Niall Ferguson vs. Keynes, US Steel on Manufacturing Crisis, Cotton Makes New High - powerLINKS (10/24/2010)

powerLINKS for 10/24/2010

Harvard's Niall Ferguson was at the The Daily Beast's Innovators Summit in New Orleans on 10/22/2010. Watch the full video at Zero Hedge. This was an interesting quote:
"We've had an enormous of stimulus in the US, it's the biggest fiscal stimulus in the world, and huge unprecedented monetary stimulus. What's been stimulated? Not jobs in Michigan. What's been stimulated has been commodity markets and emerging markets. Because the liquidity just leaks out, and that's why another round of stimulus would not stimulate in the promised way." [link]
*Michigan's unemployment rate is at 13% and the cotton future tripled since early 2009.

Speaking of cotton-> Cotton Futures on ICE Futures U.S. Advance to Record 121.65 Cents a Pound - Bloomberg

BRIC: Russian Central Bank supports Ruble-Yuan direct currency exchange - IBTimesFX

G-20 to Avoid `Competitive Devaluation,' Prod China - Bloomberg

Japan Export Growth Slows in Sign of Cooling Rebound - Bloomberg

China’s Stock Futures Rise as Economy, Yuan May Spur Inflows - BW

Watch California short and long-term financing next week - WSJ

The Subprime Debacle: Act 2, Part 2 - Thoughts from the Frontline (John Mauldin)

CFTC Treasury, Commodity, Currency Commitment of Traders Update - Zero Hedge

Gold Sentiment Turns Slightly Bearish - PragCap

Federal Reserve Asset Buying May Reach $2 Trillion, Goldman's Hatzius Says - Bloomberg

Housing double dip is here! (Clear Capital Home Data Index (HDI) alert) - PragCap

Exchange Rates Are `No Panacea' to Spur Global Growth, RBA's Stevens Says - Bloomberg

Australia's Dollar Strengthens After PPI surges - Bloomberg

Equinox to Buy Citadel for A$1.2 Billion, Adding Saudi Project - Bloomberg

The Federal Employees Pension System Is Running An Even Bigger Deficit Than Social Security - Business Insider

Read more:

J.P. Morgan to Launch Copper ETF (h/t abnormalreturns) - WSJ

Payrolls Fall in 34 U.S. States, Led by California (+ unemployment rates) - Bloomberg

Dylan Grice of SocGen On How To Hedge An Emerging Markets Bubble (h/t abnormalreturns) - Zero Hedge

People's Bank of China raises rates by 25 basis points (1-year deposit rate 2.50%, 1-year lending rate 5.56%) - Xinhuanet English

China Q3 GDP Slows To +9.6% Y/Y; CPI Ticks Up -iMarketNews

Online TV spats mean fewer free shows on Web (FOX, NBC, CBS, ABC) - AP

Commercial Property Prices in U.S. Decline to Eight-Year Low, Moody's Says - Bloomberg

Moody's: Commercial property conditions (RevPAR, vacancy rates) improve (prices still 45% below 2007 peak *see above) - Business Week

John Paulson Tells Investors That He's A Bit Less Bullish On Bank of America - CNBCnetnet

Now 30 Year Olds Have Only A 13% Chance Of Getting Full Social Security Benefits - Cluster Stock

U.S. Steel (NYSE:X) Downgraded by Goldman Sachs Group Inc. (NYSE: GS) - American Banking News

U.S. Steel CEO says U.S. manufacturing in crisis - Pittsburgh Tribune-Review

Regulators close 7 banks in Fla., Ga., Ill., Kan., Ariz.; 139 US bank failures this year - AP

Citi Could Face A $22 Billion Loss On Put-Back Mortgage Bonds - CNBCNetNet (10/19/2010)

Silver Exports From China May Slump by 40% This Year (h/t @gregormacdonald) - Business Week

Three Big Dangers Facing China's Economy - Shaun REIN of CMR at

FDIC chair Sheila Bair warns of possible US farmland 'bubble' - Reuters (10/18/2010)

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