A Venezuelan Tanker Is Stranded Off The Louisiana Coast

A tanker loaded with 1 million barrels of Venezuelan heavy crude has been stranded for over a month off the coast of Louisiana, not because it can't sail but as a result of Venezuela's imploding economy, and its inability to obtain a bank letter of credit to deliver its expensive cargo.

Will EVs Break The Grid?

While the UK government has vowed to end the sale of all new conventional gasoline and diesel cars by 2040, as part of a wider plan to fight air pollution, there is talk that electricity demand will lead to a fast and dirty response to a strained power grid.

CNN's Wolf Blitzer Speculates That Barcelona Attack May Be "Copycat" Of Charlottesville

"There will be questions about copycats. Questions, if what happened in Barcelona, was at all, at all, a copycat version of what happened in Charlottesville, Virginia.  Even though they may be different characters and different political ambitions, they use the same killing device. A vehicle going at high speed a group, a large group, of pedestrians."

How Welfare States Make Us Less Civilized

"What’s happened over the course of the last century with the rise of the democratic welfare state is that these market-based bonds between people within a community have been severed... As these bonds between people are severed, the threshold to engage in criminal behavior becomes lower. "

Carmageddon: Deep Subprime Auto Delinquencies Spike To 10-Year Highs

"As soon as lenders (and the investors behind them) get overconfident that they have better models and can make excess profits by disrespecting credit risk, they always get their hats handed to them sooner or later.  The mortgage market learned this lesson at the expense of the entire global financial system, and it is playing out now in a micro-level, in the ABS market for subprime auto loans."

Barcelona Terrorism Suspect Named As Morocco-Born Driss Oukabir

According to NBC, Driss Oukabir Soprano has been identified in connection to rental of van used in deadly Barcelona attack, U.S. law enforcement says. Oukabir rented the white Mercedes van in the town of Santa Perpetua de la Mogada, 16 miles north of Barcelona, according to Spanish police.

The S&P 500 Is Now Overvalued On 18 Of 20 Valuation Metrics

Based on BofA's 20 most widely used valuation metrics, the S&P remains substantially overvalued according to 18 of 20, the only exceptions being FCF, and relative to bonds where yields are depressed thanks to endless central bank monetization backstops.

"Friends Don't Let Friends Buy VIX"

"You know a trade is getting crowded when my parents start asking about it.  You know just how one sided something is when people think that even Chuck Norris can’t make money buying vol... I think selling VIX is very crowded and fraught with danger."

Analyst Lays Out China's "Doomsday" Scenario

According to Autonomous analyst Charlene Chu, bad debt in China’s financial system will reach as much as $7.6 trillion by the end of this year: an estimate which implies a staggering bad-debt ratio of 34%, orders of magnitude above the official number, and nothing short of a "doomsday scenario" for China's financial system if accurate.