow land corridor to the city on 18 January 1943, the siege was finally lifted on 27 January 1944, 872 days after it began. It was one of the longest and most destructive sieges in history and overwhelmingly the most costly in terms of casualties.[

9--Ukraine crisis EXCLUSIVE: US and Europe planning to ‘cut off’ Russia’s gas supply, independent

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