The Chilling Ways The Current Global Economy Echoes The 1930s Depression Era

The imbalances that low rates and elasticity produce may “return us to the modern-day equivalent of the divisive competitive devaluations of the interwar years; and, ultimately, [trigger] an epoch-defining seismic rupture in policy regimes, back to an era of trade and financial protectionism and, possibly, stagnation combined with inflation.”

China Fires Stock Regulator, Scrambles To Regain Narrative As Economy, Stock Market Implode

Amid plunging exports and volatile equity markets, China is rushing to reassure the world that Beijing hasn't lost control. Despite promises to curb excess capacity and efforts to convince the world that a much sharper yuan devaluation isn't in the cards, the market is rapidly losing faith. What, we wonder, happens if the engine of global growth and trade isn't able to shore up confidence?

Iraq War: Not A Mistake, But A Holocaustic Crime

US’ unnecessary and irrational post World War II meddling in the Middle East, helping the anachronistic Shah of Iran (1967-79) as the zenith of geopolitical stupidity, was only topped by lack of peripheral vision in international politics from a far from lucid George W. Bush… given credit by some (perhaps many) claiming “he kept Americans safe.” Yes, George (Santayana, not Bush); stupidity reigns supreme and history, unfortunately, recycles in a circle in this United States of America.

Currency And The Collapse Of The Roman Empire

At its peak, the Roman Empire held up to 130 million people over a span of 1.5 million square miles. How could such a powerful empire collapse? Simple, the real effects of debasement took time to materialize... and then exploded.

When Cash Is Outlawed... Only Outlaws Will Have Cash

If the Benjamin is killed, it will “deter illicit activities” they say, apparently taking us all for complete idiots. Very organized criminals all over the world could be heard rolling on the floor laughing their heads off at this pronouncement.

Has The Market Crash Only Just Begun?

"There is massive cognitive dissonance here... the crash has only just begun... The "let's make a deal" market is choosing monetary interventionism but when that door is slammed open, we will see that dreaded black swan monster."

The Global Oil Glut Is So Great, Tankers Take The Long Route Around Africa To Find A Buyer

Inbound cargoes take longer voyages, which allows more time to find a buyer, or onshore storage space. Many cargoes from the Middle East and India have diverted around the Cape of Agulhas, at the southernmost point of Africa, on their way to Europe rather than passing through the Suez Canal in Egypt. The longer trip takes 30-40 days instead of the 15-20 day journey through the Suez Canal.

Stephen Roach: "Central Banking Has Lost Its Way, Is In Crisis"

In what could well be a final act of desperation, central banks are abdicating effective control of the economies they have been entrusted to manage. First came zero interest rates, then quantitative easing, and now negative interest rates – one futile attempt begetting another. Just as the first two gambits failed to gain meaningful economic traction in chronically weak recoveries, the shift to negative rates will only compound the risks of financial instability and set the stage for the next crisis.

Gold Is The "Shining Bright Spot" In The Commodity Complex

Gold is many things to many people. A perennial battleground subject, gold remains arguably one of the most debated asset classes across global financial markets, but as Goldman's precious metals equity analyst notes, from a fundamental perspective, the risk/reward looks more balanced than that of its bulk and base metal peers, especially in terms of the supply/demand dynamics.

Freedom Isn't Free

Our price is making a difficult choice between liberty and security - to choose fear or freedom. When we feel that our families’ security is threatened, the knee-jerk reaction is often to say “give the government whatever it needs to make us safe!” But the harsh reality is that such short-term thinking creates a much more ominous world in the long-term. And every tacit acquiescence to intrusive government authority is a brick laid on the road to tyranny.

Cable Rallies After EU President Confirms EU-UK Deal Done

Unless Cameron heard what he wanted to hear, as we detailed earlier, he would not have campaigned for the UK to remain in the bloc ahead of an expected referendum on membership in June.... which would likely have rocked the EU once again. Well after 30 minutes of chaos after the bell tonight, EU President Donald Tusk has tweeted that "Deal. Unanimous support for new settlement." GBPUSD is rallying on the news but now comes the fun part where Cameron persuades an increasingly euroskeptic Britain to stay inside Brussels shell...

Weekend Reading: The Bull Is Back?

That didn’t take much. After a three-day rally, the media is back into “bullish” mode suggesting the bottom is likely in and by the end of this year, it’s all going to be just fine. Unfortunately, history suggests that after such a long unabated expansion risks are substantially higher than it has been previously. Furthermore, as I have repeated often in these missives, in an economy that is driven primarily based on consumption, and such consumption is already weak, it doesn’t take much to “flip the switch.”

"It Just Occurred To Me" - Trump Proposes Boycott Of Apple, While Tweeting From An iPhone

Moments ago during a campaign event in Pawleys Island, South Carolina, Trump had an epiphany: "It just occurred to me." His solution: a boycott of Apple Inc products until the tech giant agrees to U.S. government demands that it unlock the cellphone of the San Bernardino killer. "Boycott Apple until such time as they give that information," Trump said.

$500 Million In ISIS Cash "Reserves" Destroyed By US Airstrikes, Officials Swear

ISIS isn't handing out free Snickers bars and Gatorade to its fighters anymore. In fact, the group is cutting salaries by 50% due to the "exceptional circumstances" facing the caliphate. The US is keen on taking credit for the militant cash crunch and now says coalition airstrikes are resonsible for $500 million in vaporized cash.