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Dear Barack... You Forgot To Mention A Few Things

While 'our' President was out this week patting himself on the back and taking victory laps over the "supposed" 4.9% unemployment rate, he forgot to mention a few important tidbits about what is really going on.


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2016 EPS Growth Estimates Slashed By 50% Just One Month Into The Year

We open it up to readers to determine in how many weeks will full year 2016 EPS be revised tom 4.3% as of the start of the year, to 2.2% currently, to negative, indicating at least 7 consecutive quarters of declining EPS, something not recorded even during the peak of the financial crisis. Incidentally, an earnings recession is two consecutive negative quarters of EPS: we don't know what the technical term is for seven...


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Crunch Time?

It seems monetary policy is exhausted and the next exogenous lever to pull would be political fiscal initiatives. If/when they fail to stimulate demand, there would be only one avenue left – currency devaluation. If/when confidence in the mightiest currency wanes, we would expect the US dollar to be devalued too - not against other fiat currencies, but against a relatively scarce Fed asset.


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Ron Paul Slams Cruz And Hillary: They Are Both "Owned By Goldman"

Ted Cruz is no libertarian, Ron Paul rages, adding that "You take a guy like Cruz, people are liking the Cruz - they think he’s for the free market, and [in reality] he’s owned by Goldman Sachs. I mean, he and Hillary have more in common than we would have..."


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Madeleine Albright Stunner: "There's A Special Place In Hell For Women Who Don't Help" Hillary

The Clinton campaign must be in full panic mode to resort to spewing this kind of utter garbage...


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Bank Of America Admits The U.S. May Already Be In A Recession

"The US Treasury curve is still steep by historical standards. Taken at face value, this may suggest recession odds are small. However, we argue this logic is flawed because the curve is structurally steep when the Fed Funds rate is close to zero. When adjusted for the proximity of rates to zero, the curve may already be inverted and therefore may already be priced for a recession./// Implied recession odds are as high as 64% if the adjusted OIS curve is used"


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The American Dream Is Dead (And Now Even The Mainstream Media Is Starting To Admit It)

Are you living “the American Dream”?  If so, you should consider yourself to be very fortunate, because most Americans are not


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Iran Says No Thanks To Dollars; Demands Euro Payment For Oil Sales

Iran enjoys trolling the United States. In fact, it’s something of hobby for the Ayatollah, who has maintained the country’s semi-official “death to America” slogan even as President Rouhani plays good cop with Obama and Kerry. In the latest humiliation for Washington, Tehran now says it wants to be paid for its oil in euros, not dollars.


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Morgan Stanley: "We Struggle To Remember When Bearish Sentiment Was As Widespread As Today"

"... the growing perception that central banks are moving away from QE-style programmes to negative interest rates is less supportive for equities, in our opinion. With little evidence so far that negative rates boost aggregate economic activity, the risk is that this policy tool increasingly resembles a more blatant form of 'beggar thy neighbour' currency devaluation. A shift towards a more nationalistic and perhaps less coordinated global policy response could signal a quickening in the pace of fiat currency debasement and augurs badly for risk appetite, in our view."


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Is This How The Smart Money Is Betting On A Market Crash?

Instead of allocating capital to expensive tail risk bets on direct asset class collapse (in equities, credit, and commodities), it appears, just as we detailed previously, the 'smartest money in the room' is "betting" indirectly on a stock market crash through eurodollar options.


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This Is What Hillary Told Wall Street Behind Closed Doors

“It was like, ‘Here’s someone who doesn’t want to vilify us but wants to get business back in the game’”...


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Personal Freedom Versus Political Paternalism

What is the role of government in society? The answer determines the nature of the social order and how people are expected and allowed to interact with one another – on the basis of either force or freedom. The alternatives are really rather simple. Government may be narrowly limited to perform the essential task of protecting each individual’s right to his life, liberty, and honestly acquired property. Or it may be used to try to modify, influence, or dictate the conduct of the citizenry.


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P2P Cracks Start To Show As LendingClub Write-Offs Double Forecasts

“Their business is to take data and use that to underwrite risk. If you’re an investor in the loans on the platform, this creates a concern around that underwriting model.”


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Chinese Factory Worker Explains What "The Government Is Most Fearful Of"

At a printing factory in the western city of Chongqing, a Reuters reporter was present when a local official visited last week to make sure the boss paid his workers before the Year of the Monkey begins. The official declined to speak with Reuters, although the boss later said it was an attempt to prevent unrest"That's what the government is most fearful of," said the factory owner, who did not want to be named.


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