Brexit in pictures.
Dead by structural design via @LifeSciVC
Trump warns Modi India must reduce obstacles to U.S. exports
DPRK: too late for united Korean team at 2018 Winter Olympics.
PROMISES, PROMISES: What Trump has pledged on health care via @AP
White House threatens to sabotage insurance of low-income people if Trumpcare isnt passed
Seattles $15 minimum wage has cost jobs, new study indicates
#Panama IMAE Economic Activity year-on-year at 6.27%
NEW POLL: Majority of Americans are worried about the national debt
ScotiaMocatta #Gold #Silver Marketwatch Daily
An empirical turn in economics research.
ScotiaMocatta Commitments of Traders (CFTC) Report
Kushner hires lawyer who represented Dems during Clinton impeachment:
Distribution yield on Mortgage REIT ETF down to 8.6%. Was 13.5% in Feb 2016. $REM
Justice Thomas calls out his colleagues for not believing in the Second Amendment. #SCOTUS
The Feds Have Come to Chicago—With a Van That Tracks Guns
This is not good. At all… look at some key Western allies: | via @pewglobal
Your Feedback Needed!
Climate change is making cities sick
Donald Trump’s presidency has had a major impact on how the world sees the United States
Happy birthday to Salvador Allende, friend to all dogs.
Rippling red brick facade shades house in Surat by Design Work Group:
North Koreas chemical weapon deterrent: #sarin #VX
Top CNN employees resign after network retracts Trump-Russia story
In Western Europe, Trump’s ratings are similar to what Bush got in 2008
Theresa May: EU citizens in UK must apply for settled status to keep rights post-Brexit
Top doctors group comes out against GOP healthcare bill:
New global poll: Trump gets low ratings, US image down significantly in many countries
California to list glyphosate as cancer-causing; Monsanto vows fight
Why astronauts needed liquid-cooled garments, even in the vacuum of space: @astVintageSpace
Trumps travel ban victory should force media to examine itself
Is Bill English a lawyer? A Spinoff investigation:
ah @CillizzaCNN looking out for the true victims the bill, the Republicans
The leading market indicator of economic distress is flashing orange again
UKs Theresa May faces backlash after DUP deal
Interview with Xumei Chen: Sustainable Urban Transport in China
Spectacular artistic impression of the surface of TRAPPIST 1f
Your Voice Matters – Use It To Fight and Sign Our Petitions! #petition #takeaction #resist
D.C. councilmember condemns police who handcuffed black teens for selling water
NEW: U.S. Image Suffers as Publics Around World Question Trump’s Leadership
This is how Sears Canada told 300 Toronto employees theyre being cut via @YahooFinanceCA
Fox News reporter to Sean Spicer: The American people expect transparency
NEW: U.S. Image Suffers as Publics Around the World Question Trump’s Leadership
Tariffs on solar panels could slow industry growth by 66%
AU reform proposals in one graph.
Have no fear of perfection, youll never reach it. - Salvador Dalí
Anthem breaks with other insurers, endorses Senate GOP healthcare bill
10 Simple Ways To Chill Out (That Don’t Involve Netflix) -
Body of #SalvadorAdame found in #Michoacan #Mexico #journalist #news
Senegal changes its energy minister as Total joins its upstream #OOTT
Physicists have made the brightest light ever—as bright as one billion suns
UK: May pens billion dollar deal to secure right-wing government coalition.
SCOTUS rejects appeal seeking gun-carrying rights
Tsubasa Ozora, the manga character earning comparison to Xi Jinping in Chinese state media
Yes, the Fed Really Is Holding Down Interest Rates | Joseph Salerno @jtsale
Lawyer: Liu Xiaobos family can visit him
Mortgage REITs hit a 9-year high, up 18% year-to-date. $REM
#MichaelPorter’s Five Forces That Shape #BusinessStrategy
FBI questions Trump campaign adviser multiple times in Russia investigation: report
Maureen Dowd* vs. Reality
Oaktree Long Thesis From Elevation Capital
6 absurd (and kinda brilliant) design details from Apple Park
USC Law Commencement Speech | Charlie Munger
#ValueInvesting Is Still A Winning Strategy $
Amazon robots are poised to revamp how Whole Foods runs its warehouses
Sanders ignores Fox News question about FBI probe of his wife
Suicide bombers kill nine in back-to-back blasts in Nigeria, @ariabendix reports
Thoughts on solitude from #PearlSBuck, the first American woman to win the @NobelPrize for Literature.
REITs at YTD high, 10-yr yield at a YTD low. $IYR $TNX
That #Russia thing.
Heres our analysis of the CBO score.
Lula keeps lead in presidential race before a looming ruling that could send him to jail
Americans fear of pandemics is overblown, says Anthony Fauci
Are you a member of the aspirational class? Here’s a checklist:
US Supreme Court allows revised version of Trump Muslim travel ban.
Trump voters arent impressed with the presidents education agenda
Why Goldman Sachs pays such a high savings account rate @SallyPancakes
The I-95 corridor of the Northeast will experience a rise in temperatures on Thursday:
Iraqi Civilians Continue to Flee Fighting in Mosul
Lobbying fight erupts over bill to pump funding into coal country
Bill threatens to suspend nuclear treaty with Russia
Comment: Singapore is falling behind Hong Kong, just do the math
Chinas growth looks like it may already have hit its peak for 2017
China wants to save the planet—but its latest move has hit global shipping hard
NEW: CBO score for GOP healthcare bill alarms Republicans
Lindau Nobel Laureate Meeting 2017: There is no alternative to science!
Japans casinos dont need high rollers via @gadfly
June 27 1981, Motorhead scored their only UK No.1 album with No Sleep Til Hammersmith.
Hope you like algae, because it’s going to be in everything you eat
WOW. CBO: Premiums for a 64-year old with middle income go from $6,800 under ACA to $20,500 under BCRA ⚠️
Brazils Michel Temer to face corruption charges as attorney general presents charges.
Huckabee hits Senate GOP healthcare bill: This isnt what Trump campaigned on
Americas nuclear weapons labs are safety nightmares
JUST IN: Three GOP senators will vote against moving current healthcare bill forward
Madoff sons estates in $23 million settlement over Ponzi scheme
Canada nurse gets life sentence for killing eight seniors
Brazils top prosecutor charges Michel Temer with corruption
Brazils Michele Temer to face corruption charges as attorney general presents charges.
U.S. stock-index futures climb as food stocks enter spotlight
Justice Kennedys long-term future on the court remains in question...
$EURUSD update and selling
just saw this in Central, two days before #China President Xi Jinpings #HongKong visit. #tuesday
Pharmacy executive tied to 2012 U.S. meningitis outbreak gets nine years in prison
The best Chromebook add-ons and tricks
The Democratic Party would be lucky to find another Nancy Pelosi.
What do the prices of caffeine and education have in common? The FRED Blog has the answer
Take an early look at the front page of The Wall Street Journal Europe
NHRC: Gulf blockade violates Qatari students rights
Why the Ford Raptor is the best recreational vehicle out there @Pras_S
Top US senator to block arms sales to Gulf states over Qatar crisis
Bus crash with children dance club leaves 15 dead in Argentina.
#Rome Subway Digging Uncovers Ruins #archeologie #Italy #ancientrome #news
American universities in China: free speech bastions or threats to academic freedom?
Has your city had the honor of being profanely recognized by Ice Cube and Lil Jon?
A massive, dead galaxy puzzles astronomers:
CNNs Acosta: White House is blackballing us in press briefings
CBO: 4 million would lose employer-provided insurance under Senate GOP ObamaCare bill
The *long-term* cuts to Medicaid are much more severe than what CBO estimates inside the ten year window.
#BREAKING: Three GOP senators will vote against moving current healthcare bill forward
Science is proving why urban design matters more than ever
26% of American adults say they haven’t read a book in whole or in part in the past year:
Dow hovering near its all-time high, Yield curve near its expansion low.
Source: @RonPaul @RonPaulInstitut
Toronto Star shutters Star Touch, lays off 30 staff
Three resign from CNN after Russia story retraction
Nobel Prize–winning economists come out against Senate GOP healthcare bill
The CBO analysis endangers the GOPs health-care bill, @russellberman writes
SpaceX successfully launches 10 #Satellites into low-Earth #orbit #space
AKEL submits accounts for 2016:
This is an evergreen headline.
These 4 Conservative Senators Say They Can’t Vote for GOP’s Draft Health Care Bill
Texas cities haul the state to court over the Show me your papers law
J.K. Rowling became a billionaire by masquerading as a man: #HarryPotter20
2 migrants dead, more than 200 rescued off Libyan coast.
‘No optimism’ for survival of Chinese white dolphin in #HongKong waters
Medical groups diagnose GOP health care bill: It’s not well @ewolffmann
22 million will be left uninsured if the Senate passes its health care bill this week
White House hammers CBO over Senate GOP ObamaCare score
Muslim Communities Troubled By Travel Ban Ruling
‘Sunday Night With Megyn Kelly’ Continues Its Ratings Plunge
BRL 1m vol underpricing risk of fiscal policy reform failure and another elex after Temer charges
Kushner hires lawyer who represented House Dems during Clinton impeachment
US Yield Curve (10-yr - 2-yr) ends the day 2 bps above its flattest level of the expansion.
Heading toward Minority Report? Episode 19 on Predictive Policing
Algocracy in the stock market? Episode 25 on Fairness and High Frequency Trading
Democrats to take over Senate floor to protest GOP healthcare bill
Senate Republicans add penalty for going uninsured in revised healthcare bill
Leading U.S. senator urges changes in foreign investment rules
Queens income boosted after record year for Crown Estate and its wind farms
Nasdaq 100: the streak continues. 138 straight days above its 50-day moving avg, longest in history. $QQQ
Landing in Murmansk at 1.30am - polar night
US family of black motorist killed in Minnesota reaches multi-million settlement
Get ready for the busiest IPO week so far this year
Learn how to build an igloo... before it becomes a lost art
The Senates health-care bill is still unaffordable for poor people, @fivefifths writes
Sorry, but Anonymous has no evidence that NASA has found alien life
The police officers helping undocumented immigrants feel safe By: @yessfun
Smart Technology Ethics
Payments - How Fintech Can Fuel Global Expansion #payments #ecommerce #fintech
Donald Trump and Mitch McConnell are both authoritarian, each in his own special way.
Dem senator: Conservative Supreme Court justices are three horsemen of the apocalypse
Big Cable broke its promise and youre paying for it @robpegoraro
Trump calls for unity with Democrats, rehashes derisive nicknames for party leaders
Fox News reporter to Sean Spicer: The American people expect transparency
Are you on #telegram? Follow us for our latest updates!
Alert to journalists and activists: Slack doesn’t strip image metadata
We ordered this @ArashMassoudi
SCOTUS seeks Trump administrations views on immigrant drivers license ruling
Good recommendation @AnjliRaval #donjulio Argentina
Top doctor group: GOP healthcare bill violates “first do no harm” promise
what got me started, is that suddenly now everyone is trying to convince me that theres no bubble
Trump on Russian election meddling: They were probably involved
Jupiter on the horizon!
This architect-designed speaker costs $1.8K, and it might actually be worth it
Former Phoenix Lawman Joe Arpaio Back In Court
Anthem breaks with other insurers, endorses Senate GOP healthcare bill
U.S. slaps more duties on Canadian lumber shipments
#NewZealand Imports at N$4850M
Scarborough jokes: Obama is controlling Trump with Jedi mind tricks
St. Louis will remove its Confederate monument, @YasmeenSerhan reports
We should take on our political opponents strongest arguments, writes @conor64
How 47 Meters Down fails dive science: @NerdyChristie
Matt.
Medicine developed by Cuba saves 3000 Ecuadoreans from foot amputation.
The passive investing revolution is leaving opportunities in its wake @MylesUdland
The Overlooked #Trumpcare Threat: A #Medicare Time Bomb #ProtectOurCare
Supreme Court actions show just how fragile LGBTQ equality still is
. @BritneySpears in Hong Kong: 5 of her biggest hits to get you ready for Tuesday’s gig
#NewZealand Balance of #Trade at N$103M
#NewZealand Exports at N$4950
Excellent
Narrowed travel ban could sow confusion in US and abroad, experts say
#Earthquake magnitude 4,4 - 101,2 km from #Patras - #Greece
Ex-Trump adviser Carter Page questioned in FBI Russia investigation: report
Roll-Out Solar Array (ROSA) Jettisoned From Space Station
Watch This Robot Navigate Like a Rat
Sen. Graham issues stark warning to Republican senators dealing with Trump: Watch your back
How Russia is bucking the trend on nuclear energy:
GM lowers outlook for U.S. 2017 new vehicle sales
EU ready with nuclear option tough tariffs if US sparks trade war over steel 
Love is top reason to get married for both LGBT Americans and the general public
Trumps travel ban victory should force media to examine itself
Has anyone noticed what Italys bank rescue means for the euro zones banking union?
Apple CEO touts India impact in push for deeper market access
Banks blockchain consortium picks IBM for trade finance platform
Lyon sign Chelsea forward Traore
FX Daily, June 21: Heavy Oil Weighs on Yields and Lifts Yen #FXTrends
Huckabee hits Senate GOP healthcare bill: This isnt what Trump campaigned on
Grenfell Tower Fire: Ministers were told fire regulations were fit for purpose
How CRISPR yanked Jennifer Doudna out of the ivory tower, by @edyong209
This is what Trump doesnt understand about MS-13, writes @westonphippen
The Tamarind Dhow gets ready to sail into the night
Google, Microsoft among companies urging court to back gay workers
Here are some of the most incredible nature photos youve sent us #PopSciLovesNature
Rubio: I hope Mexico will still help US fight cartels despite Trumps unpopularity
VLCC ordering scales heights not seen since 2008
Call to inspect all converted ore carriers
Tim Maudlin at UNAMs Institute of Philosophical Research this August. #Philosophy
Trump says he and visiting Indian Prime Minister Modi are “world leaders in social media”
Market Forecast - 06/26/2017 - Brandon Van Zee
#Trump Eager for Big Meeting with Putin; Advisers Wary #Russia #US #Putin #G20Germany
Venezuela Ombudsman slams dangerous rise in politically motivated hate crimes.
Are Chinas new naval capabilities a game changer?
Gold plunges after fat finger trade jolts market
Americans are pouring money into their homes like its the 90s
CNNs Acosta: White House is blackballing us in press briefings
U.N.: Yemen Facing Worlds Worst Cholera Outbreak
Say @usmayors: Instead of War, Spend Big on Human and Environmental Needs
HMS Queen Elizabeth seen exiting the tidal basin at Rosyth earlier today.
HMS Queen Elizabeth heads to sea for trials -
WATCH: Tugs mount huge operation to move HMS Queen Elizabeth out to sea -
The man behind @BernieSanders 2016 reveals the secret to winning 2020
#Garbage piles mount in #Athens #Greece due to workers strike #AA
CBO: 4 million would lose employer-provided insurance under Senate GOP ObamaCare bill
This is the future liberals want @NZGreens
Rosie is cheering on the Cards. They need all the help they. An get
Turkish bodyguards in DC brawl blocked from entering Germany
#HagiaSophia: Museum or mosque?
CBO estimates 22 million more uninsured by 2026 under Senate GOP health care bill
An inspiring yogi contorts her body into incredible poses to promote inner peace
Corbyn gets better and better: Ye are many, they are few. Shelley gets a bad rep as some kind of aesthete...
The Trump administration actually signed on to a global climate change resolution
Desafíos e impactos para el desempeño socio-productivo y el desarrollo local en #Cuba
Swedish man held by al-Qaeda in Mali freed after six years
Guardian front page, Tuesday 27 June 2017: May hands £1bn bonanza to DUP to cling on at No 10
Pharmacy head to be sentenced in deadly meningitis outbreak
European Banks Select IBM Blockchain for Small Business Platform
Nobel Prize–winning economists come out against Senate GOP healthcare bill
From the Bank for International Settlements. Central banks keep cutting the board, and it is still too short.


Yra Harris
Notes From Underground: James Gorman Gets Duped, So He Dupes the Nation
11 days ago




It seems that Morgan Stanley Chairman/CEO James Gorman was duped by an e-mail hacker. So in measure for measure the Morgan Stanley chief tried to dupe the world with his op-ed in the Financial Times on Wednesday. In an opinion piece titled, “The Last Thing Banks need Is Yet More Rules.” Gorman said in response to the idea of a reinstatement of Glass-Steagall:

“More than  80 years ago, the U.S. enacted the Glass-Steagall legislation that separated traditional commercial banking from investment banking. Over the ensuing seven decades, as global trade and finance expanded,the divide between commercial and investment banking broke down. Recognising that global companies needed full-service banks, the U.S. embraced a system adopted by most other countries, including Germany, Japan, Canada, the U.K. and Australia. Ending Glass-Steagall [the law was repealed in 1999] had nothing to do with the financial crisis, and there is no reason to return to it.”

Gorman makes the regular Wall Street straw man argument and with it again tries to dupe the nation. Glass-Steagall’s repeal had a great deal to do with the financial crisis because, as usual, the Wall Street CEOs fail to state that on June 16, 1933 Glass-Steagall was enacted along with the inception of FDIC bank insurance. The fraud perpetrated by the sycophants of the wealthy is that they always forget to include the significance of FDIC. Mr. Gorman, I agree with you that Glass-Steagall should not be brought back but then I would not allow banks over a certain size to have access to FDIC insurance. As the mega-banks ramp up risk around the globe they expect the U.S. taxpayers and depositors to intermediate the risk by receiving none of the rewards. No Glass-Steagall, no FDIC. Like you sir, I am tired of being DUPED.

***The Swiss National Bank announced no change in policy. Thursday, the SNB (as expected) kept its deposit rate at -0.75%. The statement said:

“The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration. The negative interest rate and the SNB’s willingness to intervene in the FX market is intended to make Swiss franc investments less attractive, thereby easing pressure on the currency. The Swiss franc is still significantly overvalued.”

This is a direct quote from the country’s central bank. Any sane person would assume that the Swiss franc would have tumbled on such a statement but the franc actually gained against the euro and yen even as it fell against the dollar. I offer yet again: WHO IS BUYING THE SWISS FRANC IN CONTRAVENTION OF THE ACTIONS OF A CENTRAL BANK DETERMINED TO WEAKEN ITS STORE OF VALUE?

Before,  I have offered up the suggestion that because the SNB is acting like a hedge fund with a printing press, I think that the Swiss franc is the penultimate CRYPTO CURRENCY. In the realm of massive financial dislocations the Swiss franc is KING. In an interview with Bloomberg’s Matt Miller, SNB President Thomas Jordan proudly proclaimed that the Swiss franc is “significantly overvalued” and that he has a “willingness to intervene much further based on a SNB cost-benefit analysis.” As Keynes reminds us. markets can remain irrational far longer then we can remain solvent. Hey,Secretary Mnuchin, IS THIS CURRENCY MANIPULATION?

***The Bank of England also left its interest policy unchanged, but in a slap at BOE Governor Marc Carney, the Monetary Policy Committee vote was 5-3 with the dissenters wanting to raise rates with the recent inflation data running higher than the target. In August 2016 I wrote that Governor Carney made a huge mistake by cutting interest rates and increasing its QE program and thus its balance sheet. The British pound had already depreciated 15% and the BOE needed to let the depreciation work its way through the financial system.

But Carney misread on the Brexit vote caused him to PANIC and he slashed rates. Now, between the weak pound and monetary stimulus inflation the British economy has performed beyond expectations and Carney cannot admit to his error. Pressure is building on Carney and once British politics calm it may mean the end of his reign. The British 10-year gilts rose NINE basis points in response to the BOE policy decision. But the market read the 5-3 vote as bullish in a sense that the BOE will be pressured to raise rates. I have no current view on the British pound as there are too many cross currents in play.

***Yesterday, I talked about the German DAX being a better relative value than the SPOOS or any other U.S. equities. The FED is raising rates and the ECB is intent on keeping QE going in an effort to build its balance sheet. Today the DAX closed down 1 percent as global markets reacted to the Fed’s enhanced tightening position. A rate increase and an announced Quantitative Tightening beginning whenever the FOMC deems it appropriate based on its interpretation of its dual mandate. I bought the relative spread today, entering a low risk level of 12633.5 on a continuation chart. The DAX made all-time highs this week and in mirroring my post about the NASDAQ 100 I will be very concerned if the DAX were to close below last week’s low and put in a similar reversal week.

The weekly close will be critical not only for German and European equities but for all the developed equity markets. I am trying to educate readers as to how I pursue a trade and search for low-risk entry points. The option volatility does not yet measure it but the present action seems to point into increased volatility as we enter the summer doldrums and traditionally thin markets.

***We have been monitoring the investors 2/10 yield curve but I note that the more speculative 5/30 curve flattened to the lowest level in three years at a spread of 102.16 (h/t Karl). This is something else I will be monitoring to measure a broad base of yield curves.