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$7.1 Trillion In Global Sovereign Wealth Fund Assets: The Infographic

"The first three months of 2015 only saw a marginal increase in SWF assets in the headwind of falling oil prices. TheCityUK expects that SWFs’ assets will increase by 4% in 2015 to $7.4 trillion, well below the 12% average annual growth seen over the previous five years. Flows into some funds could turn negative. Growth in SWFs’ assets is closely related to the price of oil, as around 60% of SWFs’ assets originate from commodity exports."



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Bill Clinton Tried To Give Paid Speeches To North Korea & Congo While Hillary Was Secretary Of State

“I did not have financial relations with that dictator.”



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The Value-At-Risk Fiasco

VAR (invented at J.P. Morgan well before both the global financial crisis and their entertaining London Whale drubbing) is an expression of the largest possible loss, contained within a specified confidence interval.  We can for example explore the history of worst weekly losses in the S&P, for each month starting more than 5 years ago in January 2010 (and through May 2015).  A total of 65 months.  We can set a probability tolerance of just over 6%, and state that the probability of seeing a loss greater than this VAR should be less than or equal to ~6% (or 1 in 16 months). 



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Citigroup Chief Economist Thinks Only "Helicopter Money" Can Save The World Now

Having recently explained (in great detail) why QE4 (and 5, 6 & 7) were inevitable (despite the protestations of all central planners, except for perhaps Kocharlakota - who never met an economy he didn't want to throw free money at), we found it fascinating that no lessor purveyor of the status quo's view of the world - Citigroup's chief economist Willem Buiter - that a global recession is imminent and nothing but a major blast of fiscal spending financed by outright "helicopter" money from the central banks will avert the deepening crisis. Faced with China's 'Quantitative Tightening', the economist who proclaimed "gold is a 6000-year old bubble" and cash should be banned, concludes ominously, "everybody will be adversely affected."



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Why The Great Petrodollar Unwind Could Be $2.5 Trillion Larger Than Anyone Thinks

The virtuous circle that has sustained the dollar and buoyed USD assets for decades has definitively been broken. Now, with China's Treasury liquidation serving to exacerbate the pressure from the demise of the petrodollar, it's critical to take stock of accumulated petrodollar reserves in order to understand how large the unwind could ultimately be in a worst case scenario. As it turns out, narrowly focusing on official FX reserves could understate the size of petrodollar accumulation by some $2.5 trillion.



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Dis-Integrating America

To many Americans, even many who did not vote for him, the election of Barack Obama seemed to hold out the promise that our racial divide could be healed by a black president. Even Obama’s supporters must concede it did not happen, though we would, again, argue angrily over why.



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Did Tim Cook Lie To Save Apple Stock: The "Channel Checks" Paint A Very Gloomy Picture

Is AAPL the next AOL, and is Tim Cook the next Thorsten Heins? It all depends on China: if the world's most populous nation can get its stock market, its economy and its currency under control, then this too shall pass. The problem is that if, as many increasingly suggest, China has lost control of all three. At that point anyone who thought they got a great deal when buying AAPL at $92 will have far better opportunities to dollar-cost average far, far lower.



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Despite Being A 'Pet Rock', The Premium For Physical Bullion Is Exploding

While status quo-huggers are all too happy to point out gold and silver's lack of utter exuberance amid this week's carnage, perhaps they need to re-comprehend the difference between a heavily manipulated 'paper' market and the surging demand for physical precious metals that is evident in the 20-plus percent premium - and rising - being paid for silver bullion currently...



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Stagnant US Economic Growth Explained (In 1 Cartoon)

Presented with no comment...



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Ayn Rand & Murray Rothbard: Diverse Champions Of Liberty

No one should attempt to treat Ayn Rand and Murray N. Rothbard as uncomplicated and rather similar defenders of the free society although they have more in common than many believe.



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Guns, Drugs, & Booze: The Bipartisan Support For Prohibition

It’s been noticed more than a few times that there aren’t many substantive differences between the Republicans and Democrats. What they have in common - at least the mainstream varieties - is a desire to use the state to shape society in whatever way they see fit. As Andrew Napolitano put it, "We have migrated from a two-party system into a one-party system, the big-government party. There’s a democratic wing that likes taxes and wealth transfers and assaults on commercial liberties and there’s a republican wing that likes war and deficits and assaults uncivil liberties." And both parties love prohibition, just of different things.



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What Bill Dudley's Hedge Fund Advisors Told Him About A September Rate Hike

When it comes to soliciting opinions, the NY Fed in general, and former Goldmanite Bill Dudley in particular, care about just one group of "advisors" - the Investor Advisory Committee on Financial Markets (a group created in July 2009 after the 2008 market crash) also known as the billionaires who run the country's biggest hedge funds, prop desks and PE firms, including JPM, Credit Suisse, Apollo, Blackrock, Blue Mountain, Brevan Howard, Tudor, Fortress, and lo and behold, David "Balls to the Wall" Tepper.



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Greece - Now What

Here are some modestly optimistic musings on what may be next in the cards for Greece...



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Finding Pearls Of Wisdom In The Donald’s Trumperbolic Campaign

Donald Trump is no phenomenon or wonder, only someone money has been immunized and given a suit of armor under our capitalist system; a person with true elite-freedom. No, Trump is just a figurehead for those with closeted anger trying to resist unstoppable change in the world and resent their loss of power.



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