News: 2014-04-09

News links for 9 Apr 2014

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German Interior Minister Warns US Spying Has No Boundaries – SPIEGEL ONLINE

Scientists Raise Odds of El Niño This Year to at Least 70%

Sweden’s Riksbank Delays Rate Hikes to Push Up Inflation – Real Time Economics – WSJ

The Race to Locate Twitter Users – Digits – WSJ

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ekathimerini.com | Greece sells 6-month T-bills at cheapest cost in four years

BBC News – Toyota to recall 6.4 million vehicles

Here’s everything you need to know about the Heartbleed web security flaw

Dear readers, please change your Ars account passwords ASAP | Ars Technica

Ukraine On The Brink As East Looks To Break Away

Fed’s Plosser: More Bond-Buying Won’t Boost Low Inflation – Real Time Economics – WSJ

Hillary Clinton: I Am Thinking About Running for President

Citi Is Bracing to Miss a Profit Target – WSJ.com

Biggest US banks forced to hold $68bn in extra capital – FT.com

“US regulators ratcheted up the capital requirements for the biggest US banks – from JPMorgan Chase to Goldman Sachs – forcing them to hold at least $68bn in additional capital and holding out the prospect of more draconian measures. A new “leverage ratio” will force the banks to hold a minimum of 5 per cent equity to total assets to absorb losses in a crisis and proposes adopting a more stringent way of calculating the rule.”

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Tech Firms May Find No-Poaching Pacts Costly – NYTimes.com

Here’s Why Materialistic People Are Less Happy and Less Satisfied — PsyBlog

Gogo is bringing peak internet speeds of over 70Mbps to international flights | The Verge

Maryland Legislature Votes to Hike Minimum Wage, Decriminalize Pot – TIME

Unemployment Shows Why We’re Getting Worse at Economic Recoveries | The Fiscal Times

“The slow-rolling recovery of the U.S. economy in the years following the recession of 2007-2009 is part of a worsening historical trend, according to the Federal Reserve Bank of Atlanta’s 2013 annual report. In an interactive report on the labor market, released Monday, researchers noted that recovery from each of the last three recessions, measured by the amount of time it takes to restore all the jobs lost during the recession, has taken increasingly more time. “

Investment firms curbing their home buying in California – latimes.com

“But prices have since been flat in Southern California. Many families are taking a pass on the more expensive homes. And the math doesn’t work on Wall Street either. “Prices have gotten to the stage where we cannot buy a house, renovate it, rent it and still make a reasonable return,” said Peter Rose, a spokesman for Blackstone, which owns roughly 41,000 rental houses nationwide. “There was a moment in time where it made sense.””

Controversy over Ukraine’s Tymoshenko ‘wipe out Russians’ leak – Yahoo News

Russian sanctions have real impact on U.S. real estate market | Daily Ticker – Yahoo Finance

Enquiring Minds Want to Know: Is David Malpass Correct about Fed Tapering? | The Big Picture

See, this is exactly the problem with economics. This article relies heavily on money multiplier thinking in what I see as a fundamentally flawed account of how QE works. Read it to understand what’s wrong.

BBC News – UK manufacturing sees strong growth

Russia Warns Ukraine on Military Action in Eastern Region – Bloomberg

Kenneth Rogoff calls for more facts and less populism in the debate about Germany’s large trade surpluses. – Project Syndicate

“large sustained external imbalances are something that global policymakers do need to monitor closely, because, as the US housing bust showed, they can be an indicator of problems that need to be investigated more deeply. And critics of the surplus countries are right that there are two sides to every balance, and that policies in both surplus and deficit countries should be subject to review. But it is wrong to believe that simplistic answers, such as more fiscal stimulus or more austerity, are a panacea; more often, the underlying problems relate to debt, structural rigidities, low investment, and weak competitiveness.”

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