Merrill

• Headline of the day: Complacency Breeds $2 Trillion of Junk as Sewage Funded (BBG)
• Israel intensifies Gaza offensive after surge in rocket fire (Reuters)
• Profits plunge at Vatican bank (FT)
• Investors Are Buying Troubled Golf Courses and Giving Them Makeovers (NYT)
• Pimco Dissidents Challenge Bill Gross in ‘Happy Kingdom (BBG)
• That's a new one: Marks and Spencer blames new website for sales drop  (Reuters)
• Iran's Supreme Leader calls for more enrichment capacity (Reuters)
• Boeing Faces Long-Term Credit Risk if Ex-Im Bank Closed, S&P Says (WSJ) not to mention the collapse risk to US durable goods orders
• U.K. Manufacturing Unexpectedly Slumps Most in 16 Months (BBG)
• Some Still Lack Coverage Under Health Law (WSJ)

• Bond Anxiety in $1.6 Trillion Repo Market as Failures Soar (BBG), as reported first by Zero Hedge
• As Food Prices Rise, Fed Keeps a Watchful Eye (WSJ)
• Yellen’s Economy Echoes Arthur Burns More Than Greenspan (BBG)
• Draghi’s $1.4 Trillion Shot: Silver Bullet or Misfire? (BBG)
• Israel's Netanyahu phones father of murdered Palestinian teen (Reuters)
• Ukraine says forces will press forward after taking rebel stronghold (Reuters)
• Goldman Sachs Brings Forward Rate Forecast as Treasuries Drop (BBG)... you mean rise?
• Super typhoon takes aim at Japan (Reuters)
• Kidnapped Nigerian girls 'escape from Boko Haram abductors' (Independent)
• Merkel says U.S. spying allegations are serious (Reuters)

"He who controls the past controls the future. He who controls the present controls the past" - From George Orwell’s 1984. The reason Big Brother and his band of technocrat authoritarians spend so much time and effort erasing history in the classic novel 1984, is because they are a bunch of total criminals and they know it. Their grip on power is made so much easier if the proles are kept ignorant, confused and in the dark. This strategy is not just fiction, it is the philosophy of tyrants and authoritarians throughout history. While the internet is an amazing tool for communication and free speech, we must also be aware of how it can be abused by those in power who wish to whitewash history.

• Ceasefire over, Ukraine forces attack rebel positions (Reuters)
• No Good Iraq Options for Obama as Russia, Iran Jump In (BBG)
• Japan’s Cabinet Agrees to Allow Military to Help Defend Allies (BBG)
• Obama says to reform immigration on his own, bypassing Congress (Reuters)
• South Stream Pipeline Project in Bulgaria Is Delayed (NYT)
• Foreign Banks Still in the Dark About Missing Metals in China (WSJ)
• Quelle indignity: several bankers at French bank BNP Paribas will face demotions and cuts to their pay and bonuses (FT)
• Symantec Warns of Hacker Threat Against Energy Companies (BBG)
• Shrinking Office Spaces Slow Recovery (WSJ)
• Rand Paul Slams ‘Fat Cats’ With Hedge Fund in Top Donors (BBG)

• Facebook Researchers Manipulated News Feeds in 2012 Study (BBG)
• Argentina at Brink of Default as $539 Million Payment Due (BBG)
• Hedge fund correlation risk alarms investors (FT)
• As China Flexes Muscle, Obama Frets Over Rival’s Weakness (BBG)
• As caliphate declared, Iraqi troops battle for Tikrit (Reuters)
• Dubai Caps Worst Month Since 2008 as Real Estate Stocks Tumble (BBG)
• Russian Advisers Ready Iraq to Use New Combat Aircraft (BBG)
• Blackstone Readies Big-Bet Hedge Fund (WSJ) - so what was GSO?
• Pope says communists are closet Christians (Reuters)
• Thomson Reuters revising FX trading standards (Reuters)

It wasn’t an edgy blogger but the Office of the Comptroller of the Currency that issued the warning.

With the cease-fire on shaky ground in Ukraine, and the ongoing proxy war between the US and Russia growing in intensity (once again ignited in Syria); it seems Putin has fired a significant warning shot across the bow of the west. Reuters reports that Russia is considering banning state companies and other strategically important firms from holding accounts at foreign-owned banks. As Liberty Blitzkrieg's Mike Krieger notes if this actually happens, it would be a very big deal with significant negative implications to the global economy, and certainly an escalation in the friction between these two geopolitically crucial nations.

• Obama Administration Widens Export Potential for U.S. Oil (BBG)
• WTI Pares Gains as U.S. Export Ruling Seen Limited (BBG)
• Senator Cochran defeats Tea Party rival in Mississippi Republican runoff (Reuters)
• Militants attack Iraq air base, U.S. assessment teams deploy (Reuters)
• Maliki rules out national emergency govt (AFP)
• Koch to Start EU Power Trading as It Plans LNG Expansion (BBG)
• Obama Said to Ready Sanctions on Russian Industries (BBG)
• Ghana Sends Plane With $3 Million to Calm World Cup Team (BBG)
• Ghana’s First Hedge Fund Planned by Ex-Exchange Regulator (BBG)
• SEC Is Gearing Up to Focus on Ratings Firms (WSJ)
• Abe Declares Deflation End as Growth Plan Confronts Skeptics (BBG)

• The Kerry Konfusion Kontinues: Kerry urges Kurds to save Iraq from collapse (Reuters)
• Abe Unveils Japan’s New Growth Strategy (WSJ)
• Because the recovery: Avon to Cut 600 Jobs as CEO McCoy Seeks to Trim Expenses (BBG)
• Iraqi Parties Pressure Prime Minister Nouri al-Maliki to Step Down (WSJ)
• Ukraine Rebels Call Cease-Fire to Match Government Truce (BBG)
• IRS accused of obstruction over lost emails in Tea Party affair (Reuters)
• IRS chief scorched as 'liar' (WND)
• Big Investors Missed Stock Rally (WSJ)
• U.K. Jury Finds Coulson Guilty of Conspiracy to Intercept Phone Voice-Mail Messages (WSJ)
• HSBC to halve countries served by private bank, sells assets (Reuters)
• Bond Market Has $900 Billion Mom-and-Pop Problem When Rates Rise (BBG)

• Currency Probe Widens as U.S. Said to Target Markups (BBG)
• Battle for Iraq refinery as U.S. hesitates to strike (Reuters)
• Ukraine forces battle separatists after truce 'refused' (Reuters)
• Fed Dots Ignored as Investors Focus on Yellen’s Message (BBG)
• Retirees Suffer as $300 Billion 401(k) Rollover Boom Enriches Brokers (BBG)
• American Apparel ousts CEO; source says Dov Charney 'will fight like hell' (LA Times)
• House Panel Is Subpoenaed as Trading Probe Heats Up (WSJ)
• GM Officials Ignored Alert on Car Stalling (WSJ)
• Russia’s $20 Billion Bond Void Filled by China to Mexico (BBG)

• Levin Hearing Ups Volume in High-Frequency Call to Action (BBG)
• Ukrainian President Fires Central Bank Chief (BBG)
• Argentina Plans Debt Swap (WSJ)
• Fed Decision Day Guide From Dot Plots To Exit Strategy (BBG)
• World Bank Economist: China May Face US-Style Financial Crisis (WSJ)
• Premier Li says no hard landing for China, expects medium to high growth (Reuters)
• Putin Talks Peace With Ukraine Leader After Gas Pipe Fire (BBG)
• Poll Shows Erosion in President's Support (WSJ)
• U.S. mortgage applications plunge in latest week (Reuters)
• Ex-Goldman director goes to prison, still owes $13.9 million fine (Reuters)

• Obama to tout manufacturing gains, highlight economic progress (Reuters)
• Iraq Gunmen Attack North of Baghdad as Obama Weighs Plan (BBG)
• Chinese Regulators Block Shipping Alliance Abandoned Deal (WSJ)
• Russian $8.2 Trillion Oil Trove Locked Without U.S. Tech (BBG)
• Ukrainian forces, rebels clash near Russian border (Reuters)
• M&A talk lifts stocks, Iraq tensions ease slightly (Reuters)
• Wealthy Clintons Use Trusts to Limit Estate Tax They Back (BBG)
• Argentina vows to service debt despite new legal blow (Reuters)
• Allergan's Bitter Pill for Morgan Stanley (WSJ)
• Islamists kill 50 in Kenya, some during World Cup screening (Reuters)
• American Express Revs Up Pursuit of the Masses (WSJ)

• Tea Party struggles to repeat Cantor-style shock in Tennessee (Reuters)
• Iran Deploys Forces to Fight al Qaeda-Inspired Militants in Iraq (WSJ)
• Oil Rallies as Militant Advance in Iraq Threatens Crude (BBG)
• Gold Set for First Back-to-Back Weekly Gain Since April (BBG)
• Hedge Funds Get Stung by Slow Markets (WSJ)
• Sterling nears 5-year high after Carney speech (FT)
• Britain Warns Boom in Real-Estate Prices Threatens Economy (WSJ)
• East Europe Leaders Urge EU Unity to Counter Russia (BBG)
• Formula One Said to Be Valued at $8 Billion as Malone Seeks Stake (BBG)
• Dumb and dumber: Abe Plans Company Tax Cut in 2015 as Kuroda Warns on Budget (BBG)

• World Bank Cuts Global Growth Forecast After ‘Bumpy’ 2014 Start (BBG)
• Al-Qaeda Offshoot Threatens Iraq Oil Site After Taking Mosul (BBG)
• Fed Prepares to Keep Record Balance Sheet for Years to Come (BBG)
• EU investigates tax rulings on Apple, Starbucks, Fiat unit (Reuters)
• Cantor Loss Shocks Republicans, Dims Immigration Changes (BBG)
• More surveillance: Google to Buy Satellite-Imaging Startup for $500 Million (WSJ)
• Tea Party activist who defeated Cantor focused on budget, immigration (Reuters)
• Airbus Suffers Worst Order Loss as Emirates Deal Scrapped (BBG)
• Amazon.com plans local services marketplace this year (Reuters)
• Amazon Stops Taking Advance Orders for ‘Lego’ and Other Warner Videos (NYT)

• Ukraine, Russia Fail to Reach Deal in Natural-Gas Talks (WSJ)
• Boko Haram Kidnaps More Girls in Nigeria (WSJ)
• Déjà vu: echoes of pre-crisis world mount (FT)
• Money market rates hit new low as ECB moves gain traction (Reuters)
• 'Dark Pools' Face New SEC Probe (WSJ)
• Buffett Ready to Double $15 Billion Solar, Wind Bet (BBG)
• White House-Congress rift over Bergdahl deal deepens (Reuters)
• Taxpayers Face Big Medicare Tab for Unusual Doctor Billings (WSJ)
• Lean Retirement Faces U.S. Generation X as Wealth Trails (BBG)
• Employers’ skills gap claim does not show up in US wage data (FT)
• He is holding out for the Zuckerberg overbid: Donald Sterling says LA Clippers not for sale (WSJ)