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Meet Captagon: The Drug Of Choice For Today's Anxious Jihadist

There was no fear anymore after I took Captagon...You don’t have any problems. You don’t even thinking about sleeping or leaving the checkpoint. It gives you great courage and power,”

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Mid-East Stocks, US Futures Slide As Goldman Warns Of Paris Attacks' Negative Implications For Markets

Following the weakness in the few minutes of after-hours trading on Friday's US session that overlapped with the first headlines from France, we are getting a first glimpse at the posible fallout from the Paris terror attacks. The Middle Eastern stock markets tumbled significantly with Saudi Arabia's Tadawul All Share index down 3% (biggest drop in 3 months) to its lowest since December 2012, and Dubai's FMG Index plunged 3.7% to its lowest since 2014. Short-run implication for the equity market is likely to be negative according to Goldman, with a notably higher risk premium regarding uncertainties about the medium-term political implications.

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Is It Time To Renounce U.S. Citizenship While You Still Can?

The number of people abandoning the “greatest country in the world” just hit a record high... Unthinking Americans are puzzled when they read about the increasing number of people renouncing their citizenship, but as one consultant who really gave up his citizenship warned "the U.S. government is placing an increasing number of hurdles on Americans who want to renounce their citizenship. So he thought it was time to do just that."

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"It's Going To Take Years": US Air Force Calls For Ground Troops To "Occupy And Govern" Iraq, Syria

"It’s going to take years. Air power is extremely important. It can do a lot but it can't do everything. Ultimately it cannot occupy territory and very importantly it cannot govern territory." 

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Officials Are "90% Sure" There Was A Bomb On Doomed Russian Passenger Plane

“Normally, policemen are not allowed on the tarmac. Recently, they’re being asked to spend nights beneath jets.”

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China's Red Capitalism Is The New Black Swan

From the bowels of Australia’s iron ore mines to the top of Dubai’s pointless 100 story office towers, the entire warp and woof of the global economy has been distorted and bloated by the central bank money printing spree of the last two decades, led by the red credit machines of Beijing. Everywhere economies have succumbed to over-building, over-consumption, over-financialization and endless dangerous, unstable speculation. Stated differently, China’s red capitalism is the new black swan. There is nothing rational, stable or sustainable about it.

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New Oil Order: Russia Again Tops Saudi Arabia As China's Largest Crude Supplier

As a desperate Saudi Arabia taps the bond market to mitigate the SAMA drawdown while simultaneously attempting to muscle in on Moscow's Eastern European market share, Russian crude sales to China soared 42% in September. The result: for the second time this year, Russia has overtaken Saudi Arabia as the number one crude supplier to Beijing. 

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This Month Could Make Or Break The Oil Markets

Saudi Arabia’s competitors from the Gulf cut their prices last month, forcing the largest OPEC producer to follow suit. Although there was little expectation of a shift in strategy, the price cut highlights Saudi Arabia’s determination to continue to pursue market share by keeping production volumes elevated. On top of that, October could be a crucial month for struggling drillers. With drillers undergoing credit redeterminations, October could see a wave of debt restructuring and cuts to credit lines, potentially forcing deeper cuts in the shale patch.

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Glencore Explains What Would Happen If It Is Downgraded To Junk

"In the event of a downgrade by Standard & Poor’s and/or Moody’s from current ratings to the level(s) immediately below...  there are $4.5 billion of bonds outstanding, where a 125bps margin step-up would apply, in the event that the bonds were rated sub-investment grade by either major ratings agency."

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Frontrunning: October 5

  • MOAR: Euro-Area Growth Seen Slowing in Sign More Stimulus May Be Ahead (BBG)
  • MOAR: Japan's wage growth slows in August, keeping pressure on BOJ for more stimulus (Reuters)
  • MOAR: Stocks, Copper, Emerging Markets Jump as Fed Delay on Rates Seen (BBG)
  • And yet... Central Banks Lose Bond-Market Credibility as Woes Mount (BBG)
  • World Bank cuts Asia growth forecast on China and US rates (BBC)
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The Petroyuan Cometh: Launch Of Renminbi-Denominated Oil Futures Contract Imminent

"One-by-one, the oil-majors will start to participate, then others will follow. While it might take some time to establish itself due to choppy markets and regulatory hurdles as well as the fact that it would introduce a foreign exchange element to crude futures, it is overdue for a Chinese contract to established."

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Iran Cuts Crude 'Selling Price' To Asia To 3-Year Low

In what appears to be a bid to lure Asian buyers to lock in longer-term supplies, Reuters reports that Iran has cut its quarterly selling price (for its flagship 'light' crude) to its lowest (relative to Saudi) since Q4 2012. According to recent tanker loading data, Iran's oil sales in September are set to hit a six-month low, and this price reduction is just one of the steps taken by the OPEC producer to ramp up output and regain market share lost since U.S. and European sanctions aimed at its nuclear program cut its crude oil exports by more than half.

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