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Hitler’s policies are still viewed to this day as a great example of how unprecedented government intervention fixed a dire economic problem. In short, Hitler laid a golden egg and produced an economic miracle. As early as 1933, even before any miracle could be seen, the New York Times had nothing but praise for his ambitions, according to the following front page headline: “There is at least one official voice in Europe that expresses understanding of the methods and motives of President Roosevelt—the voice of Germany, as represented by Chancellor Adolf Hitler.” Unfortunately for the people living under the Third Reich, this was never allowed to happen. All of these efforts became increasingly subordinated to the logic of war.

Today we get a two-for-one algo kneejerk special, first with the Q1 GDP release due out at 8:30 am which will confirm that for the second year in a row the US economy barely grew (or maybe contracted depending on the Obamacare contribution) in the first quarter, followed by the last pre-June FOMC statement, in which we will find out whether Janet Yellen and her entourage of central planning academics will blame the recent weakness on the weather and West Coast port strikes and proceed with their plan of hiking rates in June (or September, though unclear which year), just so they can push the economy into a full blown recession and launch QE4.

• Nepal earthquake toll crosses 3700 (Reuters)
• Greeks Add Pressure on Tsipras to Compromise as Talks Resume (BBG)
• With No Deal on Greek Bailout Aid in Sight, Some in Europe Suggest ‘Plan B’ (WSJ)
• BOJ Shouldn’t Ease Further; Yen Fell Enough: Business Lobby Head (BBG)
• Clinton Foundation admits making mistakes on taxes (Reuters)
• Here’s the Old Nemesis Starting to Spook Bond Traders Again (BBG)
• Deutsche Bank to Trim Investment Banking (WSJ)
• China’s Stocks Rise to Seven-Year High on SOE Merger Speculation (BBG)

It has been a story of two markets so far, with China's Shanghai Composite up another 3% in today's continuation of the most ridiculous, banana-stand driven move of the New Normal (and there have been many ridiculous moves in the past 6 years) on the previously reported hints that the PBOC is gearing up to start its own QE, while Europe and the Eurostoxx are lagging, if only for the time being until Citadel and Virtu engage in today's preapproved risk-on momentum ignition, on Greek jitters, the same jitters that last week were "fixed"and sent Greek stocks and bonds soaring. Needless to say, neither Greek bonds nor stocks aren't soaring following what has been the worst week for Greece in months.

Germany had lost the war, the Nazi industrialists agreed, but the struggle would continue along new lines. The Fourth Reich would be a financial, rather than a military imperium. The industrialists were to plan for a “postwar commercial campaign.” They should make “contacts and alliances” with foreign firms but ensure this was done without “attracting any suspicion.”... The State Department’s efforts on Schacht’s behalf worked. He was initially found guilty but was then acquitted, to the fury of the Soviet judge.

It is only fitting that the next business day following a headline that "Global Futures Slide China Tumbles On Short Selling Boost" we would see China, in an apparent panic, not only cut its RRR by 100 bps to 18.5% - far more than expected and the most since 2008 - but, more importantly, hinted that the Friday regulatory decision to encourage short sales and tighter margin rules on "umbrella trusts" was in no way meant to pop that the Chinese stock bubble, ridiculous as it may be. End result: after Chinese futures crashed by up to 6% on Friday after the Shanghai close, overnight the SHCOMP was down just 1.64%, erasing the bulk of the futures loss. More importantly, US equity futures have seen a strong bid this morning in yet another attempt to defend not only the Apple Sachs Industrial Average from going red on the year but the all important 100 DMA technical levels.

• As reported here first a month ago: The $9 Trillion Short That May Send the Dollar Even Higher (BBG)
• As an instant target for foes, Clinton may struggle to get message heard (Reuters)
• Emerging Stocks Rally 11th Day as Aussie Weakens on China (BBG)
• Puerto Rico, Investors Enlist Ex-IMF Officials (WSJ)
• Dollar’s Rise Reshuffles Global Economy (BBG)
• Indonesia eyes regular navy exercises with U.S. in South China Sea (Reuters)
• Banca Monte dei Paschi Breaches Exposure Limits to Nomura (WSJ)
• European Bond Buyers Find Negative Doesn’t Necessarily Mean Bad (BBG)

Unless We Learn Our History, We're Doomed to Repeat It

• Germans Tired of Greek Demands Want Country to Exit Euro (BBG)
• Weak euro powers European stocks to new highs (Reuters)
• Siemens Cheers Euro Slump as Emerson Eases Dollar’s Sting (BBG)
• A Police Gadget Tracks Phones? Shhh! It’s Secret (NYT)
• If Economists Were Right, You Would Have a Raise by Now (BBG)
• iWatch: who’s going to pay $17K for a device that will be obsolete in two years? (Barrons)
• Ferguson Suspect Said to Claim He Wasn’t Firing at Police (BBG)
• Why Bankers Are Leaving Finance for No-Salary Tech Jobs (BBG)

• Tsipras Tamed as Economists Declare Greece Loses Austerity Fight (BBG)
• Greece readies reform plans to first sign of leftist unrest (Reuters)
• Yellen Faces Congress Amid Direst Threat to Fed Since Dodd-Frank (BBG)
• The war must go on: Kiev says cannot withdraw heavy weapons as attacks persist (Reuters)
• Ukraine fears spread of war after blast in eastern city (Reuters)
• Denmark Dismisses Report It Could Consider Capital Controls (BBG)
• Deadline Nears on Homeland Security Funding Impasse (WSJ)
• Gross Fund Hurt by Oil’s Plunge Amid Bets on Energy Bonds (BBG)

Since the anti-austerity Syriza party's victory in Greece's recent general election, the “Greek problem" is again preoccupying markets and policymakers throughout Europe. Some fear a return to the uncertainty of 2012, when many thought that a Greek default and exit from the eurozone were imminent.

• Fed seen remaining patient with rate guidance amid global turmoil (Reuters)
• National Weather Service apologizes for blizzard forecast miss (CBS)
• Greek PM Tsipras pushes on with radical change, markets tumble (Reuters)
• Obama Drops Plan to Raise Taxes on ‘529’ College Savings Accounts (WSJ)
• Hard Choices on Easy Money Lie Ahead for Fed Chief (Hilsenrath)
• Debt That Once Boosted Its Cities Now Burdens China (WSJ)
• Skymark Said to File for Bankruptcy After Airbus Deal Flops (BBG)
• Heavy Fighting Drains Ukraine Government’s Options and Finances (WSJ)

• Saudi Arabia’s New King Probably Will Not Change Current Oil Policy (BBG)
• Saudi King’s Death Clouds Already Tense Relationship With U.S. (WSJ)
• Oil Pares Gains as New Saudi King Says Policies Stable (BBG)
• Kuroda Says BOJ to Mull Fresh Options in Case of More Easing (BBG)
• U.S. pulls more staff from Yemen embassy amid deepening crisis (Reuters)
• Putin Said to Shrink Inner Circle as Hawks Beat Billionaires (BBG)
• A Few Savvy Investors Had Swiss Central Bank Figured Out (WSJ)

• New Normal headlines: Global stocks up on hopes of China policy easing (Reuters)
• China inflation eases to five-year low (BBC)
• U.S. Lawmakers Agree on $1.1 Trillion Spending Bill (WSJ)
• U.S. Braced for Blowback as CIA Report Lays Bare Abuses (BBG)
• CIA tortured, misled, U.S. report finds, drawing calls for action (Reuters)
• CIA Made False Claims Torture Prevented Heathrow Attacks (BBG)
• Oil Resumes Drop as Iran Sees $40 If There’s OPEC Discord (BBG)
• OPEC Says 2015 Demand for Its Crude Will Be Weakest in 12 Years (BBG)
• Greek yield curve inverted as politics raise default fears (Reuters)

Stability is a myth yet it’s what we humans strive for...