Dell

Records Show Clinton Funnelled Taxpayer Funds To Foundation For Staff, IT Equipment

When Congress passed the "Former Presidents Act" in 1958, it was intended to provide compensation to be used specifically for the benefit of the former President during his retirement.    That said, discoveries from a Politico FOIA request suggest that Bill used his FPA funding to subsidize Clinton Foundation employee expenses and to purchase IT equipment for the Foundation.

The Mass Escape From Reality

"Built into the speculative episode is the euphoria, the mass escape from reality, that excludes any serious contemplation of the true nature of what is taking place..."

Frontrunning: August 31

  • Treasuries Extend Drop in August on Fed Outlook as Dollar Gains (BBG)
  • Oil slips on dollar strength, still set for monthly gain (Reuters)
  • Trump to make dramatic trip to Mexico before immigration speech (Reuters)
  • Rep. Debbie Wasserman Schultz Beats Back Florida Primary Challenge (WSJ)
  • Ban cash because... SWIFT discloses more cyber thefts, pressures banks on security (Reuters)

The Apotheosis Of Bubble Finance - Folly Of The FANGs, Part 1

"The trouble is, financial prices cannot be falsified indefinitely. At length, they become the subject of a pure confidence game and the risk of shocks and black swans that even the central banks are unable to off-set. Then the day of reckoning arrives in traumatic and violent aspect."

One Trader's Advice If The "Ultimate Breakdown Is Likely To Be Sudden, Intense And Large"

When it’s clear the game has become rigged, it’s easier and less risky to stop playing that game, and go play a different game somewhere else... There is a huge disincentive to step boldly in the direction of sanity... which serves as a dangerous feedback loop to reinforce a false narrative that everything is awesome and under control.

"Evidence Points To Another Snowden At The NSA"

"Rather than the NSA hacking tools being snatched as a result of a sophisticated cyber operation by Russia or some other nation, it seems more likely that an employee stole them. If Snowden could not have stolen the hacking tools, there are indications that after he departed in May 2013, someone else did, possibly someone assigned to the agency’s highly sensitive Tailored Access Operations."

US Futures Flat; Bonds Rise, Dollar And Oil Slide Over US Productivity Collapse Fears

Following yesterday's muted action which saw the S&P500 close unchanged, it has been more of the same listless trading overnight, with US equity index futures little changed as the Nikkei fell on the back of a stronger Yen, while government bonds rose and European stocks reversed early gains following the BOE failed bond monetization operation. Crude oil dropped for a second day after Saudi Arabia told OPEC that it pumped a record 10.67 million barrels of oil a day,

Frontrunning: July 11

  • Global stocks rise as markets anticipate stimulus (Reuters)
  • Global Stocks Buoyed by Rally in Japan (WSJ)
  • Andrea Leadsom Pulls Out of Conservative Party Leadership Race (WSJ)
  • More protesters arrested, police say Dallas sniper plotted bigger assault (Reuters)
  • Voters Add to Election Turmoil by Threatening to Jump Party Lines (WSJ)

Frontrunning: June 1

  • Japan PM delays sales tax hike, puts fiscal reform on back burner (Reuters)
  • Japanese Shoppers Keep Wallets Shut Despite Sales-Tax Delay (BBG)
  • Global stocks limp into June on oil and data slips (Reuters)
  • Euro zone factory growth remained tepid in May - PMI (Reuters)
  • China's factories steadying but weak, hopes for quick recovery fade (Reuters)

Copper Slides To Three Month Low Despite Flat Futures, Oil; Dollar Rise Continues

After two violently volatile days in which the market soared (Monday) then promptly retraced all gains (Tuesday), the overnight session has been relatively calm with futures and oil both unchanged even as the BBG dollar index rose to the highest level since April 4. This took place despite a substantial amount of macro data from both Japan, where the GDP came well above the expected 0.3%, instead printing 1.7% annualized, which pushed stocks lower as it meant the probability of more BOJ interventions or a delay of the sales tax hike both dropped. Meanwhile, in China we got proof of the ongoing housing bubble when new property prices were reproted to have soared 12.4% Y/Y in April, which in turn pushed the local stock market to two month lows amid concerns the rampant housing bubble sector could divert funds from stocks. Yes, China is trading on the "risk" one bubble will burst another bubble.