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Rig For Stormy Weather

Based on centuries of economic history, we should expect increasing financial trauma, periodic market crashes, devalued currencies, debt defaults, and that someone else will be blamed.

Bond Yields Break Out Around The World As Japan's Record Stock Rally Ends

S&P futures are fractionally in the red while traders await President Trump’s pick for Fed chair and more clues on the fate of tax reform; Asian stocks slide, European shares are little changed ahead of tomorrow's ECB tapering announcement as US 10Y yields finally break out of their multi-month range below 2.40%.

Washington Is "The New Rome"

"Washington’s relationship to the rest of America is the same as Rome’s relations with the agrarian and plebeian citizens of its vast domains in late antiquity... Washington is a parasite that sucks the rest of the country dry. "

General Electric Plunges 8% After Slashing Guidance

General Electric shares plunged 8% in the pre-market after the company cut its 2017 profit forecast while its new CEO grapples with one of the deepest slumps in the iconic US manufacturer’s history. The company reported that adjusted earnings this year are expected to be only $1.05 to $1.10 per share, down over 30% from a previous range of $1.60 to $1.70 a share.

Robert Shiller: 1987 Could Happen Again

"Oct. 19, 1987, was one of the worst days in stock market history. Thirty years later, it would be comforting to believe it couldn’t happen again. We are still at risk, however: That kind of panic can certainly happen again."

Global Markets Shaken By Sudden Equity Sell-Off: Hong Kong Crashes, VIX Surges

Global markets have been shaken by a sudden wave of overnight equity selling as worst case scenario for Spain finally materialized, while a slide in Apple stock has spiked the VIX, which coupled with a plunge in the Hang Seng and several other notable macro events may have finally woken up from their comatose state.