Portugal

The Swamp Drains Trump

So, the long and the short of it is that the RussiaGate story is spinning out of control, and Trump’s adversaries - who go well beyond Congress into the Deep State - might be getting enough leverage to dump Trump. Either they will maneuver him and his people into some kind of perjury rap, or they will tie up the government in such a web of investigative procedural rigmarole that all the country lawyers who ever snapped their galluses will never be able to unravel it.

Dijsselbloem Must Go, But That Solves Nothing

The EU in its present form cannot continue, and any options that would have allowed reforming it have been closed off due to its very structure. That real problem is that people don’t get to vote for who controls Brussels. So even if Dijsselbloem is ousted, the powers that be, Germany, Holland, Finland, Austria, will simply appoint another one of their pawns in his place. 

Frontrunning: March 23

  • U.S. stock futures slip as concerns mount over delays to Trump tax cuts (Reuters)
  • Global Markets Follow U.S. Stocks Lower (WSJ)
  • Gorsuch, Avoiding Pitfalls, Moves Closer to Approval (WSJ)
  • Trump, Koch brothers at odds over 'Trumpcare' vote (Reuters)
  • Manafort's plan to 'greatly benefit the Putin Government' (AP)

S&P Futures, Global Stocks Jump Ahead Of US Payrolls As Global Bond Rout Continues

European and Asian shares rise along with a jump in S&P futures which are pointing to a solidly green open on US payrolls day. The dollar, trading somewhat weaker against the euro was stronger against the yen, and was on track for its firth week of gains, while the rout in global Treasuries continued following a Mario Draghi conference that was interpreted as more hawkish than expected.

Ben Hunt's Mailbag - Life In Trumpland

"I wrote this note because I am so effin’ tired of being called a racist or a sexist because I don’t think that Donald Trump is evil incarnate... I think Trump is a narcissist and an ass, not a Fascist. Like most people in the financial services world, I deal with narcissists and asses every day … they’re not Hitler clones because the only thing they’re really true-believers about is their own self-aggrandizement."

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."

Frontrunning: March 1

  • Stocks Jump as Investors Eye March Rate Increase, Trump Speech (WSJ)
  • A softer side of Trump (Reuters)
  • Trump’s Softer Tone Masks Hard Road Ahead for Agenda in Congress (BBG)
  • President Asks Lawmakers to Unite Behind His Agenda (WSJ)
  • Left Out of Trump's Big Speech, Russia Wonders What It Means (BBG)
  • EU to Reject Trump's Protectionism at Summit, Draft Shows (BBG)