Turkey Launches Investigation Of "Losers" Who Claim Coup Was A Hoax

Turkish prosecutors have begun investigating people who claim that Turkey's coup attempt was a hoax carried out by the government, the country’s justice minister said Sunday, reflecting a farcical crackdown on free speech.  “Just look at the people who are saying on social media that this was theater, public prosecutors are already investigating them. Most of them are losers who think it is an honor to die for Fethullah Gulen’s command,” Justice Minister Bekir Bozdag said.

Why We're Ungovernable: Debt & The Sudden Outbreak Of Utter Insanity

Debt works the same way for countries as it does for individuals and families: When you borrow too much your life spins out of control. And civil unrest becomes the rule rather than the exception. This sudden outbreak of apparent insanity doesn’t seem closely tied to the recent change in our borrowing habits. But it is, in several ways...

Key Events And Earnings In The Coming Week

The key economic releases this week include consumer confidence on Tuesday, the durable goods report on Wednesday, and the advance release of 2nd quarter GDP on Friday. The July FOMC statement will be released on Wednesday at 2PM. There are several scheduled speeches from Fed officials this week. 197 S&P 500 companies are due to report (or 38% of the index market cap) with the notable names including Apple, Verizon, Facebook, Coca-Cola, Alphabet, Exxon Mobil and Chevron.

How Do We Make America Strong Again? Start Telling The Truth

You want to make America strong again? The only way to do so is to start telling the truth and insisting on the truth. Accepting statistical lies, propaganda and fraud as "truth" because it's easy and doesn't challenge our assumptions is a one-way road to ruin.

Frontrunning: July 25

  • Democrats in disarray on eve of convention to nominate Clinton (Reuters); After Gloating, Democrats Face Unity Problem of Their Own (BBG)
  • Florida nightclub shooting leaves two dead, up to 16 wounded (Reuters)
  • Yellen Still Waiting for Overwhelming Evidence to Warrant Hike (BBG)
  • Oil Trades Near Two-Month Low as Drilling Increases Amid Surplus (BBG)
  • Fraud Investigation Ricochets Through Hedge Fund Known for Ties to Jewish Community (WSJ)

It's Official: Verizon To Acquire Yahoo Core Assets For $4.8 Billion

Almost a decade after Microsoft made an unsolicited bid to acquire Yahoo for $50 billion, moments ago Verizon confirmed recent rumors that it would acquire Yahoo operating business for approximately $4.83 billion in cash, far below initial estimates floated several months ago that the segment could sell for as much as $10 billion. So how much does Marissa Meyer collect for "creating value" at the company during her 5 year tenure? Somewhere around $300 million.

US Futures Unchanged As Europe Stocks Rise; Strong Dollar Pressures Oil

There has been little notable market moves overnight, with the record rally in the S&P500 set to continue and European stocks climbing as German IFO business confidence proved more resilient than economists predicted in the month after Britain voted to leave the European Union, falling less than expected from 108.7 to 108.3, above the 107.5 consensus, with expectations printing at 102.2 above the 101.2 expected. Bonds fell with gold as the dollar gained before central bank meetings in the U.S. and Japan this week.

2 Killed, Up To 17 Injured In Fort Myers, Florida Nightclub Shooting

One month after the tragic Oralando shooting, which has since been swept away by a series of increasingly more escalating, disturbing and deadly mass shooting assaults in Europe, moments ago newswires reported that at least two people were killed and "at least 14-16" wounded during in a shooting at a Florida nightclub, police said early Monday. The incident happened during a "teen night" in the parking lot of Club Blu in Fort Myers at around 12:30 a.m. ET.

Democrats In Turmoil: DNC Chair Wasserman Schultz Resigns After Wikileaks Revelations

The Democratic party was in turmoil on Sunday afternoon, when just hours ahead of the Democratic National Convention which begins on Monday on Philadelphia, the chair of the Party - DNC Chairwoman Debbie Wasserman Schultz - resigned amid a furor over the humiliating Wikileaks email release, hoping to head off a growing rebellion by Bernie Sanders. And in a stunning move, moments later Hillary announced that Wasserman Schultz would serve as an honorary chair on Clinton's campaign.

Uncontrolled Refugeeism Will Be The Undoing Of Now-Ruling Political Class

Donald Trump, Marine Le Pen, Viktor Orban, Nigel Farage and myriad other populist, right-wing leaders sprouting over much of the Western World, are being tagged by the political ruling class as an ill-conceived, hate-fest phenomenon; and often portrayed as the mutant offspring of fascism. This mischaracterization could end up being the undoing of the now-ruling political class, not just in some European nations but also in the US.

"Politically Correct" German MP Demands Probe Over Police Shooting Of Axe-Wielding Jihadist

After the blood-filled train - an eyewitness said it "looked like a slaughterhouse" - came to a stop, the teenager jumped off and tried to escape. Surrounded by police, he lunged at them with an axe. Police shot the attacker dead because "there was no other option." Green Party MP Renate Künast criticized the police for using lethal force, tweeting: "Why could the attacker not have been incapacitated without killing him???? Questions!" Künast's comments provoked a furious backlash.

China Bans Websites From Original Reporting

According to The Paper, major internet portals in China including Sina, Sohu, Netease and Ifeng.com have shut down some of their original reporting operations after receiving “harsh criticism” from country’s top industry regulator. As Bloomberg adds, the Cyberspace Administration of China has cited portals for violating China’s internet regulations by carrying plenty of news content obtained through original reporting.

With Kuroda Under Pressure To Increase Stimulus Again, Dissenters Appear

With the yen strengthening ~12% against the US dollar and the Nikkei down ~10% YTD, it seems Haruhiko “Peter Pan” Kuroda is having a difficult time working his magic in favor of Abenomics. As the WSJ reports, Kuroda is under increasing pressure from the Prime Minister’s advisers to coordinate efforts to jumpstart the economy. Earlier this month, we first reported of the secretive meeting between Kuroda and Bernanke, where the former Fed Chairman urged Japan to unleash helicopter money.