Saudi Arabia

If you were trying to put together a global all-star team of the most authoritarian, human rights abusing nations on earth, not only would Saudi Arabia be at the top of the list, it would be captain of the squad. In a move as embarrassing, laughable and tragic as Barack Obama receiving the Nobel Peace Prize just as he was about to embark upon several overseas wars and drone countless civilians to death without due process, the United Nations has, remarkably, named Saudi Arabia head of it’s human rights panel.

The Saudis must alter course, seek a consensus on prices and volumes with their fellow OPEC members, coordinate with Russia, and reduce output from 2015’s average (approx. 10.5 mmbbl/d) to signal their commitment. Why? Crude prices staying lower for longer will rapidly devastate the Saudi economy.

Have you ever wondered how much money Russians spend on alcohol and tobacco compared to the rest of the world? Or how much households in Saudi Arabia allocate to recreation? The following cahrt from The Economist shows how much people in households around the world allocate to different expenses such as food, housing, recreation, transportation, and education.

In a move 'spun' by John Kerry as "keeping with America’s best tradition as a land of second chances and a beacon of hope," NYTimes reports the Obama administration is willing to accept to 100,000 annually in 2017, a significant increase over the current worldwide cap of 70,000. Kerry further added that the US would explore ways to increase the limit beyond 100,000 in future years while carrying out background checks to ensure that the refugees have not been infiltrated by terrorists.

With both Russia and Iran seemingly prepared to do what's necessary to ensure Bashar al-Assad isn't toppled in Syria, John Kerry admits that the US strategy of brining about regime change in Damascus is now in serious jeopardy. Speaking from London on Saturday, Kerry attempted to hang on to the “Assad must go” narrative, but in what might fairly be described as the most conciliatory language yet, Washington’s top diplomat essentially admitted that the timetable for Assad’s exit is now completely indeterminate. Meanwhile, Moscow and Tehran are set to hash out Syria's future seemingly without any input from the Americans.

"There are modern weapons that the regime didn't previously have, be they rocket launchers or air to ground to missiles."

Whether Janet Yellen admits it or not, you can bet that going into today’s most important Fed meeting ever (until the next one) the supposedly “data dependent” FOMC has taken a good hard look at what’s happening in China in the wake of Beijing’s not-so-smooth transition to a new currency regime. A fresh look at the data suggests outflows from July through mid-Septemeber total more than $300 billion.

"If you are worried about them, stop supporting terrorists. Can you feel sad for a child's death in the sea and not for thousands of children who have been killed by the terrorists in Syria?"

In a dramatic show of faux generosity, staple CNBC commentator and billionaires, Saudi Prince Alwaleed bin Talal who several years ago sued Forbes for "underestimating" his net worth at "only" $20 billion (Forbes won) decided to show the world just how noble (and rich) he is. According to Arabian Business, Alwaleed Philanthropies, chaired by Prince Alwaleed bin Talal, has given out "10,000 housing units and 10,000 cars to Saudi citizens who are eligible as per the criteria set by the organisation."

"The tourist group of 22 had parked their four four-by-four vehicles off road for a barbecue near the Bahariya oasis, a tourist site in the western desert, when army aircraft suddenly began shelling them from above"...

According to Reuters "Russia has positioned about a half dozen tanks at a Syrian airfield where it has been steadily building up defenses." The sources of this material escalation: two U.S. officials...  speaking on condition of anonymity to discuss the matter. Just like the "sources" on all Greek developments over the past 5 years. We can only hope the "anonymous" US officials will soon provide photographic evidence of their claims.

Having traded above $46 on Friday, WTI Crude is back to a $43 handle as it appears Iran's price cut, as we detailed here, sparked demand from China and India driving up Iran exports to 1 million barrels per day.

We Americans are in something approaching complete denial about how truly horrible our nation’s recent impact on the rest of the world has been. We are universally hated, even by those who have their hands out to receive their Danegeld, and the world is undoubtedly shaking its head as it listens to the bile coming out of the mouths of our presidential candidates. Shakespeare observed that the “evil that men do lives after them,” but he had no experience of the United States.

None other than Europe's master state, Germany itself, is about to launch an ICBM at Schengen when, as BBC reports, "Germany is to reintroduce some form of controls on its border with Austria to cope with the influx of migrants, German and Austrian media report." While the BBC said that it is not clear what measures would be introduced, it is likely that a full return to the pre-Schengen era, with extensive customs checks of every border crosser is imminent. Not only that but Express reported that the "German Defence Minister has admitted that the country verges on "an emergency" after cracks have begun to emerge in the 'German generosity' and that some 4000 German troops have been put on standby.