Morning Journal--A German banker's view of QE

The International Council of Shopping Centers reported weekly sales of major retails down 1.8% versus the prior week but up 2.8% on a year over year basis; Redbook Research reported month to date retail chain store sales up 4.8% versus the comparable period a year ago.

            More on Thanksgiving retail sales (short):

            http://www.zerohedge.com/news/2014-12-03/clearly-negative-signal-bofa-shows-thanksgiving-spending-was-biggest-dud-lehman

            October construction spending rose 1.1% versus expectations of up 0.5%.

            http://www.calculatedriskblog.com/2014/12/construction-spending-increased-11-in.html

                November light vehicle sales were up 4.6%.

                Weekly mortgage applications declined 7.3% but purchase applications were up 3.0%.

            November ADP private payrolls report showed job growth of 208,000 versus estimates of +225,000.

   Other

            Who pays for government (short)?

            http://gregmankiw.blogspot.com/2014/12/who-pays-for-government.html

            Has the economic recovery been under sold? (medium):

            http://economistsview.typepad.com/timduy/2014/11/yes-i-am-optimistic-1.html

            A German banker’s view of QE (medium and today’s must read):

            http://www.zerohedge.com/news/2014-12-02/deficit-spending-and-money-printing-german-point-view

Politics

  Domestic

  International

            Will Italy exit the EU? (medium):

            http://www.nakedcapitalism.com/2014/12/some-mainstream-italian-parties-now-advocating-euro-exit.html