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While the surge in the ECB's balance sheet has been discussed to death on these pages, with a particular emphasis on what we believe the key correlation driver-cum-pissing contest of 2012 will be - namely the relative size of the ECB vs Fed balance sheets - it is often best to see things for oneself. Such as the fact that the balance sheet of the European Central Bank, which has been accused of not printing, has grown at the fastest non-pre apocalypse pace in history for a modern central bank (the only exception is the Fed, whose balance sheet grew from under $1 trillion to over $2.2
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(Reuters) - The PIMCO Total Return Fund, the world's largest bond fund, had $1.4 billion in outflows in December, according to fund analytics firm Morningstar.
While it might be a little premature, we thought an early reflection on the day's moves in commodities worthwhile. As COMEX copper closes -1.7%, its biggest one-day drop since 12/14, Gold and Silver are suffering similarly weak performances - even as the USD weakens. Oil, on the other hand, has staged its largest 5-day rally since 10/27. It seems the reasoning behind all of these moves is beyond mere mortal investors as newsflow is irksomely

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German President Christian Wulff contacted the publisher of Germany's biggest newspaper in an effort to stop the Bild from revealing details of a personal loan Mr. Wulff received from the wife of a wealthy businessman.

Read more: WSJ.com: World News

Previously it was Credit Suisse and Citigroup. Now it is Morgan Stanley's turn, as 580 employees in the firm's three New York office learn they are about to get the boot courtesy not of the HR department but the DOL's WARN website, which just happens to be the best real-time indicator for observing the transition of the soon to be former 1% into the 99%. From WARN: Date of Notice:  12/27/2011   Control Number: 2011-0193   Rapid Response Specialist:  Linda Foehr   Reason Stated for Filing:  Plant Layoffs   Company:  Morgan Stanley (Various NYC
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The garage startup occupies a mythic place in the technology world, with famous examples ranging from HP to Google. On the basis that if it worked for computers, it might work elsewhere, Rob Carlson wants to try it for biotech startups: if we want to maintain a healthy pace of innovation in biological technologies, it makes sense that we will need to foster a profusion of garage biotech labs. For those worried about the safety implications of synthetic biology labs springing up all over the place, he points out: the emerging model of community labs (Genspace, Biocurious, etc.) is a good foundation to build on. The FBI already has a program in place to engage these labs. And as it turns out, the President has already signed a document that states garage biology is good and necessary
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WASHINGTON (Reuters) - Defense Secretary Leon Panetta will this week unveil the results of a strategic review of security interests which will guide billions of dollars in military spending cuts over the next decade, officials said on Tuesday.
With 2011 rapidly winding down EuroIntelligence discusses the LIBOR-OIS spread, the ECB's Long Term Refinance Operation (LTRO) and the End of Yet Another Suckers’ Rally There is a depressing regularity about any apparent good news that comes from Europe these days. The markets cheer for a short period, and then revert to normality once they realise that the underlying problems have once again not been addressed. The good news this time was the higher than forecast take-up of the ECB’s

Read more: Mish's Global Economic Trend Analysis

"We have already seen cuts to services and increases in taxes and user fees, and we can expect a great deal more of that dynamic as central authorities emulate hypothermic bodies. In other words, they will cut off the circulation to the fingers and toes in order to preserve the body temperature of the core. This is, of course, a survival strategy, from the point of view of the core. But it does nothing good for the prospects of ordinary people, who represent the fingers and toes."

Read more: Implode-Explode Heavy Industries news feed

"China is the world's second-largest economy while Japan is the third largest, and the currency agreement is part of a move away from using dollars. Chinese officials have said recently they would like to broaden the global use of the renminbi, also known as the yuan, and want to see more countries move away from relying on dollars as the worldwide currency."

Read more: Implode-Explode Heavy Industries news feed

Every year, January 1st is "public domain day" around the globe. It's the day when all works that have had their copyrights expire enter the public domain, since copyright term is based on the year of publication, rather than the exact date. While some parts of the world still have something to celebrate on public domain day -- such as how the works of James Joyce are now in the public domain in

Read more: Techdirt

George W. Who?

“Republicans talk a lot about losing their way during the last decade, and when they do they’re talking about the Bush years. For Republicans, the Bush administration has become the ‘yadda yadda yadda’ period of American history.”

-Jack Pitney, a political science professor at Claremont-McKenna College.

>

Gee, I wonder why this is?

The AP reports on the elephant not discussed

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10 Tuesday PM Reads

My afternoon train reads:

• Why do stock prices rise every January? New year optimism. (Washington Post)
• Top Economists of 2011 (Making Of An Economist)
• How to Build Your Financial Dream

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South Korea will bolster efforts to counter illegal Chinese fishing in its waters, after a Coast Guard officer died after he was stabbed by a Chinese fishing boat captain earlier this month.

Read more: WSJ.com: World News

First it was Zero Hedge. Then Ron Paul joined in. Now it is the turn of a former Dallas Fed Vice President, Gerald ODriscoll, to outright accuse the Fed of bailing out Europe courtesy of "incomprehensible" currency swaps, and implicitly accusing Bernanke of lying that he would not bail out Europe even as he has done precisely that. And not only that: by cutting the USD swap spread from OIS+100 to OIS+50, the Fed has made sure it gets paid less than ever for extended Europe the courtesy of bailing it out all over again. Incidentally, O'Driscoll says, "America's central bank, the Federal
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Allianz-Manager

Allianz-Manager will Hunderte Milliarden von Lebensversicherungen und Pensionsfonds durch den Klima-Schornstein jagen. Es müsse dazu nur gelingen, ein Prozent der weltweit in Lebensversicherungen und Pensionsfonds angelegten Gelder zu aktivieren.

Last Updated on Tuesday, 27 December 2011 18:48 Read more...
The Greek government said that Greece must successfully complete negotiations with its creditors on a second bailout package to remain in the euro zone, adding to the stakes as officials prepare for new talks.

Read more: WSJ.com: World News

One of the great tasks facing humanity today is digitizing the world's books and liberating the huge stores of knowledge they contain. The technology is there – scanners are now relatively fast and cheap – but the legal framework is struggling to keep up. That can be seen in the continuing uncertainty hovering over Google's massive book scanning project. It can also be observed in some recent digitization projects like Cambridge University's Digital Library: Over the course of six centuries Cambridge University Library's collections have grown from a few dozen volumes into one
Read more...
"The developer aims to sell 4,000 apartments for the year ending March 2013, up from a 3,400 target for the current business year, Kamezo Nakai, president of Nomura Real Estate, said in an interview. The company was left with 42 unsold apartments in the three months ended September, the lowest in more than four years, according to its website."

Read more: Implode-Explode Heavy Industries news feed

China, along with the rest of the universe, continues to prove just how wrong Keynesians are about infrastructure/stimulus spending. Almost always, the result of such spending is a handout to politicos. It causes incalculable disruptions to the real economy. No matter how well-intentioned the pundits who begged for it were. As a result of the bad debts created, China will continue to devalue their currency and continue to have high inflation.

Read more: Bearish News

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