Crisis watch, 10 November

TED spread	2.01
S&P 500 returns	+2.89%
VIX	56.10
Nikkei 225 (9:35 AM IST)	+4.64%
US Financials index	+2.48%
ICICI Bank ADR	+8.93%
Call rate on 8th	7.812%
Currency futures (9:35 AM IST)	47.37

• A dollar swap facility.
• I have an article in Financial Express today: The US dollar is an unstable yardstick.
• Indian Express interviews Bimal Jalan; Business Standard interviews Mahesh Vyas; S. Narayan in Mint.
• Business World on the regulatory strategy of RBI.
• Editorials in Business Standard and Financial Express on the monetary policy process of recent weeks.
• John Steele Gordon has an article where he describes three fascinating financial crises: the banking crisis in the US of 1836, the S&L crisis, and the sub-prime crisis.
• When does NBER announce that a recession began?
• I found some current CDS data for financial firms and countries (hat tip). It is the cost per year to insure $10,000 of debt for 5 years.

  Argentina	4453
  Venezuela	2017
  Egypt	663
  Indonesia	638
  Russia	523
  Turkey	445
  Philippines	418
  Morgan Stanley	402
  South Africa	397
  South Korea	335
  Brazil	331
  Mexico	323
  Goldman Sachs	305
  Malaysia	228
  Thailand	220
  Merill Lynch	212
  Citigroup	194
  China	167
  Bank of America	126
  UK	57
  US	36
  Germany	28

• China wants to prop up aggregate demand using the State. See Li Yanping and Chia-Peck Wong on Bloomberg, and David Berboza in New York Times.
• Jon Danielsson and Casper G. de Vries emphasise that resolving the crisis of the money market requires new information transfers. I wrote on a similar theme on 10 October.