News links for 7 Apr 2014
“Ultimately he was undone for mis-selling hundreds of millions of dollars of junk bonds to small savers and pensioners. Thousands lost their savings. One of Lincoln’s marketing mottos was: “Always remember, the weak, meek and ignorant are always good sales targets.” Hundreds of other S&L executives were convicted. But Keating stood out. The contrast with 2008, which has yielded no high-profile convictions, is stark.
Keating was unrepentant to the end. If the government had simply left him alone, he said, his investors “would all be rich”.”
“In lieu of capital-flow restrictions, Turkey’s monetary authorities began to cut overnight borrowing rates in November 2010, in order to reduce the profitability of the carry trade (purchases of foreign-currency assets to take advantage of a higher interest rate). The hope was that longer-term capital flows would finance the widening current-account deficit, which exceeded 8% of GDP at the time, mitigating the risk of a sudden stop in external financing. While many market observers applauded Turkey’s central bank for its bold, unorthodox policy mix, the International Monetary Fund criticized the Turkish authorities for increasing inflation expectations and fueling further credit growth. But the IMF did not explicitly recommend that Turkey employ capital-account regulations, despite the mounting evidence from its own staff that the introduction of such rules was working in many emerging markets’ favor.”
As usual, links do not equal endorsements. But I think this link is interesting enough that you should read it.
“If two web pages embed the same tracker which emits a unique pseudonymous identifier, then the adversary can link visits to those pages from the same user (browser instance) even if the user’s IP address varies. Using simulated browsing profiles, we cluster network traffic by transitively linking shared unique cookies and estimate that for typical users over 90% of web sites with embedded trackers are located in a single connected component. “
“Why has the surge in public debt not resulted in a large rise in real borrowing costs for the government, and for the wider economy? And what does this tell us about the future of the risk free real rate in the global economy?”
“Ukraine on Monday scrambled to reassert authority over three of the largest cities in the Russian-speaking east of the country, and accused Moscow of backing thousands of pro-Russian separatists who have seized government buildings there.”