Chart Of The Day: Which Socialist Utopia Has Seen Car Sales Drop 99%?

It appears that the citizenry of Venezuela - shining example of socialist utopian endgames - are too busy slaughtering black stallions for food, lining up for toilet paper, and dying from lack of medicines to go out and buy cars (even at 0% rates for 10years?)...

'Last Economist Standing' John Taylor Urges "Less Weird Policy" At Jackson Hole

Infamous rules-based economist John Taylor attended the first monetary-policy conference in Jackson Hole in 1982, and he may be the only person to attend both the 1st and the this year's 35th. With Fed policy the easiest (relative to economic fundamentals) every in history, Taylor has one wish for an outcome... "less weird policy"

Treasury Vol Crashes To 2016 Lows

With all eyes focused on the collapse in equity risk over the last few months, it seems Treasuries have been ignored. This week has seen intraday trading ranges for 10Y Treasury yields crash to 2016 lows. The last time the volatility was this compressed was early June, which pre-empted a major surge in risk, slide in stocks, and drop in rates...

Mylan CEO: "The US Healthcare System Bubble Is Going To Burst; This Is No Different Than The Subprime Crisis"

"My frustration is, the list price is $608. There is a system. I laid out that there are four or five hands that the product touches, and companies that it goes through before it ever gets to that patient at the counter. Everyone should be frustrated. I'm hoping that this is an inflection point for this country. Our healthcare is in a crisis, it's no different than the mortgage financial crisis back in 2007. This bubble is going to burst."

Subprime Auto Delinquencies Jump 17% In July, Net Losses Soar 28%

According to the latest Fitch auto subprime report, things in the auto subprime space are progressively deteriorating, with subprime 60+ day delinquencies rising 13% month-over-month (MOM) in July to 4.59%, and were 17% higher versus a year earlier.  Subprime ABS annualized net losses (ANL) hit 7.39% in July rising 17% MOM, and were 28% higher year-over-year (YOY).

Jackson Hole'd - A New Monetary Order Looms

The title of this year’s Jackson Hole meeting – “Designing Resilient Monetary Policy Frameworks for the Future” – is a telling one. It is actually a call to a specific goal, rather than the typical generic one. You get the feeling that the Fed has something on its mind... Translation: Fed projections have been wrong, and the central bank doesn’t know how to make them any better in the future.

Did Turkish President Erdogan Just Use A False Flag To Justify Invading Syria?

What we do know is that the targets of the attack were supporters of a political party that threaten Erdogan’s dreams of totalitarianism. We also know ISIS has not claimed responsibility for the attack, nor has Erdogan provided any evidence they were responsible, except to reiterate their alleged responsibility over and over. Don’t be surprised, therefore, if this attack is used as a further excuse to expand military operations against ISIS or some other group that Erdogan considers terrorists - or as a further move to target the Kurdish movement in Turkey and Syria. Oh wait, that literally just happened.

US Destroyer Fired Warning Shots At "Harassing" Iranian Fast-Attack Ship

A U.S. destroyer fired three warning shots after an Iranian fast-attack craft approached and circled two U.S. Navy ships and a Kuwaiti vessel in the northern Gulf on Wednesday. CNN reports that the U.S. ship fired the shots into the water after the Iranian ship did not leave after a brief radio conversation.

The Lack Of EpiPen Competitors Is The FDA's Fault

A firm cannot just willy-nilly raise their prices without a competing firm leaping in to give consumers what they want at a lower price. As it turns out, Mylan has a great friend who keeps would-be competitors out of the market, or at least makes it so difficult for them that they eventually go out of business. That friend is the FDA.