Authored by Jeremy Grantham via GMO,
Give Me Only Good News!
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
(Attributed to Mark Twain)
USDCNY broke above 6.4500 for the first time since the August devaluation, extending its post-IMF plunge to 6 days. This is the largest and longest streak of weakness since March 2014 as China seems to have taken the SDR-inclusion as blessing to devalue its currency drip by drip. Default risk is once again stomping higher as CDS surge from 94bps to 112bps (2-month highs).
During October, the credit impulse in China rolled over and died.
Who doesn't want a Royalty check every Christmas?
Randy Kennedy, the chief of the Hughes Springs Police Department (in Texas), is the latest in a string of police chiefs across the nation urging citizens to arm themselves following the recent mass shootings in Colorado Springs and San Bernardino.
In this brief clip, Kennedy warns President Obama that trying to take away American's guns will "cause a revolution," adding that the 2nd Amendment is "there to protect us against a government that has over-reached its power," exclaiming "you are not our potentate, sir. You are our servant."