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Ferguson Tonight: Thunder Storms, Peaceful Protests, "Go Kill ISIS And Leave Us Alone" - Live Feed

One glimpse at the ominous clouds approaching Ferguson this evening was enough to suggest the end of the world was approaching but for now peacfeul protesters are once again walking (not allowed to stand) chanting "No Justice, No Peace" amidd dramatic lightning storms. The weather, for now, appears to have subdued the crowds but one protesters banner proclaiming "Go kill ISIS and leave us alone" caught our eye. Police presence is evident but not forceful for now as protesters proclaim "We want justice, here's your peace" suggesting tensions are de-escalating.



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Car Repos Soar 70% As Auto Subprime Bubble Pops; "It's Contained" Promises Fed

The auto loan subprime bubble may be the latest to burst (after student loans) as the rate of car repossessions jumped 70.2 percent in the second quarter, with much of that increase coming from finance companies not run by automakers, banks or credit unions. "The number of delinquencies and repossessions rising is what we would expect as the auto industry sells more vehicles," "But this slight uptick is one to keep an eye on." The surge in delinquencies and repossessions is being driven primarily by borrowers with subprime and deep subprime credit scores.



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Goldman Warns Additional Chinese Stimulus Risks Global Financial Stability

The soft July data have once again generated expectations of monetary easing from China. Goldman however thinks further monetary easing would have incrementally less of an impact and would come at the cost of financial stability. This diminishing impact, they argue, would result as overcapacity/oversupply restricts long-term borrowing demand and due to interest rate deregulation, which tends to move the long-term risk-free interest rate to a higher equilibrium, as seen in recent data. As the tradable sector continues to recover on the back of an improved global outlook, Goldman believes that a combination of sectoral policies aimed at easing financial stress and structural adjustment would be a better policy option. They do not expect broad macro easing or an interest rate cut in what remains of this year.



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Ferguson Cop Points Gun At Protesters And Press, Screams "I Will F***ing Kill You", Has Been "Relocated"

In the aftermath of recent violent events and now that even the US Attorney General has arrived, one would assume that the Ferguson police had at least some "sensitivity" training about how to approach protesters, especially those "armed" with cameras. Not in this case. The footage below out of Ferguson shows a police officer pointing his gun directly at protesters and reporters while screaming "I’m going to f***ing kill you!"



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"The Financial System Is Vulnerable," NYFed Asks "Could The Dollar Lose Its Reserve Status?"

When a tin-foil-hat-wearing blog full of digital dickweeds suggest the dollar's reserve currency status is at best diminishing, it is fobbed off as yet another conspiracy theory (yet to be proved conspiracy fact) too horrible to imagine for the status quo huggers. But when the VP of Research at the New York Fed asks "Could the dollar lose its status as the key international currency for international trade and international financial transactions," and further is unable to say why not, it is perhaps worth considering the principal contributing factors she warns of.



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Despite Collapsing Economy, Japanese PMI Surges To 5-Month High; China PMI Tumbles, Misses By Most On Record

Following New Zealand's biggest monthly plunge in consumer confidence in over 2 years, Japan's Manufacturing PMI surged to its highest since March at 52.5 (handily beating expectations of 51.5). Almost the entire suite of subindices were positive except JPY weakness-inspired margin compression as output prices tumbled and input prices surged. All of this in the face of collapsing and disappointing hard data. Meanwhile, China Manufacturing PMI plunged to 51.5, missing by the most on record, as China's apparent 'hard' data shows improvement. Perhaps it is time to recalibrate the seasonal magic in these PMIs...



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China Push For Gold Pricing Power Continues, Grant 3 New Import Licences

Three more banks have been permitted to import gold to China, as IBTimes notes, the country redoubles its efforts to attain pricing power of the commodity. The move, which brings the number of firms allowed to import gold into China to 15, comes ahead of the SGE launching its Yuan settled bullion exchange, in hopes of replacing the now discredited London Fix and become a price-discovery center. Shanghai Pudong Development Bank and China Merchants Bank were joined by Standard Chartered - only the 3rd foreign bank to be allowed to import gold into China as the nation continues to increase the pace of liberalisation of the gold market following the approval last year of the country's first gold-backed WTFs.



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St.Louis PD Release 'Suicide-By-Cop' Shooting Clip

As we noted previously, just days after the fatal shooting of Mike Brown in Ferguson, a 2nd officer-involved shooting ended in death for the suspect just miles from Ferguson. St.Louis Police Department - in the interests of transparency -  have released video of both the alleged shoplifting and the so-called 'suicide-by-cop' shooting itself of 25-year-old Kajieme Powell.."Powell approached the officers when they arrived, yelling at them to shoot him already. When he ignored commands to drop the knife, the two officers fired a total of 12 shots."



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Half Of All Americans Live With Someone Dependent On Government Benefits

More Americans than ever before are tapping government benefits. As WSJ reports, nearly half of Americans, 49.5%, lived in a household where at least one person was receiving some type of government benefit. Over the last few years, the number has mostly risen from more people turning to programs designed to help the poor, such as food stamps, Medicaid (the health-insurance program for the poor and disabled) and the Temporary Assistance for Needy Families program, commonly known as welfare. Welcome to Cloward-Piven's socialist America... or as some might say "Mission Accomplished."



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50 Years Of Political Polarization In One Chart

King County, Texas has seen the biggest shift in political preferences of all US counties since 1960 according to WaPo; but as io9's Mark Strauss notes reveal that during the last two decades, this is not unusual - an increasing number of Americans have chosen to veer Right or Left in their political orientation - with almost no center ground. That trend becomes especially apparent when looking at U.S. election results, county-by-county, since 1960.



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Salvador Dali - Central Banker?

Would Salvador Dali make a better Federal Reserve Chairman than Janet Yellen or Ben Bernanke before her?



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Jackson Hole: 'Tremendous' Downside Risks If Yellen Doesn't Go Full-Dovish

The consensus expectation is overwhelming that Fed Chair Yellen will deliver a dovish message at Jackson Hole. Macro investors have largely eliminated their short Treasury position and look to be long risk, particularly via equities and EM. FX positioning is long USD and long EM, the long USD largely because the euro zone economy is slipping again and the ECB is hinting at further ease. Our question is whether Yellen can be more dovish than what is now priced in, not whether she will be dovish on the Richter scale of dovishness. Full dovish, semi-dovish, or contingent dovish.



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US Attempted To Rescue James Foley, Other ISIS Hostages, Failed Because "Hostages Were Not Present"

If there was one thing the Obama administration did not need as it is careening from one international crisis to another, was compounding comparisons to the Carter administration and its botched attempt to rescue US hostages in 1980 Iran also known as Operation Eagle Claw. Well, as of moments ago, that comparison is now in play following what the Pentagon just revealed was a botched attempt to recue a number of American hostages held by ISIS, "early this summer." The reason why the mission failed: "tho hostages were not there." Why? "We don’t know. And that’s the truth. When we got there, they weren’t there. We don’t know why that is." At least we tried to rescue some folks.



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"Caught Between Iraq & A Hard Place"

Presented with no comment...



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Here's Who Profits From The Ferguson Riots

As Smedley Butler famously wrote "War is a racket," and despite those words being said 80 years ago, the last few weeks of violence in Ferguson have shown him correct as at least two firms have benefitted greatly. As Truthout reports, the majority of the munitions being used by police against protesters are made by Combined Systems or by the Defense Technology brand of the Safariland Group. The following map explores the owners and executives of these companies...



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