Friday morning links

TOP STORIES
• China Reiterates Call for New World Reserve Currency - Bloomberg
• CBO Paints Dire Portrait of Long-Term Revenue, Spending - Wash. Post
• Inflation – the real threat to sustained recovery - Greenspan, Financial Times
• Bernanke Grilling May Weaken Case for Fed as Risk Regulator - Bloomberg
• Risk of major social upheaval likely if bank bonanza continues - New Deal 2.0
• Fitch downgrades California to A-minus - MarketWatch
• Did Ken Lewis mislead shareholders? - Fortune
• Michael Jackson dead at age 50 - MarketWatch

MARKETS/INVESTING
• Oil above $71 as rebels attack Nigerian facility - AP
• Gold rises above $940/oz on firm oil, ETF eases - NineMSN
• Oil Markets Stay Calm Despite Political Unrest in Iran - Wash. Post
• Ageing in the rich world: The end of retirement - Economist
• UNG Fund gas market holdings may be propping up prices - Platts
• Obama’s automatic IRA - CNN/Money

ECONOMY
• May incomes surge, but savings outpace spending - AP
• As Plants Close, Teenagers Focus More on College - NY Times
• Qantas cancels, delays orders for 30 Boeing Dreamliners - MarketWatch
• Not Enough Audacity - Krugman, NY Times
• A Recession in Dog Years - Slate

INTERNATIONAL
• Japan Succumbs to Deflation, Consumer Prices Fall 1.1% - Bloomberg
• Q2 Growth Close to 8%, More Stimulus Policies in Doubt - ChinaStakes
• New Zealand economy contracts in record-long recession - MarketWatch
• Asian Stocks Rise on Growth Optimism; Nippon Electric Advances - Bloomberg
• Banks may be too big, Bank of England warns - MarketWatch
• Mystery of Fake U.S. Bonds Fuels Web Theories - NY Times
• Consumer spending in Asia: Shopaholics wanted - Economist
• In India, Central Banker Played It Safe - NY Times

HOUSING
• Mortgage defaults in America: Can pay, won't pay - Economist
• California, Vegas Home Prices Drop on Foreclosures - Bloomberg
• John Carney’s bizarre crusade against the CRA - Salmon, Reuters
• Real Estate Associations Want Appraisers To Inflate Home Prices - Huffington Post

FED/TREASURY/BANKING
• Bernanke Holds Firm in Hot Seat - Wash. Post
• Bernanke Flubs Tryout, Still Up for Leading Role - Bloomberg
• Bernanke denies Fed threatened BofA over Merrill deal - Reuters
• Fed extends credit programs until early 2010 - MarketWatch

INTERESTING
• China moves to block Hummer sale - MarketWatch
• Financial adviser abducted after he lost £2m savings - Daily Mail
• The 13 Most Distressed Cities Of The Super-Rich - Forbes
• LinkedIn v freemasons: Joining the club - Economist

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