Evening Reading – December 3, 2010

FT.com Alphaville: Timeline shadow bailout

The Wall Street Journal has a great, interactive, illustration of the Federal Reserve’s Primary Dealer Credit Facility — based on Wednesday’s central bank data dump.

FT.com Alphaville: One country, two systems, three currencies (and four curves)

Where’s that?

China, of course.

FT.com BeyondBRICs: Chinese interest rates: the party speaks

Another strong signal that China could raise interest rates before the year-end has come with the publication of a Politburo decision to switch from a “relatively loose” to a “prudent” monetary policy.

The Big Picture: Interest rates will be 2011 story

The market story of 2011 I believe will be interest rates. In Asia, central bankers will raise them in order to normalize the level relative to growing inflation. In Europe, sovereign stress will keep them elevated and in the US, a recovering economy and rising inflation will see them higher in the face of the Fed’s best attempt to suppress them.

The Big Picture: Wikileak GS Quote of the Day

The Ambassador asked if the corruption and infighting are worse now than before in Kazakhstan. Idenov paused, thought, and then replied, “No, not really. It’s business as usual.

They’re confused by the corrupt excesses of capitalism. “If Goldman Sachs executives can make $50 million a year and then run America’s economy in Washington, what’s so different about what we do?’ they ask.

And the comfort reading for all of us who can’t find reason(s) for this rally:

Zero Hedge: Bob Janjuah On The Market: “Like Bulls In A China Shop”

Zero Hedge: Rosie’s Must Read On A Hope-Based Rally Now, Followed By Shock Therapy Later

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