(includes fantastic chart, courtesy of Jan Hatzius of Goldman Sachs, showing just what the Taylor Rule would prescribe for Fed Funds: -6%!)
What Obama Must Do: A Letter to the New President. Paul Krugman, Rolling Stone.
Bernanke hints banks, economy in much worse shape than previously admitted. Michael Shedlock, Global Economic Analysis.
2009 Forecast Episode II: Deflation Strikes Back. Accrued Interest.
How diabolically desparate are the oil exporting states? John Hempton, Bronte Capital.
Lessons from shorting JGBs - the credible promise to be reckless. Hempton again.
Will China lead the world into depression? Amrose Evans-Pritchard, Telegraph.
E-P discusses warnings from Albert Edwards, of Soc Gen.
The bond bubble is an accident waiting to happen. Evans-Pritchard again.
Wolf versus Pettis on US stimulus, fiscal deficit (not for the fainthearted). Yves Smith, naked capitalism. Smith's key takeaway from Wolf's and Pettis' arguments: "Rather than take any tough measures, the US is opting for expedience, which means only tackling surface aspects of the underlying malaise. We are going down the Japan path when we have much lower savings rates (meaning we cannot handle our problems internally) and less social cohesion."
Some cautionary observations from Marc Faber. Yves Smith.
The U.S. can't unilaterally inflate. NDK's Notepad. (hat tip, naked capitalism)
Watch out world, Americans are saving again. Paul Kedrosky, Globe and Mail.
Things I don't care about or believe in. Paul Kedrosky, Infectious Greed.
And, for a bit of levity, two video clips: Bird and Fortune: Silly Money. Calculated Risk.
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