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As always happens after shocking events like yesterday which "nobody could have possibly predicted", watching the Penguin gallery reel in its humiliation is absolutely worth the price of admission.

After yesterday's dramatic late day market rout catalyzed by the tumble in the biotech sector in general, and Valeant in particular, and foreseen in its entirety by Gartman who went bullish just hours before, this morning US equity futures and European stocks have recouped some losses on the recursive, and traditional, hope that Mario Draghi will say something to push risk higher when he speaks in 2 hours at the ECB's press conference in Malta. And yet, just like Yellen a month ago, Draghi faces the paradox of reflexivity that after years of being ignored, is the "new thing" in town: how does he intervene and demonstrate he is readier than ever to set up stimulus, without panicking investors over euro area’s health.

Valeant Pharma is halted for the 4th time today, this time for news pending, as the stock has lost 40% of its value since the open...

"As examples of products that were not made entirely in the US — contrary to their billing — it highlighted a sandwich bag that was produced in Thailand and a toy car that was assembled in the US with some imported parts, including a Chinese steering wheel."

The global elite have never been closer to their goal of a united world.  Thanks to a series of interlocking treaties and international agreements, the governance of this planet is increasingly becoming globalized and centralized, but most people don’t seem alarmed by this at all.  In the past 30 days, we have seen some of the biggest steps toward a one world government, a one world economy and a one world religion that we have ever witnessed, but these events have sparked very little public discussion or debate...

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The geopolitical and financial risks facing the global economy are well-known. Hot wars and currency meltdowns garner headlines around the world. But few even hear, much less discuss, four ticking global time-bombs

“We are in the throes of a deep depression, and nothing is changing,” a franchise owner wrote in response to a financial survey by Nomura Group that warned "probably 30% of operators are insolvent." One owner went as far as to speculate that McDonald’s is literally “facing its final days.”

"There are so many fault lines that the nation seems consumed by a conflict of all against all... there is an inevitable “revolution” coming because our politics, culture, education, economics and even philanthropy are so polarized that the country can no longer resolve its differences."

“Adulterous women will be stoned; thieves will have their hands chopped off!" 

The verdict is in from Tuesday night’s Democratic presidential debates: Bernie Sanders’ message influenced viewers by leaps and bounds over the next most discussed candidate, Hillary Clinton. Unless, of course, you prefer the convenient swill of pre-planned, pre-packaged, predictable corporate media propaganda that unanimously sang Clinton’s praises while completely ignoring one essential thing - you know, reality.

When @Steven_Ballmer tweeted last night about acquiring a 4% stake in TWTR, many thought he was either hacked or the account was bogus. It appears, given Bloomberg headlines that this has been confirmed. A 4% stake makes him a bigger holder than Jack Dorsey who owns 3.2%.

In the absence of any key economic developments in the Asian trading session, Asian stocks traded mostly under the influence of the late, pre-opex US ramp momentum courtesy of another day of ugly economic data in the US (bad econ news is good news for liquidity addicts), closing solidly in the green across the board, led by China (+1.6%) and Japan (+1.1%) thanks in no small part to the latest tumble in the Yen carry trade, which mirrored a bout of USD overnight weakness. And since a major part of the risk on move yesterday was due to Ewald Nowotny's comments welcoming more QE, news from Eurostat that Eurozone CPI in September dropped -0.1% confirming Europe's deflation continues, should only be greeted with even more buying as it suggests further easing by the ECB is inevitable.

There is no time to lose. Russia is on the march, in unison with the emboldened and enriched Iranians, thanks again to our president. Putin and the ayatollahs know they will enjoy only another 464 days with this president and that none of his likely replacements will be so complacent and flexible, to use his own term. We should therefore expect that they will want to make as much hay as they can while the sun reflects off of Obama’s insouciant grin.

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