South Korea Warns Trump Only It Can Declare War On North

"War must never break out again on the Korean Peninsula. Only the Republic of Korea can make the decision for military action on the Korean Peninsula" said South Korean president Moon in a forceful speech overnight.

Frontrunning: August 15

  • White House Risks a Backfire Over China and North Korea (WSJ)
  • Three More CEOs Turn Their Backs on Trump (BBG)
  • Cities ramp up removal of Confederate statues (Reuters)
  • Moon Vents Korea Frustration by Asserting Right to Veto U.S. War (BBG)
  • Iran says its drones near U.S. vessels are safe, following rules (Reuters)

China Threatens With Trade War Retaliation If US "Damages Trade Ties"

"If the U.S. side ignores the facts, and disrespects multilateral trade principles in taking actions that harms both sides trade interests, China will absolutely not sit by and watch, will inevitably adopt all appropriate measures, and resolutely safeguard China's lawful rights."

VIX Tumbles, Global Stocks And Dollar Rally As Korea Tensions Ease

Global stocks and US futures are up for a second day, with the VIX sliding 0.58 vols to 11.75 (-4.7%) and haven assets dropping, after a KCNA report report suggested North Korea had pulled back its threat to attack Guam after days of increasingly bellicose "fire and fury" rhetoric with President Trump, and hours after China took its toughest steps to support U.N. sanctions against Pyongyang.

Kim Jong-Un "Briefed On Guam Attack Plan", Backs Off Threat Of Imminent Missile Launch

"[Kim Jong-Un] said that if the planned fire of power demonstration is carried out as the U.S. is going more reckless, it will be the most delightful historic moment when the Hwasong artillerymen will wring the windpipes of the Yankees and point daggers at their necks, underlining the need to be always ready for launching to go into action anytime once our Party decides."

Is Trump Gearing Up To End The Iran Nuclear Deal?

"U.S. President Trump seems determined to kill the nuclear deal with Iran. European leaders should strive to prevent this, as it would severely damage transatlantic relations and the nuclear non-proliferation regime."

Iran To Send Warship Flotilla To West Atlantic Amid Massive New Military Build Up

Tehran is preparing to send a flotilla of Iranian warships to the western Atlantic Ocean following the announcement of a massive $500 million investment in war spending, according to Iranian leaders, who say the military moves are in response to recent efforts by the United States to impose a package of new economic sanctions on Iran.

The West Betrays U.S. Heroes Who Prevented Another 9/11

"One of the most important chapters in the war on terror is being rewritten -- with a moral inversion. Islamic terrorists who were arrested and deported have become 'liberal causes célèbres', while agents of the CIA who questioned them are not only being condemned but also financially crushed by punishment and legal bills -- for having tried, legally, to save American lives."

"Attack Venezuela!?" Ron Paul Rants "Trump Can't Be Serious!"

"...the White House is becoming the war house and the president seems to see war as a first solution rather than a last resort. His threats of military action against a Venezuela that neither threatens nor could threaten the United States suggests a shocking lack of judgment."