"Political Correctness acts as a filter for sifting out thought that doesn’t conform to orthodox ideology, and for punishing those who dare to express the filtered-out ideas... it is literally thought-policing. It’s hard to imagine anyone being in favor of that..."
Global stocks, US equity futures and Treasury yields extended gains while the dollar slumped as "risk-on" sentiment returned after the U.S. and China exchanged trade proposals meant to avoid an escalation of economic tensions.
"All the risk factors which had been pushed to the back are returning to the fore: uncertainty over U.S.-North Korea talk, U.S.-China trade tension, the Italian political situation as well as concerns about euro-zone growth."
It seems that "Black Monday" has been averted, with global risk sentiment making a full reversal to start the week, and the precipitous selloff from Thursday and (Black) Friday turning into a furious rally on Monday, which has sent S&P futures up 1.4%.
Just released CCTV footage from the Parkland school shooting shows Sheriff's deputy Scot Peterson drive up to the high school building as a gunman massacred 17 students and staff members - only to hop off, unholster his gun, and run behind a concrete wall for cover.
If yesterday morning world markets were a sea of green, today it's the opposite, and while North Korea has yet to "unexpectedly" test fire an ICBM, Tuesday's departure of Gary Cohn has all but assured market that a trade war is, after all, just a matter of time.
The overnight session was already in a festive, risk-on mood with global market a sea of green, when the news hit that North Korea is ready to denuclearize "if the regime safety is assured", which sent futures to session highs, the dollar sliding, the USDJPY spiking and 10Y yields surging to 2.895%.
The global selloff that started on Monday, resulting in the biggest drop in US stocks since September, accelerated overnight and this morning world stocks and US equity futures are a sea of red, even as the US dollar has resumed its drop.
Americans who are lucky enough to own their own little slice of the 'American Dream' are about $2 trillion wealthier this year courtesy of Janet Yellen's efforts to recreate all the same asset bubbles that Alan Greenspan first blew in the early 2000's.