FishLivesMatter: California To Decide If Saving 'Delta Smelt' Is Worth $65 Billion Of Taxpayer Money

Starting tomorrow, California's State Water Resources Control Board will begin hosting months of public hearings on whether or not to proceed with Jerry Brown's controversial "California WaterFix" project, or the "Delta Tunnels" as it is more commonly known.  The project has been heavily criticized as yet another Brown-sponsored public works boondoggle with total price tag estimates ranging to over $65BN.

With G20 Over, FX Market Chaos Resumes: Yen Surge, Yuan Purge

Once again the 'fake' FX stability of pre-geopolitical-events has ben shattered now that the G-20 meetings ended with their usual un-fanfare of nothingness (and rising discord). After exuberant status-quo-supporting weakness in the Yen and stability in the Yuan (against the dollar), that's all coming unglued rapidly in the last 36 hours as USDJPY tests back to a 104 handle and Yuan resumes its weakening trend...

"30 Seconds To Midnight"

The neoconservatives in Washington have replaced nuclear disarmament with a new nuclear arms race. All of the hard work and accomplishments of previous US administrations to ease tensions and to reduce the stockpiles of nuclear weapons has been thrown away by the psychopaths who control the government in Washington. “Today, the danger of some sort of a nuclear catastrophe is greater than it was during the Cold War,” warns former US SecDef William Perry, “and most people are blissfully unaware of this danger.”

The Blind Leading The Clueless

"The fact that solutions never seem to arrive seems to be less relevant than the fact that a new solution is underway. In this manner, the viewer, no matter how badly his life is being affected, continues to sit tight and be hopeful, for, surely, better days are just around the corner. Incredibly, the average viewer seems to be able to consume endless quantities of this propaganda, year after year, and never say to himself, 'Something’s radically wrong here'."

Vancouver Finally Cracks Down On Chinese Home Buyers With 15% Real Estate Tax

The British Columbia government finally took our advice to stem hot money inflows into real estate by announcing a 15% transfer tax on foreign nationals who buy real estate in Metro Vancouver.  Finance Minister Mike de Jong unveiled the tax, which will take effect on August 2nd, after recent housing data revealed that foreign nationals spent more than $1 billion on British Columbia property between June 10 and July 14, or a mere $28.6mm per day.

Brazil’s Top Newspaper Caught Manipulating Poll Data In Favor Of New President

After the story broke, the evidence began to mount that Folha de Sao Paulo had deliberately omitted this information from its published version. When the press questioned the newspaper for its decision, Folha’s executive director Sérgio Dávila stated “the prerogative of the paper [is] to chose what it believes is ‘most journalistically relevant’ when it decides to publish a poll.”

"Central Bankers Are Killing Capitalism" Odey Warns, Moving Politics "Fast To Extremes"

"Central banks do their master’s bidding and governments tell them ‘stop recession at any price’... So what we have now is a world in whi ch the Have-nots are rising in number and, thanks to the workings of central banks, see the Haves still seemingly enjoying themselves on the back of rising asset prices. It is no wonder that politics are moving fast to the extremes."

Oil Set For Bigger Drop As Historic Gasoline Glut Forces Early Switch To Winter Blends

Refiners are shifting to yet another desperate attempt to delay the inevitable market equilibrium point by switching from summer to winter blend as demand for the former has disappointed. The problem is that by doing so early, stocks of winter blend will fill that much sooner, and absent some miraculous surge in demand in the winter months, the moment when the price of oil tumbles has merely been postponed for a few months while assuring that the drop - when it comes - will be much more acute.

Thunderstorm Sparks Massive Spike In New York Elctricity Prices Amid Heat Wave

Amid day 5 of a heat wave expected to last through Thursday, local New York electricity generators had been dealing with the increased demand(to help power air-conditioners) until, as Bloomberg reports, the agency that oversees New York’s power system issued issued an alert in advance of a thunderstorm that cut the amount of electricity allowed to be carried across transmission lines feeding the city. This sparked a massive surge in New York electricity prices from $40/MwH to over $1000/MwH.

Our Monetary System Favors The Rich & Hurts The Poor

"...This system stays in place because people do not understand its detrimental and fatal consequences such as an unfair redistribution, business cycles, poverty, bigger government, moral decay, and so on... In order to un-do this system we must convince people of all this. The problem here is that our monetary system and monetary theory is quite complex."

At Least 19 Killed, 45 Injured By Knife-Wielding Man In Japan

Mass killings have now become a daily thing. The latest attack however took place not in Europe, nor the US, but Japan, where national broadcaster NHK reports that a knife-wielding man has reportedly gone on a rampage at a facility for people with heart disabilities in the city of Sagamihara, west of Tokyo.

We're Sorry! - DNC Apologizes To Bernie For "Inexcusable Remarks"

Facing an already rambunctious crowd - chanting 'Bernie' at every mention of Clinton - The DNC has been forced to issue a formal apology to Bernie Sanders (and presumably his supporters).... "the inexcusable remarks... do not reflect the value of the DNC or our steadfast commitment to neutrality during the nominating process."

Stephen Roach Says Trump's Right On Globalization: It's A Broken System

"While seemingly elegant in theory, globalization suffers in practice. That is the lesson of Brexit and of the rise of Donald Trump in the United States. And it also underpins the increasingly virulent anti-China backlash now sweeping the world. Those who worship at the altar of free trade, including me, must come to grips with this glaring disconnect."

The "New Housing Crisis" – Not Enough Rental Homes?

The real crisis is not a lack of homes for people to buy, just a lack of enough homes for people to rent. Which says more about the “real economy” than just about anything else. While there are many hopes pinned on the housing recovery as a “driver” of economic growth in 2013, 2014, 2015, 2016 – the lack of recovery in the home ownership data suggests otherwise.