The Weekend Read: Reality Meets Perception

Higher energy and food prices are crowding out consumer demand for other items, and the market consensus is that QE2 has proven to be counter-productive. Unable to concede this, Mr. Bernanke nonetheless seems determined to have it both ways, remarking in a recent speech that monetary policy cannot be a panacea. We won’t know whether the Fed is serious until it withholds monetary easing in the face of a further softening of economic conditions or a falling stock market. David Einhorn

Bonds
Echo of Reagan warning could rouse bond vigilantes – FT

China
China to tolerate some inflation in econ transition –Zhou – Reuters
Where Is China In Its Tightening Cycle? – Brown Brothers

Commodities
Heatwave in central US and brisk China demand lift corn – FT
Pacific Ocean Seabed Rich in Rare Earth Minerals – OilPrice.com
The commodities bubble is about to burst – CSM

Companies
The Tea Party and Goldman Sachs: A Love Story – The Nation

Economics
5 Economic Disasters That Haven’t Happened – US News
Household Debt Is at Heart of Weak U.S. Economy: Business Class – Bloomberg
‘Horrific’ Jobs Report Renews Fears of Double-Dip Recession – CNBC
Only further stimulus can tackle America’s jobless, wage-less recovery – Laura Tyson
The Sorrow and the Pity of Another Liquidity Trap: Brad DeLong – Bloomberg
The Cost of Austerity – NY Times

Emerging Markets
Brazil, the Un-China – Time
Will Brazil’s Good Times Roll On? – Project Syndicate

Europe
A Tale of Two Defaults – Daniel Gros
A Tale of a Euro Exit Foretold – The American
EU Fears For Stress Test Credibility As Deadline Nears – WSJ
Europe for Sale – Project Syndicate
Greek Debt: How Much for the Acropolis? – Fiscal Times
Is Europe’s debt crisis a “Lehman Moment” for America? – Reuters
Spain and Italy risk being sucked in – FT

General
America and Europe sinking together – FT
America’s 15th financial panic… and our recovery from it – Chicago Tribune
How the bubble destroyed the middle class – MarketWatch
Lagarde’s Challenges – Raghuram Rajan

Geopolitical
A Thai Spring? – Project Syndicate

Housing
The Next Big Boom Towns In The U.S. – Forbes

Markets
The next, worse financial crisis – MarketWatch

Monetary/Fiscal Policy & Debt
Debt-Limit Shuffle Buys Time for ‘Something Big’: Caroline Baum – Bloomberg
The politics of default – Asia Times

Technology
A Hundred Years of Superconductivity – Project Syndicate
Techno-farming: The New Economic Growth Industry – Fiscal Times
Technology and Inequality – Ken Rogoff

Video:  Remember the Days of the “Wall of Money“?

(click here if video is not observable)

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