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"It's The Economy, Stupid... Not Drugs & Demographics"

"Unless oil prices really break higher, then the bond market gives far more weight to what the FOMC members would all rather never consider – the problem really is money and economy rather than drugs and demographics."

Corporate Leverage Has Never Been Higher

With the following chart from Goldman's Robert Boroujerdi, we can finally close the book on whether US corporate leverage is at all time highs. It is... and it's even higher on a "normalized" basis.

China's Minsky Moment Is Imminent

Everything you wanted to know about the looming bursting of the world's biggest credit bubble, but were afraid to ask...

A Tale Of Two Countries (Or How The Fed Enabled Corporate Kingpins To Scalp Billions)

"...capital markets are deeply and perhaps irreparably broken by the Fed’s massive falsification of financial asset prices... all this financial engineering has starved the real main street economic for capital investment - even as the cash flows shunted back to Wall Street have showered the fast money operators and gamblers with massive windfalls."

In Epic Letter, Elliott's Singer Rages Against Everything From Passive Investing To "Safe Spaces"

"...passive investing is in danger of devouring capitalism.  Government manipulation of securities prices has created the illusion that simply holding stocks and bonds in their index weights and sitting back arms folded is the perfect investment strategy.  What may have been a clever idea in its infancy has grown into a blob which is destructive to the growth-creating and consensus-building prospects of free-market capitalism."

Nasdaq Crack: Sharp Slowdown In Tech Funds

One doesn't need to see the recent fund flows to know that the tech euphoria of the past seven months appears to be ending - one look at the recent underperformance of the Nasdaq is sufficient - but it helps.