MUST READS
Greek debt swap could be short-lived reprieve – Reuters
Report Shows Depth of the Distress in Europe – NY Times
Global liquidity peak spells trouble for late 2012 – Telegraph
China Has Biggest Trade Shortfall Since 1989 – Bloomberg
China central bank eyes freer yuan, policy flexibility – Reuters
Financial Repression Has Come Back to Stay – Reinhart, Bloomberg
Can California’s Economic Self-Immolation Be Exported? – RCM
GAO: Banks Paying Back TARP with Federal Money – FBN
Gas Price Disparity Seems Here to Stay – NY Times
What Retirees Wish They’d Done Differently – Reuters
Student Loan Bubble Nonsense – Baker, CEPR
“Do I Feel Lucky?” – Hussman Funds
Uncle Sam’s Teaser Rate – WSJ

MARKETS/INVESTING
Oil below $107 on weak China growth – AP
Gold slips, eyes on Fed meeting – Reuters
Gas prices top $3.80 a gallon – CNN/Money
A play on consumers in China – Financial Post
Banks Buying Treasuries at Seven Times 2011 Pace – Bloomberg
Investors Ignore Politics at Their Peril – Kass, The Street
BIS: Currency Trading at Record $5 Trillion a Day – Bloomberg
Gold Declines as Hedge Funds Cut Holdings of Bullion – Bloomberg
Does gold rise with inflation or is it just rising anyway? – Mineweb
Miners now pay dividends in physical precious metals – BullionStreet
Dude, where’s my gold? – The Real Asset Company

ECONOMY/WORLD/HOUSING/BANKING
Great Expectations? – New Yorker
Japan’s Two Lost Decades – And Ours? – RCM
America’s real inflation rate is above 8% – NY Post
Italy in recession, headache for Prime Minister Monti – Reuters
China sacrifices growth to satiate inflation dragon – Reuters
China’s yuan nearing fair value: PBOC’s Zhou – MarketWatch
Iceland to pick new currency (I can’t stand the suspense) – Globe & Mail
BIS: Operation Twist’s Effect on Yields Comparable Easing – Bloomberg
State-backed mortgage scheme NewBuy ‘threatens negative equity’ – Telegraph
As Fed Officials Prepare to Meet, They Await Clearer Signals – NY Times
Fed’s sterilized purchases will raise short term rates – Sober Look
Sterilized quantitative easing – Econbrowser
Now, Sterilized QE? – Noland, Prudent Bear