Afghanistan swaps heroin for wheat Telegraph
When fewer illiquid assets will be shoved in the drawer John Dizard, Financial Times
Reggie Middleton on the Street’s Riskiest Bank – Update Reggie Middleton. A detailed discussion of why Morgan Stanley is vulnerable.
Pull back from the US, Deutsche urged Financial Times
A Deficit of Leadership Joseph Stiglitz, Guardian (hat tip Mark Thoma)
Liquidation is only solution to crisis Doug Noland, Asia Times
In Justice Shift, Corporate Deals Replace Trials New York Times
The Greenspan Defense Felix Salmon
Antidote du jour:
Heyyy, I love the pic . . . That’s the Fed on the right and the Street on the left, isn’t it?