Good Morning. The World Economic Forum has published its annual Global Risk Report! Last year, the weather was fine, but this year it is a major concern!
http://reports.weforum.org/global-risks-2014/part-1-global-risks-2014-understanding-systemic-risks-in-a-changing-global-environment/

US retail stocks are being hammered from the start of this year… Given that retail = consumption, shouldn’t we be worried?

http://www.crossingwallstreet.com/archives/2014/01/tough-times-in-retail.html

Cool chart by the Economist, showing how ‘thin’ the Emerging markets really are. The market cap of google equals the market cap of all 379 Brazilian stocks for example…

http://www.economist.com/news/finance-and-economics/21594476-scarce

Article in Die Welt on the young/old inequality in the German pension system (via @CarstenBrzeski)

http://www.welt.de/wirtschaft/article123932260/Das-deutsche-Rentensystem-beutet-die-Familien-aus.html

Now I am puzzled… I thought that rating agencies were only allowed to publish this Friday afternoons…? “Fitch affirms the Netherlands long-term rating at AAA”
http://www.reuters.com/article/2014/01/17/fitch-affirms-the-netherlands-at-aaa-out-idUSFit68419620140117

From the ECB: “business investments -signs of a modest recovery ahead.” Well, I don’t know what they have been smoking, but I get pretty depressed by the chart…

http://www.ecb.europa.eu/pub/pdf/mobu/mb201401en.pdf

“You must be joking, Mr. Bernanke” By James Saft
http://www.reuters.com/article/2014/01/16/us-column-markets-saft-idUSBREA0F1TE20140116

Fragile five, or terrible ten. Let me be the first to coin the no-no nine (and yes, there are eight of them)….

http://blogs.ft.com/beyond-brics/2014/01/16/chartbook-look-beyond-the-fragile-five/

Where the rich spent put their wealth on real estate

http://www.businessinsider.com/where-super-rich-spend-money-on-real-estate-map-2014-1

I think the Fed-asset chart is a bit like the ‘Hitler finds out’-theme on youtube…

http://ftalphaville.ft.com/2014/01/16/1743962/squish-puny-humans-investment-theme-du-jour/

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