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Fatster’s Roundup

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Your news wrap-up, folks:

International Developments

? A MIG-delivered cluster bomb attack in a village near Damascus has resulted in the deaths of 10 children on a playground. The Syrian government has previously denied use of cluster bombs.

? Egyptian President Mohammed Mursi met with “top judicial authorities” and agreed that his actions will be “subject to review by the courts”, save one–“protecting the country’s constitutional council from being dissolved by the courts before it finishes its work.”

? Seems the Obama administration intends to keep about 10,000 troops in Afghanistan after 2014. Will Kabul agree?

? Ehud Barak, long-time Israeli politician and current Defence Minister, is leaving politics next year.

? Toronto Mayor Rob Ford has made “a stunning decision”: he’s going to appeal a court ruling that he vacate the office. (It’s all the left-wing’s fault, btw).

International Finance

? Between them, Catalonia’s center-right CiU and left-wing ERC parties have obtained a majority of votes in the recent elections, reflecting growing dissatisfaction with economic policies affecting the province. Whether the parties’ cooperation can result in a referendum on independence from Spain, however, is not clear.

? In addition to the mysterious Trans-Pacific Partnership trade negotiations, the US has also been engaged with Europe in negotiating a “EU-US free-trade agreement”. They are trying to eliminate certain “frictions”.

? Mark Carney, head of Canada’s Bank of Canada, has been named the new Governor of the Bank of England. Interesting assessments, including his being “a fan of rock band AC/DC” (“Highway to Hell”, gulp). Carney spent 13 years with Goldman Sachs–in London, Tokyo, New York and Toronto. Explore more here.

? Yves Smith takes a look at a “new show of regulatory resolve” in the wake of recent trading scandals (UBS and JPMorgan, e.g.), only to find that “things will likely have to get worse before anyone in a position of power is willing to demand a banking regime change.”

Money Matters, USA

? American shoppers hit the keyboards on Black Friday, charging around a billion dollars worth of stuff they ordered on-line–26% more than last year. There’s another on-line consumer orgy today, “CyberMonday”. [cont’d.]

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David Dayen

David Dayen