Here Comes The European Triple-Dip: Negative German GDP Sends Bunds Under 1% For The First Time Ever

The hammer finally hit for Europe when overnight both Germany and France reported Q2 GDP prints that missed expectations, the first actually contracting at a 0.2% rate with consensus looking for -0.1%, while France remained flat vs expectations for a tiny 0.1% rise. As a reminder, this GDP is the revised one, which already includes the estimated contribution of drugs and prostitution, suggesting the actual underlying economic growth is far worse than even reported. Then again, this is hardly surprising considering all the abysmal data out of Europe and the rest of the world in recent weeks, and with the Russian trade war sure to trim even more growth, look for all of Europe to join Italy in its first upcoming triple-dip recession in history.

Massive SWAT Presence In Ferguson Unleash Tear Gas & Rubber Bullets: "Go Home Or Be Subject To Arrest - This Is Not Open For Discussion" - Live Feed

At least 70 SWAT moving civilians along: "this is not open for discussion", "your rights to assemble are not being denied", 2 reporters arrested for "not packing bags fast enough"

Police are firing rubber bullets and tear gas - "This is no longer a peaceful assembly. Go home or be subject to arrest," says the loudspeaker.

Protesters exclaimed, "we have a right to assemble, a right to freedom," said Paul Muhammad. "But here we are facing what looks like a military imposing martial law. It is not acceptable." Interestingly, President Obama's official response "urging reflection" has been rejected as insultingly inadequate by many African American residents of Ferguson.

"This Is Exactly What Bin Laden Wanted" Ron Paul Concludes

Having expressed his dismay at President Obama's decision to embark upon Iraq War 3.0, Ron Paul explains "it's a little bit late to salvage all the mistakes that we've made for the past 24 years," adding that he is worried "it will end up with a lot more violence because they are putting more troops in there right now." Simply out, Paul concludes, "the sooner we get out of there the better," as it "jeopardizes our national security and is bankrupting our country... this is exactly what Osama bin Laden wanted."

On The Path To War

The US is clearly now pushing Russia towards war. But if you read the signs correctly, Russia has been preparing for exactly this outcome for many years.

As Chinese Credit Plummets US Stocks Soar On Hopes Of More PBOC Easing; But Is Conventional Wisdom Again Wrong?

Conventional wisdom, now so habituated to getting all the cheap credit it can get, did not anticipate such a dramatic collapse in Chinese credit last month, is eagerly expecting a proportional response from the PBOC, one which would potentially involve significant easing, which is precisely what US equities priced in today when they closed near the highs of the day, even as there was not a single piece of good macroeconomic news overnight. Pretty cut and dry right? Well not really. Recall that as we reported in the last week of July something odd was revealed: namely that China quietly unveiled and implemented its Pledge Supplementary Lending line, or as it is increasingly better known: China's QE.

The 10 Best-Paying Jobs For 2014

According to a new analysis from CareerCast jobs, seven of the top 10 careers are in the healthcare industry and, as expected, require an advanced degree. As CBS reports, while these jobs are all pegged to show strong earnings growth through 2022, there is a downside: Becoming a surgeon or physician requires years of graduate school and training, which requires an investment of time and money. "There is a tradeoff for every job," Oh well, at least it doesn't require stealing from widows and orphans, and one can even sleep at night without the help of industiral amounts of horse tranquilizer. So without further ado, here are the ten top paying jobs for 2014...

 

The Iraq War Officially Begins (Again): US Troops Prepare For Rollout As US Drones Strike ISIS Positions

UPDATE: U.S. SAID TO LAND TROOPS ON MT. SINJAR IN IRAQ, ABC NEWS SAYS

U.S. military officials say an armed American MQ-1 Predator drone has attacked and destroyed a mortar position of Islamic militants in northern Iraq. As WaPo reports, the drone attack marks a departure for the U.S. military, which had said previously that drones were flying missions over Iraq only to collect intelligence. No boots hit the ground in the carrying out of this action...

Wall Street's Shale 'Fraud' Exposed

U.S. energy independence, we're told, is at our fingertips thanks to the so-called “shale revolution”. Offsetting declines in conventional oil and gas production, shale gas and tight oil (shale oil) are being heralded as the means by which the U.S. will become energy independent – a net exporter of natural gas and once again the world’s largest oil producing nation. But two new reports by Post Carbon Institute and Energy Policy Forum show that the hype simply doesn’t stand up to scrutiny.

Job = Just Over Broke

If you are fortunate enough to have a job in America today, the phrase "just over broke" probably describes you.  Yes, there are a handful of jobs that certainly pay very well, but most Americans that work for somebody else are just barely making it from month to month.  More than half of all working Americans are living paycheck to paycheck, and more than half of all working Americans make less than $30,000 a year.  Something has gone horribly wrong, and yet our leaders just keep telling us how wonderful our economy is.

Crony Capitalism 101: Want To Avoid The SEC? Bribe Your Friendly, Neighborhood Politician

Forget conjecture - Crony Capitalism is alive and well at The SEC and a new study proves it statistically. As The LA Times reports (via IBT), Maria Correia's research finds that - perhaps not surprisingly - the more a company spends on political donations, the more lenient the treatment it gets from the SEC. For all the cheaters out there, the math is clear - a $1-million contribution to a political action committee can reduce the probability of an enforcement action from the SEC by more than half (from 8.58% to 3.43%).

Monetary Tectonics, Gold, And Unintended Consequences

Dan Popescu of Goldbroker has interviewed Ronald-Peter Stöferle of Incrementum Liechtenstein AG, co-author of the In Gold we Trust 2014 report, covering gold, Austrian economices, and broad range of other topics... “We are currently on a journey to the outer reaches of the monetary universe. We believe that the monetary experiments currently underway will have numerous unintended consequences, the extent of which is difficult to gauge today. Gold, as the antagonist of unbacked paper currencies, remains an excellent hedge against rising price inflation and worst-case scenarios."

What Do These Numbers Have In Common: 1,039,000,000,000,000 And 2,170,000,000,000

With Japanese and Italy 10Y bond yields hitting all-time record lows (0.505% and 2.626% respectively), one could be forgiven for thinking that all-is-well as term or devaluation premia are oddly missing. However, as the following two charts show, Japan and Italy just broke another record - sovereign debt loads (1.038 quadrillion JPY and 2.17 trillion EUR respectively).

Mosul's Damn Dam

Last week, the barbaric Islamic State seized the vitally important Mosul dam, dramatically impacting tactical options against them and potentially changing the future of the Middle East. When the US coalition forces invaded Iraq in 2003, military intelligence developed invasion scenarios.  One scenario included Iraqi forces placing detonation charges at the vitally important dam.  If US forces were able to safely secure the dam, then they had a contingency plan to operate it and ensure critically important maintenance.  The US quickly discovered the necessity for $27 million worth of frantically urgent repairs. A dam break does not require sabotage.  Maintenance failure has the same result.

5-Day Gaza Ceasefire Over In 5 Minutes As Hamas Fire Rockets, Israel Sends Warplanes

This just happened...

1645ET *PALESTINIAN NEGOTIATOR SAYS TRUCE EXTENDED BY 5 DAYS
1659ET *THREE MORE GAZA ROCKETS HIT ISRAEL, ARMY SAYS
1729ET *IDF TOLD TO RESPOND TO PALESTINIAN CEASEFIRE BREACH: HAARETZ
1740ET *ISRAELI WARPLANES BOMBING GAZA: AL JAZEERA

For the record, Hamas denies responsibility for the rockets. We presume that "ceasefire" means something different in Gaza?

Stocks Up, Bonds Up, Gold Up, Oil Up, Dollar Up, F'd Up

Worst Japanese consumer spending data drop ever - BTFD. China financing slowed - BTFD. European industrial production tumbled - BTFD. US retail sales miss dramatically - BTFD. The worse the news the better the buy-the-dippiness as between JPY (102.50) and VIX (12 handle), US equities shrugged off shitty data and worsening geopolitics to jump to August highs. But it wasn't just stocks... investors piled into Treasuries (slamming yields 7bps lower from pre-retail sales), bought gold (back over $1310), bid for US Dollars (now up 0.25% on the week), and lifted oil prices (WTI $97.50). S&P futures volume was the worst of the week (50% below average). Notable oddities: Copper clubbed today (-2% on the week), Brent-WTI jumped $1.50, and the VIX curve remains inverted for 14th day in a row.

Anonymous Releases Police Audio From Day Of Mike Brown Murder

The hackers' group "Anonymous" has released the full audio recordings of the St.Louis Police Despatch from the night of Mike Brown's murder.

"be advised officer involved shooting... observation came from the news! ...All cars, be advised we are switching over to the riot channel. riot A"

These Guys Used To Issue The World's Reserve Currency Too

It’s common for the world’s most powerful country to issue a currency that becomes adopted around the world as the standard for international trade. But whenever that country reaches a point of epic, terminal decline, and especially when it rapidly debases its currency, the rest of the world seeks an alternative. The US has been enjoying this special privilege for decades now. And while these changes never happen overnight, it’s clear that the dollar is quickly losing this status.