“Risks Is More Severe Than We Previously Expected”: S&P Downgrades Wells Fargo, Full Report

Just days after the Fed slammed Wells Fargo stock by announcing an unprecedented enforcement action in which it prohibited the bank from “growing”, effectively making it into a quasi-utility until it fixes its lacking internal control system and replac…

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EURUSD Tumbles After ECB Accuses US Of Manipulating Currency

In a shocking moment of frankness, and perhaps desperation, European Central Bank Governing Council member Ewald Nowotny commented in an interview with Wiener Zeitung this morning that: (via Google Translate)

Q. Is US President Donald Trump with his …

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“Make Volatility Your Asset”, Until You Get A Letter Like This

Yesterday, we introduced readers to the $550 Million LJM Partners: a Chicago-based vol-selling fund, which we learned late on Tuesday had lost over half of its NAV some time on Monday, following the biggest VIX spike in history.

This was a disappoin…

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Nancy Pelosi Won’t Back Bipartisan Spending Plan Without Immigration Commitment From Ryan

While Senate leaders are reportedly close to a deal to pass a long-term budget and raise the country’s borrowing limit, House Democratic leader Nancy Pelosi has thrown a wrench in the works by demanding that Speaker Paul Ryan commit to bringing an immi…

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Mark Spitznagel Exposes Modern Portfolio Management’s “Volatility Tax”

Authored by Mark Spitznagel via Universa Investments LP,

There are few statements in the pantheon of investment management clichés that ring truer than these words of Benjamin Graham:

“The essence of investment management is the management of risks,…

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German Parties Reach Grand Coalition Deal

After a month of negotiations and two days of post-deadline delays, what UBS’ economist Paul Donovan has dubbed the “world’s most tedious political crisis” is finally over and on Wednesday morning, Germany reached a grand coalition, as news broke that …

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The Increasing Likelihood Of Nuclear War Should Straighten Out All Our Priorities

Authored by Caitlin Johnstone via CaitlinJohnstone.com,

A Russian pilot has been killed by US-armed terrorists in Syria. The Ron Paul Institute‘s Daniel McAdams writes the following about this new development:

“The scenario where a US-backed, US-sup…

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Tesla Threatens To Shutter Hong Kong Operations Unless City Revives EV Tax Waiver

Tesla is deeply indebted to the US government, and the governments of many European nations, that have helped bolster sales of electric vehicles with attractive tax incentives. The importance of these handouts to Tesla’s bottom line cannot be understat…

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Are Markets Coming To Terms With The Notion Of The Punch-Bowl Running Dry?

After a number of years of increasingly compressed volatility and an endless supply of greater fools willing to buy any asset price dip and sell any asset vol spike, something changed last week. However, as former fund manager Richard Breslow notes, wh…

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Is Congress Finally Pushing Back Against Security Agencies’ Over-Reach?

Authored by Charles Hugh Smith via OfTwoMinds blog,

The last time the U.S. Congress pushed back against the Imperial Presidency and the over-reach of the nation’s Security Agencies was 43 years ago, in 1975.

The last time the U.S. Congress pushed bac…

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