Goldman Talks, China Drops? (Business Insider via ZeroHedge) China equities dropped 5.2 percent: And a Goldman Sachs note may be the cause. While the Wall Street Journal article cites fears of money tightening on inflationary pressure as the cause, the macroeconomic conditions have been in place for some time. ZeroHedge calls out the Goldman report: "With successive inflation prints above the policymakers’ comfort zone, another hike in the reserve rate earlier today, and more policy tightening likely in the works, the near-term risk/reward for this position also looks unappealing as we approach the year-end ‘roll-off’."
No Deal: G-20 Delay Agreement on Trade Imbalance (Wall Street Journal) After broad discussions, no specific deal has been reached to address issues of trade surpluses and weakening currencies. A second summit of G-20 nations, slated to take place in about a year, has been planned.
Europe Attempts to Talk up Irish Bonds (New York Times) EU nations are seeking to calm the nerves of jittery Irish bond investors. After the German and French push to make bondholders take a haircut, investors began a selloff. Now, the EU leadership is attempting to calm their nerves with talk of an existing 1$ trillion bailout fund reserved last year in the wake of the Greek crisis.
Glenn Beck Criticized for Comments about Soros (New York Times) Glenn Beck was criticized by the Anti-Defamation League for remarks made about George Soros on a recent broadcast. Beck said that, as a teenager, Soros “used to go around with this anti-Semite and deliver papers to the Jews and confiscate their property and then ship them off.” Beck went on to add: "I am certainly not saying that George Soros enjoyed that, even had a choice. I mean, he’s 14 years old. He was surviving. So I’m not making a judgment. That’s between him and God.”