MUST READS
EU Nearing IMF Loan Deal($) – WSJ
France, Germany to push crisis plan – Reuters
ECB cuts key rate to 1%; BOE on hold – MarketWatch
Eurozone crisis: Leaders ready for ‘do-or-die’ summit – BBC
Dollar demand in ECB tender shows funding stress – Reuters
If one EU bail-out fund flops, create two – Telegraph
European central banks plot euro breakup contingencies – Globe & Mail
Once again, EU leaders have raised high hopes of a solution – Economist
Americans Reject Automatic US Budget Cuts: CNBC Survey – CNBC
Jon Corzine’s Relationship With CFTC Chair Gary Gensler – Taibblog
Corzine: ‘I don’t know where the money is’ – CNN/Money
Expect the unexpected – Economist

MARKETS/INVESTING
Oil prices rise before ECB rate call – AFP
Gold eases ahead of ECB; bullish bets grow – Reuters
Mutual Funds Saw $9.24 Billion in Withdrawals – Bloomberg
Five Truths About Our Energy Future – Time
In Gold Vs. Stocks Fight, Gold May Yet Have the Last Laugh – WSJ
Rush to buy and sell gold by institutions, investors – Commodity Online
Marc Faber: “I Have A Very Special Stock Tip For You – G-O-L-D” – Zero Hedge
Gold Chart Pattern Looks Strikingly Similar To 2006 – HAI
The Commodity Investor: Why Gold Will Hit $2500 In 2012 – HAI
Gold consumption and production jump in 2011 – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
More on Labor Force Dropouts – NY Times
Jobless and hopeless in America – LA Times
U.S. Consumers Take on More Debt – WSJ
Dubai Debt Warning Bells Ringing Again – WSJ
Britain Suffers as a Bystander to Europe’s Crisis – NY Times
Most Greeks suffer income decline, prefer to stay in eurozone – xinhuanet
UN: World Food Prices Fall, May Be ‘Bottoming Out’ – Bloomberg
Mortgage Modifications Wind Down As Foreclosures Heat Up – CNBC
Las Vegas ordinance puts lenders in charge of vacancy upkeep – Housing Wire
Ben Bernanke Beats Deflationists into Submission – Resource Investor
U.S. Growth May Put Fed Asset Purchases on Hold – Bloomberg
What is the value added of banks? – voxeu

A special links post is needed today to cover the developing brouhaha between the Federal Reserve and Bloomberg after Fed Chief Ben Bernanke responded to last week’s Bloomberg article – Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress – that detailed how the central bank extended nearly $8 trillion in loans and guarantees to the nation’s biggest banks during the financial crisis, allowing them to reap $13 billion in profits.

BLOOMBERG vs. BERNANKE
Bernanke Letter to House and Senate(.pdf) – Federal Reserve
Bloomberg News Responds to Bernanke Criticism – Bloomberg
Bernanke to Hill: Flawed reporting on Fed loans – Reuters
Bernanke denies hiding size of crisis loans – MarketWatch
Fed Lashes Out at ‘Errors’ in Reporting – NY Times
Fed Shoots Back in Defense of Crisis Lending – WSJ
Fed disputes report of secret help to big banks – Washington Post
$7.77 trillion in secret Fed loans to banks? – EconBrowser
Separating Fact From Fiction on the Fed’s Loans – WSJ
Fed Chairman responds to “inaccurate” Bloomberg article – Calculated Risk
Bernanke Responds to Mainstream Media Reports of “Secret” Loans – Kid Dynamite
Bernanke Escalates Bloomberg Foodfight: Bloomberg 1, Fed 0 – Naked Capitalism
Smackdown of the day: Bloomberg vs the Fed – Salmon, Reuters
Bloomberg vs Bernanke – FT Alphaville

I’m still trying to get caught up on this story as I spent most of the day yesterday doing my little part in support of the U.S. economy – Christmas shopping.

MUST READS
Me like cheap dollars – FT Alphaville
France vows powerful summit deal – Reuters
Merkel’s Path: Brinkmanship for Debt Crisis – NY Times
EU Leaders Angry at Standard and Poor’s Ratings Warning – Spiegel
The Long Shadow of German Hyperinflation: Echoes – Bloomberg
How the ECB could be forced to print money – Salmon, Reuters
UBS doubts your eurozone contingency plan is good enough – FT Alphaville
Senate set to vote on CFPB nominee Thursday – MarketWatch
CFTC Makes Sure MF Global Won’t Be Able To Lose Any More Customer Money – DealBreaker
Calling on the US Supreme Court to Hear Standard Chartered v. FINRA – Sense on Cents
How Payroll Tax Cut Affects Social Security’s Future – NPR
The Robin Hood Tax – NY Times

MARKETS/INVESTING
Oil slips to near $101 amid mixed US demand signs – AP
Gold steady ahead of EU summit ECB meeting – Reuters
Those bullish corporate insiders – MarketWatch
This is what a real market crash looks like – Fortune
How to invest a $10,000 cash windfall – CNN/Money
Time picking a financial adviser is time well spent – USA Today
How gold is ‘fixed’ and what drives the real price – Mineweb
OPEC: Speculators to blame for high oil prices – CNN/Money
E&Y sees better things ahead for junior miners – Mineweb
Financial Crisis Gives Investors More Reasons to Love Gold – CNBC

ECONOMY/WORLD/HOUSING/BANKING
Food Stamp Use on the Rise – WSJ
Drop in U.S. Jobless Rate Sign of Demo Shift – Bloomberg
Hoover Institute recommends Hooverite policies – Noahpinion
The Worldwide Depression/Recession Of 2012 – Daily Capitalist
Euro Uncertainty: Anxious Greeks Emptying Their Bank Accounts – Spiegel
A Controversial Paragon: Europe Shudders at Germany’s New-Found Power – Spiegel
Demand outstrips supply at closely watched German bond auction – Globe & Mail
Are There Really Two U.S. Housing Markets? – CNBC
Why Home Prices Are (and Aren’t) Stabilizing – WSJ
Chapman: No home price gain for 2012 – O.C. Register
It’s accountability time for banks and Wall Street – Washington Post
Too-Big-To-Fail Banks Back on Senate Agenda – Bloomberg