I'm trying to post links almost every day to articles in the mainstream media and the blogosphere --- and also from the academic community or other thinktanks --- that are of real interest and provide some valuable insight into what's going on in the economy and the markets. I'm generally trying to post the best (however I subjectively evaluate that) 10 or 20% of what I read; some days are resource-rich and I post numerous links, while other days there's but one or two. But a lot of that material is of the day-to-day variety. And I doubt that my blog readers are reading everything I've linked to. So I've decided that about once a month, I'll re-post links to the articles that I consider essential reading --- in the sense of providing a unique insight into the big picture considerations for the economy. Needless to say, I will have my biases on how I choose what to post as such (don't expect to see anything from Malpass or any of Kudlow's other cronies), so its likely that much of that will have a Minskian-approach and/or be otherwise related to the big picture themes of this blog, principally the importance of debt and the likelihood of deflation.
In that vein, and at the risk of being presumptuous, the following are the articles from the last month or two that I consider essential reading:
Baseline scenario, February 9, 2009. Peter Boone, Simon Johnson and James Kwak, The Baseline Scenario.
On the urgency of restructuring bank and mortgage debt, and of abandoing toxic asset purchases. John Hussman.
Lessons from Swedish bank resolution policy. Lars Jonung, Euro Intelligence.
No return to normal. James K. Galbraith, Washington Monthly.
The global financial crisis: how bad will it get? Steve Keen's Debtwatch.
A tale of two depressions. Barry Eichengreen and Kevin H. O'Rourke, voxeu.
HCM Market Letter: Reality bites. Michael E. Lewitt, via John Mauldin's Outside the Box.
The age of balance sheet recessions: what post-2008 U.S., Europe and China can learn from Japan 1990-2005. Richard C. Koo, Nomura Research Institute, via Paul Kedrosky's Infectious Greed.
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