Europe's Blinkered Leaders: Shielding Themselves From Reality Again

When the G7 heads of state arrive in Taormina, Sicily, for the G7 meeting on May 26, they will find themselves in an embellished, picture-postcard version of European reality. Italy, the host of the G7 meeting, has announced that it will close all harbors on the island to ships that arrive with migrants ( mainly from Libya) for the duration of the two-day meeting.

OPEC Is Studying The Following Three Options Ahead Of Thursday's Meeting

On Tuesday morning, Bloomberg reported, citing delefates, that the OPEC committee is currently studying three deal extension options: a 6-, 9- and 12-month extension.  Bloomberg also notes that OPEC's Joint Ministerial Monitoring Committee will be studying these three options and will meet one day before the general meeting

Islamic State Claims Responsibility For Manchester Bombing

IS Statement:  "With Allah's grace and support, a soldier of the Khilafah managed to place explosive devices in the midst of the gatherings of the Crusaders in the British city of Manchester, in revenge for Allah's religion, in an endeavor to terrorize the mushrikin, and in response to their transgressions against the land of the Muslims.  And what comes next will be more severe on the worshipers of the Cross and their allies, by Allah's permission.  And all praises due to Allah, Lord of the creation."

Cudmore: "I’m Failing To See Why Dip-Buyers Aren’t Correct"

"U.S. equities are more likely to melt-up rather than melt-down in the short-term. Too many investors seem obsessed with the fact that U.S. stocks are "expensive" and "overvalued" when compared to historical metrics. I’m not disputing those statements. But when there’s an unprecedented amount of liquidity in global markets, then valuations at unprecedented levels don’t seem completely illogical."

S&P Futs Near All Time High On Strong Euro Data; Oil Drops On Trump's SPR Sale Plans

S&P futures rose alongside European stocks as Asian shares posted modest declines. The euro set a new six-month high and European bourses rose as PMI data from Germany and France signaled that the ECB will have to tighten soon as Europe's recovery remains on track, with the German Ifo business confidence printing at the highest level on record, and hinting at a GDP print in the 5% range.

South Korea Military Fires "Warning Shots" At Unidentified Object Flying From The North

The South Korean fired warning shots Tuesday at an "unidentified object" flying across the heavily fortified border from North Korea Tuesday afternoon according to the Joint Chiefs of Staff. The military detected the object traversing the Military Demarcation Line (MDL) southward in the Chorwon area in the eastern province of Gangwon at around 4 pm.

Suicide Bomber Kills 22 At Ariana Grande Concert In Manchester, Worst UK Terrorist Attack Since 2005

A man armed with an “improvised” bomb has killed at least 22 people and injured 59 outside a concert arena filled with teenagers in central Manchester on Monday night, in the worst terrorism incident in the UK since 2005. Police said the bomber, who died in the explosion, detonated the device shortly after the end of a concert by US pop star Ariana Grande at about 10.30pm.

Frontrunning: May 23

  • Children Among 22 Dead in Bomb Attack During U.K. Campaign (BBG)
  • 'Please retweet': Parents go online to find their children (Reuters)
  • Stars from Manchester and beyond express shock at bomb attack (Reuters)
  • Trump’s Budget Seeks Cuts to Taxes, Social Programs (WSJ)
  • Trump Proposes Selling Off Half the U.S. Strategic Oil Reserve (BBG)

Shaping The Future: Moscow And Beijing's Multipolar World Order

China and Russia have different tasks in ushering in their world order, namely, by preserving global stability through military and economic means. Their overall relationship of mutual cooperation goes beyond the region of Eurasia and focuses on the whole process of a sustainable globalization as well as on how to create an environment where everyone can prosper in a viable and sustainable way. Doing this entails a departure from the current belligerent and chaotic unipolar world order.

"Let's Burn Down The Universities"

It should be clear to all reasoning people with the ability for critical thinking that a pattern of cultural warfare has been unfolding against the Western world since at least the end of World War Two. The contrast between what was then and what is now is stark and frightening.

How Russia Became "Our Adversary" Again

"Post-Cold War Russia finally experienced too much brazen humiliation and betrayal at the hands of the U.S.-led West...and marshaled enough of still-intact natural and military resources and patriotic to challenge the American Empire’s hubristic claim to the right to rule Eurasia with impunity. 'What we say goes' hit a new wall of Russian dignity and power."