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In Dramatic Escalation, China Sends Five Navy Ships Off Alaska Coast For First Time Ever

As WSJ reports, "five Chinese navy ships are currently operating in the Bering Sea, off the coast of Alaska, the first time the U.S. military has seen such activity in the area, Pentagon officials said Wednesday.



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Meanwhile, In Sweden, Banks Are Refusing To Open Savings Accounts

"I think it's pretty bad style"...



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Oxygen & Markets - Why The Collapse Is Coming

Economies around the world are in shambles. All central banks and banking systems are overextended. So too are political entities. The geo-political situation is worse than any time since World War II. The nature of politics is to kick the can down the road. We are nearly out of road. The scam is likely at its end regardless of what is tried. The piper is coming for what he is owed.



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The Beginning Of The End For Glencore, And How To Trade It

Earlier today, Glencore stock plunged to a new all time low, after crashing nearly 20% in the past two days as investors with rose-colored glasses finally appreciate the dire reality facing the global miner. However, the best way to trade the beginning of the end for Glencore is not using stock at all.



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Perfect Storm Of Worldwide PMI Slippage

Given “highly accommodative” policy almost everywhere, and so little gained; it isn’t a good sign particularly after eight incessant years of it and the lagged effects from the renewed “dollar” wave still to be withstood. Every year was supposed to be “the year”, but 2015 was a surefire lock according to orthodox versions. The real difference, unlike past years, is that everything is going wrong so far just as predicted by the “strong dollar.”



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The Value Of "Experts"

Then - "We will not have any more crashes in our time." – John Maynard Keynes (1927)

Now - "Ambarella, GoPro & FitBit are headed higher" - Jim Cramer (7/22)



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Exposing The Lie Behind The "Strong Jobs Recovery" In One Chart

With all eyes glued to Friday's payrolls report, we thought it worth reiterating some 'facts' about US employment data. As ECRI notes, the sustained decline in the official jobless rate – now approaching the Fed’s estimate of “full employment” – is a misleading indicator of labor market slack. The data shows that the so-called jobs recovery has been spearheaded by cheap labor, with job gains going disproportionately to the least educated — and lowest-paid — workers. This is scarcely a good basis for resilient consumer spending driven by “solid” job growth that the consensus – including the Fed – is banking on.



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And The Options Market Breaks (Again)

With Crude ramping, dragging stocks with it (as USDJPY is dead now) but not really gaining much ground, it was only a matter of time before the manipulators turned to their oldest-trick-in-the-book:

*NASDAQ, NYSE EXCHANGES DECLARE SELF-HELP AGAINST CBOE

VIX is gapping lower... Mission Accomplished



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Give All Refugees A Free Ticket To Brussels

The Italian, Hungarian, Greek etc. governments should issue rail tickets from their countries to Brussels and tell the refugees that that’s where the European capital is, and to apply there for visas, asylum, and everything else. Let’s see how Brussels deals with 50,000 -100,000 people in its streets and parks, with more coming every day, while the whole world is watching live on a hundred new channels. Brussels lives by the adage of divide and rule. And that serves only the bureaucrats that inhabit the institution. Not the refugees, and not the people of Europe.



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China Scrambles To Enforce Capital Controls (Which Is Great News For Bitcoin)

"China is imposing fresh controls to prevent too much money from leaving the country, in an effort to keep badly needed funds at home to battle a deepening slowdown in the world’s No. 2 economy." This is undsiputedly bad news for China, but Blythe Masters would be the first to admit, escalating Chinese capital controls would be just the thing bitcoin needs to surge, and surpass, it previous all time highs...



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Putin Targets US Monetary System: "Aims To Eliminate US Dollar From Trade"

Something is afoot as de-dollarization escalates around the world. With CNY/RUB trading volumes up a stunning 400% year-over-year to record highs, and hot on the heels of China's (and much of EM Asia) dumping dollar assets, Russian President Vladimir Putin has just unleashed a new bill aiming to completely eliminate the US dollar from the trade of goods.



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Hillary "Favorability" Nears All-Time Low

Americans' views on Democratic front-runner Hillary Clinton have gone under water, nearing an all-time low in ABC News/Washington Post polling. Favorability taps into a public figure’s basic overall image, with as Langer Research details, a negative score indicating thin ice. This last few weeks has seen Hillary Clinton's poll numbers indicate she is on thinner and thinner ice. Clinton’s favorability has been especially uneven, from as high as 67 percent favorable during her tenure as secretary of state to as low as 44 percent in spring 2008 and 45 percent now. Perhaps most worrying for her 'people' is the fact that Clinton was somewhat better rated at roughly this time in the 2008 cycle. It seems #BlackLiesMatter after all.



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The US Economy Is Not Awesome And It's Not Decoupled

When the bubble vision stock peddlers get desperate, they talk decoupling. So by the end of yesterday’s bloodbath you would have thought China was on another planet, and that “commodities” were some trinket-like collectibles gathered by people who don’t wear long pants, drink coca cola or jabber on their cell phones. On these fine shores, of course, its all awesome from sea to shinning sea. So don’t be troubled. Buy the dip.



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To Citi, "The Failure Of ECB QE Looks Clear" And The Global Reserve Unwind Will Only Make It Worse

Mario Draghi and the ECB have a habit of patting themselves on the back when it comes to what they imagine the happy outcomes of their monetary policy decisions have been. In fact, they have a habit of congratulating themselves on positive outcomes even before said outcomes have been observed or have even had time to play out. This time around unfortunately, "the failure looks clear."



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Oil Triple Whammy: Inventory Build, Iran Nuke Deal Has Votes, & China Gives Venezuela $5 Billion Loan

Following last night's epic inventory build., according to API, DOE has reported a 4.7mm barrel build but US crude production pluinged 1.4% (lowest since March). However, ths oil complexc has been hit by two other 'issues' this morning as Obama captures the votes he needs to confirm the Iran nuclear deal (guaranteeing more oil supply) and China encumbers more Venezuelan oil ($5bn loan) allowing them to keep pumping at below-cost levels. The reaction for now is notable selling pressure...



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