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Welcome To The Bubble State, Where Everything Is Unsustainable

Since its inception, California has always portrayed itself as the land of opportunity. Kind of like a dream within the American dream. Of course, if you ask anyone who actually lives here, they’ll tell you the truth. The only people getting rich from the dream are the ones who made it up. They prey on the gullible masses who think they can move here and become movies stars, and tech CEO’s. But more importantly, this dream is the lifeblood of our vampiric state, and always has been. Like the myths surrounding the Great Wall of China, our foundations are layered with those who fell while chasing the dream. We owe our very existence to this ever evolving scam.



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Beijing We Have A Problem: China Suffers Record Capital Outflow In Q1

As tipped over a month ago, China witnessed a fourth straight quarter of capital outflows in Q1, exacerbating Beijing's currency conundrum and making it more likely that, should policy rate cuts continue to prove ineffective, Chinese QE is inevitable.



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Plains All American Pipeline Ruptures; 21,000 Barrel 4-Mile Oil Slick On Santa Barbara Beaches

Emergency officials and Exxon Mobil were responding Tuesday afternoon to a ruptured pipeline that was leaking crude oil into the ocean off the Santa Barbara County coast, authorities said. The Santa Barbara County office of emergency management has identified the responsible party as Plains All American Pipeline. As The LA Times reports, by 3:45 p.m., the leak had left a four-mile-long sheen of oil extending about 50 yards into the waters along Refugio State Beach in Goleta, said U.S. Coast Guard Petty Officer Andrea Anderson.



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"Kept Afloat With Nothing But Happy Thoughts"

The Fed stimulates absolutely nothing but the media’s descriptions of it and the various economists and their models that depend solely on them being successful in doing so. If recessions are emotional and irrational pessimism as the monetary textbooks believe, then QE and ZIRP are just right sort of “happy pills” to push emotions back to the “right” direction. Is it any wonder the economy is in danger of sinking toward catastrophic failure?



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Someone Finally Read Obama's Secret Trade Deal And Admits The TPP "Will Damage This Nation"

"The public criticisms of the TPP have been vague. That’s by design—anyone who has read the text of the agreement could be jailed for disclosing its contents. I’ve actually read the TPP text provided to the government’s own advisors, and I’ve given the president an earful about how this trade deal will damage this nation. But I can’t share my criticisms with you. I can tell you that Elizabeth Warren is right about her criticism of the trade deal. We should be very concerned about what's hidden in this trade deal—and particularly how the Obama administration is keeping information secret even from those of us who are supposed to provide advice."



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"Obama's Strategy Against ISIS Is In Ruins"

Over the weekend, a major shift in the balance of power in Iraq took place when Islamic State forces seized the key Iraqi state of Ramadi.  It took barely one day for the neoconservative cries for an aggressive and powerful response when overnight Kimberly Kagan's hawkish think tank, the Institute for the Study of War, came out with its assessment which was at least partially right that "Obama's strategy against the Islamic State in ruins not only in Iraq but also throughout the Muslim world."



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How GDP Metrics Distort Our View of the Economy

GDP purports to measure economic activity while largely divorcing itself from the quality, profitability, depth, breadth, improvement, advancement, and rationalization of goods and services provided. Stated alternatively, GDP fails to accurately assess the value of goods and services provided or estimate a society’s standard of living. It is a ruler with irregular hash marks and a clock with erratic ticks. Simply put, GDP is designed to advance the Keynesian agenda... no matter what.



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Make College Free By Taxing Stock Trades, Dem Presidential Candidate Says

"Democratic presidential candidate Bernie Sanders wants to take from the rich in order to make public college tuition-free for everyone else. On Tuesday, the Vermont senator will hold a press conference in the nation's capital at which he will introduce a plan to use a so-called Robin Hood tax on stock transactions to fund tuition at four-year public colleges and universities," Bloomberg reports.



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The Untied State Of America

"Yes, The Fed is feeding inequality; but it has to keep rates low for the good of the economy" - Robert Reich



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Are Stocks & Bonds Due For A "Generational" 75% Crash?

From the point of view of history, a reversion to generational lows is inevitable, and a valuation level around 50% of GDP for stocks is a fair target. This implies a 75% decline in both stocks and bonds within the next decade, if not sooner.


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Dogbert Explains What CEOs Do



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YHOO Tumbles After BABA Spinoff Faces IRS Uncertainty

Around 1537ET YHOO shares began a flash-crash-like free-fall with ascending volume on an accelerating plunge in price. BABA did not snap until 1544ET when it cracked lower and the arbs desparately tried to keep the two firms tied together somehow. Initial chatter was import tariff news from China (which may have explained the huge divergence between the two) but soon after Bloomberg reported that the U.S. Internal Revenue Service is considering a rule change that might complicate YHOO efforts to exit its BAB stake 'efficiently'.



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American Politics Explained In One Chart

Presented with no comment (but a big shrug of the shoulders)...



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