Carlyle

• China stocks slump 6 percent on fears of further yuan depreciation (Reuters)
• U.S. Lacks Ammo for Next Economic Crisis (Hilsenrath)
• Emerging Markets Extend Slide as Commodities Fall; Pound Jumps (BBG)
• China yuan to move both ways, more 'adjustments' unlikely: central bank economist (Reuters)
• Playing Chinese markets is as simple as 'follow the leader' (Reuters)
• PBOC Injection Shows China Worries About Outflows (WSJ)
• Russia Fails to Soothe Oil Concerns as Citi Joins Ruble Bears (BBG)

Is Saudi Arabia on the verge of winning the war on US Shale firms? It appears the spigot of malinvestment-subsidizing liquidity that kept numerous zombie energy firms alive has been shut off almost entirely. As oil prices return to cycle lows, so credit risk has spiked to record highs and issuance of life-giving bonds has collapsed. As Reuters reports, this has opened up opportunities for deep-pocketed private equity firms to push for restructuring or buy assets as many oil companies need cash to replenish banks' slimmed-down lending facilities, service their bonds and finance drilling of new wells to keep pumping oil and sustain cash flow. But hope is fading as one private equity form CEO warns "I would say, this is a good time to be careful when it comes to investing in energy."

• China central bank under pressure to weaken yuan further (Reuters)
• Currency Rout Goes Global as Jen Sees Risk of 50% Loss on China (BBG)
• Europe Stocks Fall Most in Two Weeks as China Sparks Growth Fear (BBG)
• German Yields Drop to Record as China Boosts Bonds Around World (BBG)
• FT to Japan, Economist to Italy: Agnelli Family Raises Stake in Economist as Pearson Exits (BBG)
• Goldman Sachs to Give Out ‘Secret Sauce’ on Trading (WSJ)
• Greece's Preliminary Bailout Deal Faces German Turbulence (BBG)

• China Rattles Markets With Yuan Devaluation (BBG)
• China Move Sparks Wave of Yuan Selling (WSJ)
• China's devaluation raises currency war fear as Greece strikes deal (Reuters)
• Protests return to Ferguson streets, state of emergency declared (Reuters)
• Heavily armed 'Oath Keepers' inject new unease to riot-hit Ferguson (Reuters)
• Greece Secures Bailout Deal After All-Night Talks in Athens (BBG)
• U.S. Identifies Insider Trading Ring With Ukraine Hackers (BBG)

"Japanese day traders, colloquially and collectively known as 'Mrs Watanabe', are buying the yen as it nears eight-year lows," Nikkei reports. For their part, private equity firms are cashing out at what they figure may be the top for Japanese stocks.

• Just How Leaky Is the Fed? More Than You May Realize (BBG)
• Republican Presidential Candidates Spar Over Party’s Future (WSJ)
• Euro Area Seeks Greece Roadmap to May Agreement (BBG)
• The $320 Billion Bogey Needed to Placate U.S. Stock Market Bulls (BBG)
• Seeking Obamacare alternative, Republicans eye tax credits (Reuters)
• Gundlach Says Market Hasn’t Seen Full Impact of Fed Moves (BBG)
• EU meets on migrant crisis as shipwreck corpses brought ashore (Reuters)
• Canada’s Own Oil Pipeline Problem (WSJ)

Energy companies “biding their time in the hopes they don’t have to face the music.”

• Iran, powers push for nuclear deal as clock ticks toward deadline (Reuters)
• How DIY Bond Traders Displaced Wall Street’s Hot Shots (BBG)
• MillerCoors Caught in a Downdraft (WSJ)
• Saudi-led strikes again hit Yemen overnight (Reuters)
• Even With Free Money, Merkel Still Reluctant to Spend (BBG)
• Britain Uses Tax Breaks to Lure Digital-Game Developers (WSJ)
• China to Insure Deposits in Move Toward Scrapping Rate Curbs (BBG)
• As China Expands Its Navy, the U.S. Grows Wary (WSJ)

Between 2007 and 2012, 200 of America’s most politically active corporations spent a combined $5.8 Billion on federal lobbying and campaign contributions. What they gave pales compared to what those same corporations got: $4.4 Trillion in federal business and support. Here is the visual representation of this stunning finding: for every dollar spent on influencing politics, the nation’s most politically active corporations received $760 from the government.

• 5 Things to Watch in February’s Jobs Report (WSJ)
• Draghi Declares Victory for Bond-Buying Before It Starts (BBG)
• Apple Pay Sign-Ups Get Tougher as Banks Respond to Fraud (WSJ)
• As World’s Hottest Economy Unravels, Nigerians Feel the Squeeze (BBG)
• EU discontent over French budget deal's 'political bazaar' (Reuters)
• Foreign Takeovers See U.S. Losing Tax Revenue (WSJ)
• Goldman Shareholders’ Hope for Bigger Payout Dashed by Fed (BBG)
• Europe Stocks Headed for 31% Surge This Year Amid QE, Citi Says (BBG)
• Dollar revs up for jobs data, euro bonds rally on ECB (Reuters)

• Central Banks With Negative Rates Spur Question of How Low to Go (BBG)
• DHS to keep running: Congress edges toward domestic security funding patch (Reuters)
• Setbacks for Tsipras Stir Discord in Greek Ruling Party (BBG)
• Greece’s Challenge: Appeasing Its Creditors and Its Population (WSJ)
• Buffett, a cheerleader for America, takes his checkbook abroad (Reuters)
• Oil’s Big Swings Are the New Normal: Market has rarely been more volatile (WSJ)
• Ukraine Left Behind as Russian Stock Gains Are Unmatched (BBG)
• Brent rises to $61, set for first monthly gain since July (Reuters)

• Greece to submit loan request to euro zone, Germany resists (Reuters)
• Ukrainian forces start to quit besieged town (Reuters)
• Bank of Japan maintains policy, no surprises (FT)
• China Considering Mergers Among Its Big State Oil Companies (WSJ)
• Soros Shifts to Europe, Asia as Investors Cut U.S. Equities (BBG)
• Putin tells Kiev to let troops surrender as Ukraine ceasefire unravels (Reuters)
• Venezuela Squanders Its Oil Wealth (BBG)
• Swiss prosecutor raids HSBC office, opens criminal inquiry (Reuters)

The monetary politburo has every reason to fear Rand Paul’s demand for a “policy audit” of the Fed. An honest one would show that its so-called “independence” has been monumentally abused in a manner which is deeply threatening to both political democracy and capitalist prosperity. Needless to say, we can’t have that audit soon enough. In short, what the nation really needs is not an “independent” Fed, but one that is shackled to a narrow and market-driven liquidity function. The rest of its current remit is nothing more than the self-serving aggrandizement of the apparatchiks who run it; and who have now managed to turn the nation’s vital money and capital markets into dangerous, unstable casinos, and the nations savers into indentured servants of a bloated and wasteful banking system.

• Methodology change sees Indian economy grow faster than China's (Reuters)
• Can Greek Businesses Even Survive? (WSJ)
• Putin to travel to Minsk talks raising hopes of a deal over Ukraine (Euronews)
• Ukraine contact group representatives deny ceasefire deal in Minsk (Reuters)
• Moar buybacks! Hedge Fund-Backed Investor Puts Himself Up for G.M. Board (NYT)
• Ukraine peace summit overshadowed by some of war's worst fighting (Reuters)
• Time for non-non-GAAP excluding China: Tesla CEO threatens firings after dismal China sales - sources (Reuters)
• Jon Stewart leaving Comedy Central's 'The Daily Show' (Reuters)