Just over a month ago we wrote that the Dallas Police and Fire Pension Fund was on the verge of collapse after a series of shady real estate investments resulted in massive markdowns of pension assets, the ouster of the fund's CIO and an FBI raid of the fund's largest real estate investment manager (see "Dallas Cops' Pension Fund Nears Insolvency In Wake Of Shady Real Estate Deals, FBI Raid").  We summed up the fund's dilemma as follows:  

The big geopolitical news in the aftermath of yesterday's bombing of a UN humanitarian convoy in Syria, which according to unofficial, UK-funded "Syrian Observatory for Human Rights" was done by Russian or Syrian fighter jets, was this morning's vocal denial by the Russia defense ministry that neither Russian nor Syrian planes were responsible for the bombing raid.

Last week, Bloomberg's Richard Breslow debated whether it’s the size or speed of moves that more unsettle markets. It seemed particularly pertinent as investors were struggling to make sense of the dramatic steepening of sovereign yield curves across the globe.

The answer is, it’s always the speed. And when it involves a reversal of direction, the fear factor is multiplied.

Central banks have done their utmost to make the trend your friend. No matter how distasteful or unwarranted the price levels.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

I’ll be the first to admit I did not see this coming. Back when it was announced Trump had appointed ex-Goldman Sachs banker, Steven Mnuchin, to be his national finance chairman, I assumed this would mean Hillary Clinton-esque oligarch pandering would rapidly ensure. Surprisingly (to me), this has not really been the case.

Indeed, when it comes to raising money from small donors, Trump may have a little Bernie Sanders in him.

Politico reports:

As western media reports point the finger, Russia and Syria both deny attacking the humanitarian aid convoy near the Syrian city of Aleppo. The UN said at least 18 trucks in a 31-vehicle convoy were destroyed late Monday as they came under attack while en route to Aleppo. Press TV reports: The International Federation of Red Cross and Red Crescent Societies said in a statement that the airstrike killed around 20 people including one of its staff members.