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Great Expectations (Not)

This is what happens when societies (and individuals) can’t face the true quandaries of a particular moment in their history. All of their attention gets channeled into fantasy: spooks, sexual freakery, conspiracies, persecution narratives, savior fairy tales. It’s been quite a cavalcade of unreality for the past six months, with great entertainment value for connoisseurs of the bizarre - until you’re reminded that the fate of the nation is at stake.

BIS Admits TARGET2 Is A Stealth Bailout Of Europe's Periphery

"In the period leading up to mid-2012, T2 balances grew strongly due to intra-euro area capital flight. At the time, sovereign market strains spiked and redenomination risk came to the fore in parts of the euro area. Private capital fled from Ireland, Italy, Greece, Portugal and Spain into markets perceived to be safer, such as Germany, Luxembourg and the Netherlands."

S&P Futures, Global Stocks, Euro Dragged Lower By Deutsche, Geopolitics, French Election Worries

European shares and S&P futures are modestly lower this morning, dragged down by fresh geopolitical concerns out of North Korea which last night fired 4 ballistic missiles, by renewed political jitters ouf of France where Alain Juppe announced he would not run in the presidential election, from Deutsche Bank whose aggressive equity offering has weighed on local stocks, and from China's announcement over the weekend in which it modestly cut its economic outlook.

FBI Director Asked DOJ To Publicly Reject Trump Wiretapping Claims

In the latest dramatic plot twist to emerge from Trump's accusation that Obama wiretapped the Trump Tower prior to the election, the NYT reports that FBI director James Comey asked the Justice Department this weekend to publicly reject President Trump’s allegation that Obama eavesdropped on the soon-to-be president.

Citi's Matt King: "We Think You Should Sell"

"With spreads at post-crisis tights, equities making new highs, and new issues oversubscribed, markets are clearly exuberant. But could it be rational this time? We’re not convinced.... sell we think you should." - Matt King

Former Bush AG Confirms "Trump Probably Right About Surveillance"

Following Obama's quasi-denial, Clapper's outright denial, Adam Schiff's "Breitbart-based wiretap conspiracy" charges, and Mark Warner's "reckless" perspective on Trump's 'wiretap' accusations, none other than former George W. Bush Attorney General Michael Mukasey has come to the president's defense, explaining that Trump is likely correct that there was surveillance on Trump Tower for intelligence purposes.

"What Is To Be Done?"

"The entirety of the world has been put on the knife edge of existence by the arrogance, stupidity, and hubris of the neoconservative pursuit of American world hegemony. The neoconservative ideology is perfect cover for the material interest of the military/security Deep State that is driving the world to destruction."

It's Trump's Party, Now

Tuesday’s speech established Trump as the man in charge. But how loyal to him and his program will be the “deep state,” which dominates this city that gave Trump only 4 percent of its votes and, paranoically, believes him to be an agent of Vladimir Putin? The Trump-Beltway wars have only just begun.