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Wall Street Is Confused By Elon Musk's Master Plan - "Credibility Is Challenged... How Do They Fund It?"

As we said last night when reviewing Elon Musk's "Master Plan", Part Deux, "it's one of those thing you read twice, three times, and then look at those around you to see if you somehow missed the deep message." Judging by the litany of responses by the sell-side this morning, we weren't the only ones confused. As the following reactions from Wall Street analysts, the confusion was far-ranging.

Yen Soars, Stocks Slide After Kuroda Says "No Need Or Possibility For Helicopter Money"

In a surprising rejection of Ben Bernanke, BOJ governor Haruhiko Kuroda said that there will be no helicopter money in Japan, amid increasing speculation over monetary and fiscal policy in the world’s third-largest economy. Given the current institutional setting, there is "no need and no possibility for helicopter money," Kuroda said in a BBC Radio 4 program that was broadcast Thursday. “At this moment, the Bank of Japan has three options with quantitative and qualitative easing with negative interest rates."

100 Jihadis Enter Syria From Turkey Each Week, French Intelligence Finds

"According to the Direction for Military Intelligence (DRM) in Paris, each week, about 100 foreigners continue to cross Turkey into Syria to join Islamic State," French newspaper Le Figaro reported Wednesday, according to Reuters.  The estimate is likely to raise scrutiny on Turkey's effectiveness as a partner in the fight against ISIS, in particular following a failed military coup attempt last week.

The Helicopter Has Already Been Tested - And It Failed Spectacularly

Most of what passes for modern monetary policy is nothing more than one assumption piled upon another (and then another, and so on). Taken for granted for so long, rarely are these unproven precepts ever challenged to justify themselves to the minimal standard of internal consistency, let alone prove discrete validity by parts. The latest is “helicopter money”, another sham in a long line of them proffered by at least one central bank today because it knows, as the others, nothing they have done has worked.

The Peak Oil Paradox - Revisited

Is 'Peak Oil' dead and buried forever, or is it lurking in the shadows, waiting to derail the global economy again?

Which Countries Have The Most Immigrants?

Immigration is now at the center of American and British politics. Trump and Farage see immigration as an existential threat. But do the United Kingdom and the United States have especially large foreign-born populations? Is the number of foreign-born residents in those countries rising at rates faster than in other countries? And how is the composition of the foreign-born population changing?

Melania Trump Accused Of Plagiarising Convention Speech From Michelle Obama

The highlight of the first day of the Republican convention was the speech by Donald Trump's wife Melania, who was seeking to make a memorable impression on the world, and may have done just that... only not in the way she had envisioned.  Because in her potentially breakthrough moment, Melania appears to have lifted some of her first night convention speech from a surprising source: a similar speech by none other than Michelle Obama.

This 'Market' Discounts Nothing Except Monetary Cocaine

In short, the market is not trading on a rebound in GDP, revenue growth or a breakout of already elevated profit margins. It’s just high on one more dose of monetary cocaine that in short order will prove to have been not even that.

Republican Platform Unexpectedly Calls For A Return To Glass-Steagall

In an unexpected twist, both major political parties are now pandering to anti-bank sentiemnt, and calling for an overhaul of the financial industry through the return of Glass-Steagall. Paul Manafort, Donald Trump's campaign manager, told reporters gathered in Cleveland Monday that the GOP platform would include language advocating for a return of that law, repealed in 1999 by Bill Clinton. "We also call for a reintroduction of Glass-Steagall, which created barriers between what big banks can do."

The 'BLM' Paradox - Black Accountability Matters

Given recent distressing killings between Blacks and police -in the past week - it is worth poring into the broad statistics that underlie homicides in this country, by race. We dejectedly note that an astonishing 4/5 of these police killed were done so by Black civilians (the same ones who are killing one another at 8x the national rate and paradoxically expecting law enforcement to stop that, but then shriek when the police do).

John Kerry Threatens Turkey With NATO Expulsion

“NATO also has a requirement with respect to democracy and NATO will indeed measure very carefully what is happening,” Kerry tells reporters in Brussels after attending a meeting of European Union foreign ministers "My hope is that Turkey is going to move in ways that do respect what they have said to me many times is the bedrock of their country."