US-Trained Special Forces Chief Joins ISIS, Vows To Bring Jihad To Russia & America

Meet Gulmurod Khalimov, the US-trained and funded former commander of Tajikistan's special forces, who, as Reuters reports, has now gone to Syria to fight with ISIS. He has a message: "Listen, you American pigs, I’ve been three times to America, and I saw how you train fighters to kill Muslims...God willing, I will come with this weapon to your cities, your homes, and we will kill you." The big question is - was he 'recorded' as a moderate when America considered funding and training his elite special forces unit?

How FIFA Makes (And Spends) Its Money

Following today's "successful" vote confirming Sepp Blatter's 5th term running the farce called FIFA, and amid soccer's governing body being investigated by US and Swiss authorities over claims of corruption, we thought a summary of just where the money comes from and (apart from the $150 million in bribes and kickbacks to 14 executives) where it goes for the Swiss-based entity...

Europe Has A Solution For The Unemployment Problem: Fake Jobs

Candelia is one of a number of so-called “Potemkin” companies operating in France. Everything about these entities is imaginary from the customers, to the supply chain, to the banks, to the “wages” employees receive and while the idea used to be that the creation of a “parallel economic universe” would help to train the jobless and prepare them for real employment sometime in the future, these “occupations” are now serving simply as way for the out-of-work to suspend reality for eight hours a day.

New York Investment Banker Jumps To His Death From Luxury Downtown Building

Yesterday, New Yorkers walking by the Ocean Luxury Rental apartment building at 1 West St around 10:40am, were greeted with a gruesome sight: a 29-year-old man had just jumped to his death from the 24th floor. Today, we learn that the tragic incident was merely the latest banker suicide, when according to the NY Post the still unidentified jumper was the latest in a long series of investment bankers who have decided to take their own life.

In Denial: We Pursue Endless Growth At Our Peril

Humans desperately need a new story to live by. The old one is increasingly dysfunctional and rather obviously headed for either a quite dismal or possibly disastrous future. One of the chief impediments to recognizing the dysfunction of the old story and adopting a new one is the most powerful of all human emotional states: Denial. But here we are, 40 years after the Club of Rome and 7 years after the Great Financial Accident of 2008, collectively pretending that neither was a sign warning of the dangers we face -- as a global society -- if we continue our unsustainable policies and practices that assume perpetual growth.

China Deploys Artillery On "Sand Castles" In South China Sea

"U.S. surveillance imagery shows China has positioned weaponry on one of the artificial islands it is developing in the South China Sea," WSJ reports. US Defense Secretary says the US will "fly, sail, and operate" wherever it wants.

P2P King Has 'An Offer You Can't Refuse'

LendingClub is offering a "no collateral required" $35,000 P2P loan to those looking to refi their credit card debt. Does this prove the P2P bubble is official?

"Welcome To The Contraction": Q1 GDP Drops By 0.7%, Corporate Profits Crash

And you thought the preliminary 0.2% Q1 GDP print from last month was bad. Moments ago, just as we warned, the BEA released its latest, first, revision of Q1 GDP (pre second-seasonal adjustments of course), and we just got confirmation that for the third time in the past four years, the US economy suffered a quarterly contraction, with the Q1 GDP revised drastically from a 0.2% growth to a drop of -0.7%: the worst print since snow struck, so very unexpectedly, last winter.

Ross Ulbricht, Founder Of Bitcoin Bazaar Silk Road, Sentenced To Life In Jail

Ross Ulbricht, the convicted founder of Silk Road, has been sentenced to life in prison for running the underground online drug bazaar. The punishment is a heavy price to pay for the 31-year-old, who had pleaded with the judge to spare him his old age and “leave a small light at the end of the tunnel.”

Robert Shiller: Unlike 1929 This Time Everything - Stocks, Bonds And Housing - Is Overvalued

Q. How else does this period of apparent equity overvaluation compare to equity booms in the past?

Robert Shiller: This time around, bonds and, increasingly, real estate also look overvalued. This is different from other over-valuation periods such as 1929, when the stock market was very overvalued, but the bond and housing markets for the most part weren't. It's an interesting phenomenon.

The End Of Markets: Central Banks Took Over Everything, Changed Everything

Central banks took over everything and thus changed everything; they cannot simply declare themselves successful and just give it all back. That might (stress might) have been possible had it actually worked, a true and robust economic recovery to smooth the shift, but the majority part of that November 2013 recoil was the growing acceptance, throughout 2014 and into 2015, that it was never coming in the first place.

A Generation Of Rate-Hike Rookies Makes Jeff Gundlach Nervous

Rates have been so low for so long, that many of the traders who will be on the front lines if and when the Fed ever does decide to start down the long path to normalizing policy have never, in their professional careers, seen a rate hike. “The experience that many investment operations have with rising rates for most of us is very low for some it’s nonexistent," Jeff Gundlach warns.

5 Things To Ponder: Is The Stock Market Rational Or Nuts?

Like Houston, the financial system has been flooded with liquidity over recent years which has ultimately only had one place to flow - the financial markets. That excess liquidity has sent prices soaring to record highs despite weakting macro economic data. While many hope that the Central Banks can somehow figure out how to keeps the rivers of liquidity from overflowing their banks, history suggests that eventually bad things will happen. Of course, for investors, that translates into a significant and irreperable loss of capital.

Biker Breastaurant Shootout Arrests Threaten To Blow Hole In County Budget

In a hilariously absurd twist of fiscal fate, we can now add "incarcerated bikers" to the list of things which are imperiling state and local government finances in America. It should also be noted that this serves to validate an important point we made earlier this month. Namely, that when it comes to "true biker shootouts", accurately assessing the fallout ahead of time is virtually impossible.