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Saudi Man Receives 3 Year Prison Sentence And 450 Lashes For Being Gay

Saudi Arabia and its Medieval, inhumane monarchy remain just under the mainstream media's glare. The US government’s close alliance with this autocratic, homophobic and primitive fiefdom exposes the sham that is US foreign policy more clearly than anything else. In exposing this authoritarian regime for what it really is, we hope that the American public will never again fall for war under the guise of false “humanitarian” purposes. There is nothing whatsoever humanitarian about U.S. foreign policy.



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Chinese Yuan Surges & Stocks Jump To 2014 Highs After PBOC Unleashes QE

Quietly, and without the drama associated with The Fed and ECB, China unveiled what looks like QE recently (as we discussed in detail here). Whether this is a stealth creation of a 'fannie-mae' structure to support housing or merely another channel for the PBOC to shovel out hole-filling liquidity is unclear. However, one thing is very clear, demand for CNY is surging (even as the PBOC weakens its fixing) and the Shanghai Composite is surging as hot money chases free money once again...



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US-Israeli Relations In 1 Cartoon

Hypocrisy... or diplomacy?



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The Coming Slump

There is a growing certainty in the global economic outlook that is deeply alarming. The welfare-driven nations continue to impoverish their people by debauching their currencies. As Japan’s desperate monetary expansion now shows, far from improving her economic outlook, she is moving into a deepening slump, for which this article provides the explanation. Unfortunately we are all on the path to the same destructive process.



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China PMI Jumps To 2 Year Highs (Jobs Contract For 27 Months), Japan PMI Slips (Jobs Worst In 11 Months)

China's official manufacturing PMI beat expectations by the most since Nov 2013 and jumped to its highest since April 2012 - sure it did after all the forget-the-reforms liquidity, QE-lite, and local government spending dragged forward. Perhaps worryingly the steel industry saw domestic and export new orders crater (from 55.7 to 48.2 in July). The employment sub-index fell once again (now in contraction since May 2012) as large enterprises dominated the upbeat report (medium and small clinging to 50.1 PMIs). Japan's PMI dropped for the first time in 3 months from 50.8 to 50.5 with output contracting and payrolls only marginally positive (slowest since August 2013). And then to end the night, Markit/HSBC's China Manufacturing PMI drops from its Flash 52.0 to 51.7 - perfectly in line with the government's data.



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Previewing Tomorrow's 'Anti-Goldilocks' Payrolls Data

It appears - judging by today's shenanigans - that good news for Main Street (rising employment costs) is bad news (for stocks), though obviously there are other factors; but tomorrow's payrolls data is the last best hope before the Fed finishes its taper for them to pull a 'data-driven' U-turn out of the bag. Consensus is for a drop from last month's exuberance at 288k to 230k (with Barclays slightly cold and Deutsche slightly hot). The fear, for market bulls, is that the print is anti-goldilocks now - not bad enough to provide excuses for lower-longer Fed rates; and not high enough to justify the hockey-stick of miraculous H2 growth priced into stocks. Average S&P gains on NFP Friday are 0.5% but recently have become more noisy.



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Thursday Humor: The Fed Is Hiring



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Ebola Comes To America

If the worst Ebola outbreak in recorded history reaches the United States, federal law permits "the apprehension and examination of any individual reasonably believed to be infected with a communicable disease". These individuals can be "detained for such time and in such manner as may be reasonably necessary". In other words, the federal government already has the authority to round people up against their will, take them to detention facilities and hold them there for as long as they feel it is "reasonably necessary". Think that is a little extreme, think again. As NBC reports, Emory University Hospital, Atlanta will be treating a patient with Ebola in the next several days.



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"Scorched Earth": How Israel Converted 40% Of Gaza Into A Wasteland Of Rubble

While the latest ceasefire between Israel and Hamas will come and go, something far more insidious is taking place in Gaza : as the Daily Beast reports, "The Israeli military, relentlessly and methodically, is driving people out of the 3-kilometer (1.8 mile) buffer zone it says it needs to protect against Hamas rockets and tunnels. According to the United Nations Office for the Coordination of Humanitarian Affairs, the buffer zone eats up about 44 percent of Gaza’s territory."



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Payrolls Watch: July Challenger Job Layoffs Surge Most In Over 2 Years

With the world waiting for tomorrow's "most important data of the year" payrolls report as their signal to BTFD or follow Yellen Capital's recommendation and "sell," we thought it perhaps of note that this morning's Challenger jobs data was extremely weak. Layoffs in July surged 49% (the most since May 2012) to 46,887. This is the 2nd most layoffs in 11 months. The heaviest layoffs were in the Western region and also most concentrated in the auto industry.



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Pole-Dancing And/Or Happy Women Should Avoid Turkey, Deputy PM

If you're a woman looking for some fun... we strongly urge you to avoid Turkey. Turkey's Deputy Prime Minister Bulent Arinc has some strong opinions on the female of the species. First, on Monday, he exclaimed women needed to be "morally upright" and "not laugh out loud in public." And now, the senior Turkish minister, that some women "don’t have self control and can’t stop themselves from climbing up a pole." Of course his actions sparked an avalanche of social media posts of women laughing-out-loud and on-the-pole... which is ironic given that Twitter reports that Turkey accounts for 43% of all global requests for content removal.



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The West's Reckless Rush Towards War With Russia

For reasons that have no rational explanations at this time, the US and Europe have embarked on a concerted program to demonize Putin, ostracize Russia, and bring the world as close to a major conflict as it's been since the Cold War, a time hardly memorable to many in the current crop of our elected officials. A dangerous dynamic is brewing between the West and Russia/Putin. We are seeing a rush to war very similar to the one that led up to Saddam's ouster, but this time, we have much less justification (hard to believe) and the opponent is tremendously more capable. There is little sense in the course the West is currently pursuing, little to gain, and much to lose. The main conclusion here is that not only is the US poking the bear, but it is doing so with increasing frequency and upping the ante dangerously with each step.



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Tesla's Non-GAAP Quarter In Three Gigacharts (Added Free Option: GAAP Charts)

Yes, yes, we know: soon everyone will be driving a Tesla, and, perhaps, sooner Tesla will build its much-hyped, and so critical for its business model Gigafactory (although shouldn't it be non-GIGA to go with non-GAAP... about which it had this to say: "In June, we broke ground just outside Reno, Nevada on a site that could potentially be the location for the Gigafactory. Consistent with our strategy to identify and break ground on multiple sites, we continue to evaluate other locations in Arizona, California, New Mexico and Texas."). In the meantime, and just as the biggest wealth effect-creating (for the 0.1%) stock market of all time appears to be ending, here is Tesla's quarter, and last few years, in three gigacharts.



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