Calm Before The Storm - Coming Out Of The Voldrums

Implied volatilities - the market's best guess at short-term-future uncertainty - collapsed last week across every asset class from FX to equity. For now, as Bloomberg's Richard Breslow notes, markets seem comfortably calm amid the real storm of macro, micro, and geopolitical risks, but many of the same 'calm' markets are at critical technical levels putting them all "in play."

Paul Volcker Explains Why The Fed Can't Raise Rates

"Our current debt may be manageable at a time of unprecedentedly low interest rates. But if we let our debt grow, and interest rates normalize, the interest burden alone would choke our budget and squeeze out other essential spending. There would be no room for the infrastructure programs and the defense rebuilding that today have wide support."

Cashless Society - Is The War On Cash Set To Benefit Gold?

If governments allow banks to shut down bank accounts of individuals or companies without a fair trial and due legal process, it will create a very dangerous situation indeed. In this environment, buying gold is rational behaviour to even the biggest paper-bugs out there. The current monetary experiment of massive QE is no longer the main concern of prudent investors and institutions, it is now combined with negative interest rates and bail-ins.

The Crook Versus The Monster

"I realize I can’t change anyone’s mind if they see Trump as a monster who hates people with different genitalia and with skin pigmentation that is far superior to his own pasty-orange covering. To me, those illusions about Trump are ridiculous on face value. I can’t change anyone’s mind if they see Trump as a monster. So instead I will make you a promise: If Trump gets elected, and he does anything that looks even slightly Hitler-ish in office, I will join the resistance movement and help kill him."

World Economy Wobbles As Deep-State-Shill Distracts

...but if China can’t sell its products, it can’t afford to buy resources... resource prices plunge... and consumer prices follow, aggravating weak demand with lower prices, falling money velocity... gloom, doom... recession, depression... and worldwide deflation. Then, as the world’s attention is fixed on the sordid business of the U.S. election, with its contest between reality-TV Big Shot Donald Trump vs. Deep State Shill Hillary Clinton, the world economy wobbles.

An Establishment In Panic

Pressed by moderator Chris Wallace as to whether he would accept defeat should Hillary Clinton win the election, Donald Trump replied, “I will tell you at the time. I’ll keep you in suspense.” But what do these chattering classes and establishment bulletin boards think the Donald is going to do if he falls short of 270 electoral votes? What explains the hysteria of the establishment? In a word, fear.

Germans Are Leaving Germany 'In Droves'

"We refugees... do not want to live in the same country with you. You can, and I think you should, leave Germany. And please take Saxony and the Alternative for Germany (AfD) with you... Why do you not go to another country? We are sick of you!" - Aras Bacho an 18-year-old Syrian migrant