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Italy's Bank Bailout Fund Already One Third Empty After First Bank Rescue

Italy's bad bank bailouts fund, "Atlas", is about to become the proud new owner of around 90% of Italy's Popolare di Vicenza after investors only bought a fraction of the mid-tier bank's €1.5 billion cash call, Reuters reports.  Popolare di Vicenza, which was due to announce the outcome of the public share offer later on Friday, said earlier in the day that it had raised €4.25 billion, at the lower end of a 4-6 billion euro range it had initially targeted, from 67 mostly domestic financial institutions.


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Patrick Buchanan: At Last, America First!

Whether the establishment likes it or not, and it evidently does not, there is a revolution going on in America.


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Weekend Reading: Yep... Still Looks Like A Trap

“The market does what it should do, just not always when. – Jesse Livermore


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US Treasury Gives Explicit Warning To China, Germany And Japan Not To Devalue Their Currencies

"Treasury is creating a new “Monitoring List” that includes these economies: China, Japan, Korea, Taiwan, and Germany. China, Japan, Germany, and Korea are identified as a result of a material current account surplus combined with a significant bilateral trade surplus with the United States. Taiwan is identified as a result of its material current account surplus and its persistent, one-sided intervention in foreign exchange markets. Treasury will closely monitor and assess the economic trends and foreign exchange policies of these economies."


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"Never. Been. Higher."

Keep 'peddling'...


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Trump Protesters Breach Barricades, Clash With Riot Police - Live Feed

Outside the California Republican Party 'lunch banquet' in Burlingame at which Donald Trump is set to speak this afternoon, Anti-Trump protesters have swelled in numbers and turned violent. Having breached barricades, riot police have begun to move in and are arresting some of the group...


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Russia And Saudi Arabia Locked In Relentless Fight Over China's Oil Market

Russia and Saudi Arabia have been (relatively) quietly fighting for market share in China ever since oil prices started their downward spiral in mid-2014 - now the battle is heating up, and teapot refineries are what could tip the balance.


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China's Most Innovative Capital Outflow Yet: Buying Legendary Italian Football Club AC Milan

Today, we find the latest, and perhaps most innovative attempt to circumvent capital controls yet when a group of Chinese investors has offered to buy AC Milan football club, one of former Italian prime minister Silvio Berlusconi's most cherished assets. The offer values the club at around 700 million euros including debt, one of the sources said.


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Jim Bianco Warns "The Risk Of An 'Accident' Is Very High"

"Not only do the five largest financial institutions in the US have a higher concentration of assets than they did before the financial crisis but it’s the largest concentration ever. So we’ve made the too-big-to-fail-problem worse because we have bigger, more systemically important financial institutions now than we did in 2007 – and nobody seems to know what to do about it... [EU banks] are acting irrationally. They’re not acting that way because they don’t believe it or they don’t understand it. So we’re still all trying to feel around in the dark as to what this means. And that means that the chance of an accident is very high."


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"A 2015-like Market Crash In Chinese Commodities Is Inevitable"

Is Everyone Wrong On The "Causation" Of The Commodity Bubble? While it appeared 'retail' was responsible for the panic-buying chaotic volume surge in Chinese commodities, Axiom Capital Management's Gordon L Johnson points out that in fact... China Bank Special Interest Vehicles' "Bold" Commodity Speculation Is The Real Budding Black Swan


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Amid Rising Fears Of Nuclear Terrorism, Belgium Hands Out Iodine Pills To Entire Population

One month after we learned that the Brussels suicide bombers had planted hidden cameras at the home of the top Belgian nuclear official, we now learn that in a disturbing continuation of this story, the entire population of Belgium will be receiving iodine tablets, which helps to limit the effects of radiation on the body, as fears increase around the security of its nuclear power plants.


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Crude Unable To Bounce Despite Biggest Rig Count Decline In 6 Weeks

After its earlier pump and rapid dump, WTI crude is unable to bounce for now despite the biggest rig count decline in 6 weeks. The oil rig count declined by 11 to 332 - the lowest since October 2009 - tracking lagged crude prices. If the co-dependence continues we would expect to see rig counts begin to rise (or stop declining) very soon. Total US rig count dropped to 420 - a new all-time record low.


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Why Canada's Oil Industry May Never Be The Same

It is increasingly certain that the future will not be like the past. Previous downturns have been equally devastating but the primary causes eventually reversed themselves; low commodity prices recovered and damaging government policies were rescinded. This recovery will be different for a variety of reasons which will combine to cap growth, opportunity and profits, even if oil and gas prices spike. The following major changes appear permanent...


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Former McDonalds CEO Warns Minimum Wage "Will Wipe Out 1000s Of Jobs"

While this should be no surprise to any rational non-establishment-teet-suckling economist, former McDonalds' CEO Ed Rensi exclaims, in a recent Forbes Op-Ed, that "a $15 minimum wage won’t spell the end of [fast-food brands]. However it will mean wiping out thousands of entry-level opportunities for people without many other options." The $15 minimum wage demand, which translates to $30,000 a year for a full-time employee, is built upon a fundamental misunderstanding of a restaurant business (and we add simple supply and demand fundamentals) - just "do the math" Rensi rants...


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