Bitcoin

This may take you the entire weekend to digest, but if you are an unsecured creditor/lender (have a checking, savings or demand deposit account) to a euro zone bank, I would consider it your fiduciary responsibility to yourself to sit down and parse this piece with care and aplomb!

With nearly $1B invested in blockchain related startups even the luddites are taking notice, but most still have no idea what this tech is capable of. Here's a shocker for the Gold crowd!

• Israel, U.S. Lawmakers Press Case Against Iran Nuclear Deal  (WSJ)
• Rand Paul tries to broaden libertarian appeal (Reuters)
• Fewer Oil Trains Ply America’s Rails (WSJ)
• Chicago voters go to polls in first ever mayoral runoff (Reuters)
• FedEx to buy TNT to expand Europe deliveries (Reuters)
• Mohamed El-Erian Has Most of His Money in Cash (BBG)
• In Surprise Move, Australia Holds Rates (WSJ)
• Oil falls as Iran, China discuss more supply (Reuters)

As noted earlier, with equities now a barren wasteland of volume (and liquidity), the last remaining HFT master (of whale order frontrunning) has been forced to go to those asset classes where organic flow is still abundant such as FX, courtesy of central banks engaged in global currency wars. However, HFTs realize it is only a matter of time before FX order flow also dries up as central banks take their trade away from public venues (and dark pools) and as such are always looking for new, untapped markets. One place where they are about to land according to the WSJ, with hilarious consequences sure to follow, will be the one place that HFTs should have felt at home from the very beginning: bitcoin.

• Political Battle Ramps Up Over Iran Nuclear Deal (WSJ)
• Greece moves to quell default fears, pledges to meet 'all obligations' (Reuters)
• Isolated Greece pivots east to Russia, China and Iran. But will it work? (Telegraph)
• Frustrated officials want Greek premier to ditch Syriza far left (FT)
• Greek political unrest and deepening debt crisis fuel talk of snap election (Guardian)
• Rand Paul’s Challenge: Charting His Own Course (WSJ)
• In Greenspan Conundrum Redux, Odds Are on Bond Traders’ Side (BBG)
• Yemen's Aden suffers amid clashes, aid deliveries delayed (Reuters)
• Record Gasoline Output to Curb Biggest U.S. Oil Glut in 85 Years (BBG)

Taking the gold-backed dollar into the next millenium and imbuing it with all of the attributes of the Bitcoin blockchain.

The Cop Is On the Take

This is one of those sad times when The Onion realizes it has badly, and permanently, missed its IPO window.

A number of economists have proposed the implementation of what has been dubbed "QE for the people." They seem to prefer to apply the principle "When in trouble, double." Given the massive mistakes which were made by central banks from Weimar to Bernanke and the relentless attempts to use the printing press to finance governments, it probably shouldn't take much to convince people of alternatives, and not more of the same, right?

The $665 Million Evolution in a Space Nobody Respected a Year Ago - Already Outpacing the Internet Circa 1994

"Due to unforseen events I decided to close down Evolution Marketplace. We want to thank you guys for you effort and help making this the most profitable and popular marketplace. This wasn’t an easy decision but due to other marketplaces getting shut down and the forum going downhill I decided to cut my ties and exit with an eight figure profit. The millions from evo will be divided up amongst the mods a few admin and members. Since this is such an abundance of money I may consider buy ins from former evo members in exchange for 1k bitcoinis. I’ll be around around for a short period of time before permanently moving to the caribbeans, I hope you guys understand."

• Fed May Not Hit Neutral Until 10th Anniversary of Lehman Collapse (BBG)... make that never
• Global stocks and bonds roar Fed approval, dollar fights back (Reuters)
• EU to tell Greece time, patience running out (Reuters)
• U.S. likely to delay planned closure of two Afghanistan bases (Reuters)
• Norway Signals Reduction After Unexpectedly Holding Rate (BBG)
• Oil Falls to $55 as Kuwait Comments Refocus on Oversupply (Reuters)
• Tsipras Heads to Summit as Merkel Tries to Defuse Greek Crisis (BBG)
• Yahoo Pulls the Plug on China Operations (WSJ)

• Again as first reported here: Record U.S. Oil Glut May Fill Storage, Cut Prices (BBG)
• IEA sees renewed pressure on oil prices as glut worsens (Reuters)
• No EU unanimity on renewing Russia economic sanctions (Reuters)
• Tsipras says Greece doing its part in euro zone deal (Reuters)
• ECB Set to Buy Fewer Bonds as Price Gains Ease Crunch (BBG)
• These Americans Are Getting Rich Trading Derivatives Banned in the U.S. (BBG)
• U.S. 2015 profits forecast to grow 1.7 percent; oil, dollar are concerns (Reuters) - in a month this will say "decline"
• Manhunt for shooting suspects grinds on in Ferguson, Missouri (Reuters)

• Fed Likely to Remove ‘Patient’ Barrier for Rate Increase as Soon as June (Hilsenrath) - which year?
• Clinton says used personal email account for convenience (Reuters)
• Euro sinks to 12-year lows as yield gap grows (Reuters)
• Get Ready for Oil Deals: Shale Is Going on Sale (BBG)
• EIA raises 2015 US oil production forecast, cuts 2016 outlook (Reuters)
• How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State (WSJ)
• China economic data weaker than expected, fuels policy easing bets (Reuters)
• ECB ‘Chasing Own Tail’ as Bond Rates Turn Negative, SocGen Says (BBG)
• Swiss makers quietly gear up with smartwatches of their own (Reuters)