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Suicide Bomber Detonates In Saudi Mosque, ISIS Suspected

A suicide bomber blew himself up at a Shi'ite mosque in eastern Saudi Arabia during Friday prayers, residents said, killing and wounding several people.



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Chinese Stock Bubble Frenzy Returns; US Futures Flat Ahead Of Today's Pre-Holiday Zero Volume Melt Up

The highlight of the overnight newsflow may have been the BOJ's preannounced statement that it is keeping its QE unchanged (which comes as no surprise after a few weeks ago the BOJ adimitted it would be unable to keep inflation "stable" at the 2% in the required timeframe), but the highlight of overnight markets was certainly China, where the Banzai Buyers have reemerged, leading to another whopping +2.8% session for the Shanghai Composite which has now risen to a fresh 7 years high.



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David Cameron's New Thought Police

Once government becomes the arbiter of what speech is and isn’t legitimate, the door is inevitably thrown wide open to the suppression of all political dissent.



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ECB's Willful Ignorance: Leaking Central Bank Says Austerity "Compliments" QE

There’s something quite contradictory about telling governments to tighten their belts while promising to buy any and every piece of paper their treasury departments care to issue. In fact, it’s probably fair to say that a €1.1 trillion QE program simply cannot peacefully coexist with a strict, currency bloc-wide austerity policy. This glaring contraction was on full display at the ECB’s April 14-15 policy meeting, minutes show.



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Guest Post: This October The World Will Change - "China Is Preparing For Something Big"

"China... across the board... is preparing for something big in currency markets... The world has an unease about the dollar system... former President Hu of China said 'the dollar is a product of the past'."



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Welcome To The Oligarch Recovery: 82% Of US Construction Is Luxury Units

The reason everything is being built for the wealthy, is because all the gains from the oligarch recovery have gone to the wealthy. This is no accident. It’s how the bailouts were designed, and how the status quo operates. Our socio-economic system since 2008 can be best described as serfdom, and nothing is going to change until people admit this, rather than hanging on to false hopes that they one day too will become an oligarch. It’s not gonna happen.



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US Retaliates At China Escalation, Warns Sea "Sandcastles" May "Lead To Conflict"

"As China seeks to make sovereign land out of sandcastles and redraw maritime boundaries, it is eroding regional trust and undermining investor confidence" -- US Deputy Secretary of State 



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How The Media Deceive The Public About "Fast Track" And The "Trade Bills"

“Fast Track Trade Promotion Authority” (which was invented by the imperial President Richard Nixon in 1974, in order to advance his goal of a dictatorial Executive, that the Presidency would become a dictatorship) lowers the Constitutionally required approval from 67 Senators down to only 50 Senators. The difference between 50 Senators versus 67 Senators is, essentially, the difference between a treaty that is publicly discussed and widely acceptable to the American public (the people, after all, who voted for those members of Congress); versus a secret treaty that will be widely unacceptable to the American public when the America public will become informed of its contents, which won’t be until years after the treaty has already gone into effect.



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The Government's Message For Heavily Indebted Students: Don't Pay Us Back

"The U.S. Department of Education wants to remind you that you may qualify for a repayment plan that calculates your monthly payment based on your income. You will likely qualify for an income-driven repayment plan if your total federal student loan debt exceeds your annual income. Under an income-driven plan, your initial payment could be as low as $0 per month." -- US Department of Education



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Zappos CEO Pushes "100% Weird" Boss-less Model After Employee Exodus

210 of Zappos CEO Tony Hsieh's 1,500 employees took the money and ran last month after the company's pay-to-quit scheme backfired amid a transition to a boss-less corporate structure. Now, things are just getting "weird"...



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The Fallacy Of Unequivocal Faith In The Fed's Babbling Bubble-Blowers

To preserve any idea that the US is not heading into recession, the FOMC is now wholly reliant on statistical processes within the BEA’s use of the Census Bureau’s updated ARIMA-X13 modeling system. It is amazing to see this policy body that once proclaimed, unequivocally and forcefully, that it could perform the monetary equivalent of sorcery and alchemy reduced to quivering about winter. The latest policy statement, a silly farce of its own accord, is, quite simply, an embarrassment.

 



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Want A Low-Wage Job? Go To College

While only 23.9% of low-wage workers in 1979 had a college degree, that group had grown to 44.2% by 2013. Yet low-wage workers’ hourly wages have not improved much over this time.



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3 Things: If You Don't Like It Change It

Since QE programs have not been effective at creating organic economic growth, the only effective monetary policy tool of the Fed to stave off the effects of a recessionary drag, lowering interest rates, is not available. This is why, despite weak economic growth, little inflation and a large amount of labor slack in the economy, the Fed has consistently hinted that they will likely raise the overnight lending rates in June. Therefore, since the Fed is "data dependent," a boost to GDP, via the recalculation of the numbers, would be vastly supportive in justifying that increase. However, is economic growth really stronger than currently reported? We can look at some alternative measures of the economy to answer that question.



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Broke Kansas To Tax Poor People By Placing $25 Limit On ATM Withdrawals

Kansas, which is laboring under an $800 million funding gap, will limit cash withdrawals on state-issued benefit cards to $25 per day starting on July 1, forcing some beneficiaries to go to the ATM more often. Because the state charges $1 per trip, and because many low-income families do not have a checking account, the new law amounts to a sizeable 'poor tax'. 



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