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Meet The Man Responsible For Oklahoma's Earthquake Epidemic

Between 1974 and 2009 there were 62 magnitude 3.0 or stronger earthquakes in Oklahoma. In the past five years there have been 1,070 M3.0+ quakes. The chart of Oklahoma's quake surge correlates perfectly with the amount of wastewater injected into the state. And when it comes to Oklahoma's "induced seismicity" there is nobody more responsible for either Oklahoma's "shale miracle" or the resultant earthquake epidemic than David Chernicky, CEO of Tulsa-based New Dominion.



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"We're Living In A Make-Believe World" Biderman Warns "A Global Recession Is Inevitable"

"Right now, we’re living in a make believe world. Debt can’t be the main source of growth. Without a pick-up in final demand a lot of bad debts are out there. As long as you have excess capacity in the commodity production you have bad loans throughout the system. That means you have governments who can’t repay their debt without selling new loans and all their bad loans are funded by the central banks.... I think a global recession is inevitable...You just can’t devalue your way to prosperity. As long as the number of shares keeps declining, stock prices are going to go up and nobody cares [but] in the long term there has to be a major correction."



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"It's A Madhouse" - At Least 6 Dead, 12 Missing As Floods "Hammer" Texas & Oklahoma

"We got hammered," Houston's emergency management coordinator Rick Flanagan told CNN, and as the following stunning images show, that is an understatement. "We've seen flooding before, but not nearly to this extreme," said one resident, adding "It rains and it rains and it rains, and there's really nowhere for the water to go... It's ridiculous." Perhaps even more stunningly, as Mashable's Andrew Freeman notes, the floods have been a remarkable turn of events for a region that was still mired in drought as of three weeks ago. That drought, which had affected Texas since 2010, is now effectively over in most areas, as is a long-running drought in Oklahoma. Authorities are still searching for 12 members of two families who went missing over the weekend.



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Russia Tells France It Gives Up On Mistral Ship Deal

With French ministers crowing about their better-than-expected GDP data (+0.7%) as some trend reversal that heralds a revolution, it appears Vladimir Putin is about to put a dent in their hopes and dreams. As Sputnik News reports, Moscow has finally given up on the $1.3 billion deal for two Mistral-class helicopter carriers and plans to build its own. Even worse for France, now Russia will discuss only the sum that Paris should pay Russia for the failed contract. However, as with everything in the world, there may be aulterior motive, as China comes sniffing as a white knight for the amphibious vessels (at a reduced price) and then sells to its 'ally' Russia (who has already pocketed the contract cancellation fees).



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Do You Smell Smoke?

...or just see the mirrors...



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Today's Economic Data Enough To Push Q2 GDP By Whopping 0.1% To 0.8%

... at least according to the Atlanta Fed. Based on the one GDP model which hasn't lost all credibility and which for the past 3 months has captured the attention to wannabe weathermen and other Wall Street strategists, today's bevy of stronger than expected data, everything from Durable Goods, to core CapEx, to New Home Sales, to Case Shiller, to Consumer Confidence, and even the Richmond Fed was sufficient to push Q2 GDP... by 0.1% to 0.8%.



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Strong 2 Year Auction Prices At Highest Yield For 2015

As we documented previously, one of the best ways to determine if a given Treasury auction will be strong is to look at the implied short overhang heading into the auction courtesy of Repo rates. Earlier today, ahead of today's $26 billion auction, the 2Y was trading -0.27% in repo: not too shorted, but judging by the results of the just concluded auction, shorted enough.



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Surplus Repression And The Self-Defeating Deep State

The nation is wallowing self-piteously in a fetid trough of denial and adolescent rage/magical thinking now that the nation's bogus, debt-based "prosperity" has crashed and cannot be restored.



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Crude Carnage Continues - WTI Hits 1-Month Low

WTI is having its worst day in over 2 months as the front-mointh tumbles back below $57.50 to one-month lows... Perhaps fundamentals do matter after all - or is this pre-OPEC dump to force non-Saudi cartel members to revolt?



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US Capitol Visitor's Center Evacuated: No Official Reason Given

Seems like now would be a good time to reinstate the NSA's bulk data collection (for our own security) to find out who is at the center of this...

*CAPITOL VISITORS CENTER HAS BEEN EVACUATED;CAPITOL NOT AFFECTED
*CAPITOL POLICE DON'T IMMEDIATELY HAVE STATEMENT ON EVACUATION

“Evacuate, evacuate, evacuate the U.S. Capitol building,” a loudspeaker blared.



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China Equity Rally Reaches Escape Velocity As Shenzhen Trades At 71X Earnings

As noted Tuesday morning, China’s margin-fueled equity mania reached new heights overnight with the Shanghai Composite wrapping up its best six-day run in seven and a half years, but the real story was the tech-heavy Shenzhen Comp which, after a brief hiccup precipitated by the Hanergy ponzi debacle, has now firmly regained its momentum jumping nearly 4% with at least 250 listed companies trading limit up on the session.



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There Ain't Enough Bourbon In Kentucky

American consumers may have pocketed most of their gas savings thus far, but there are two discretionary items where they aren’t holding back spending: bourbon and Tennessee whiskey.



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Meanwhile, In The Real Economy... Or Why Deutsche Thinks "Lunatics Are Running" The Fed

"...it is imperative that the data does turnaround during 2015h2 for the recent rise in yields to be sustained. It is quite surprising to us that there is so much focus on US employment data and Fed Funds normalization to the exclusion of global trade data or US demand let alone productivity. A case perhaps of the lunatics trying to run the asylum."



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Why Tesla's Batteries Won't Work For Roof-Top Solar

A rooftop solar system may make overall sense if the cost of grid electricity is high enough, but batteries and backup generators still aren’t remotely competitive with grid electricity when it comes to load-following.



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