Almost exactly two years ago, in April 2014, Greece issued €2.5 billion in 5 year bond yielding around 5%, which was met with huge investor interest and ended up being 8x oversubscribed. Fast forward to today when another former shutout from global bond markets, Argentina, is in the FT's words, "on the cusp of one of the most anticipated comebacks in recent history, as the Latin American country ends a 15-year exile from the international debt market with a multibillion-dollar sale."

Why not... makes perfect sense, right?

June up 5% off the lows...

And May up 5.6%...

As we suspect hedges are being lifted and the vol tail is wagging the oil industry's dog...

Buy the rumor, buy the news, but the total disappointment... Just Buy Stupid!!

Poisonous water is causing a major health crisis in rural Bangladesh. Around 20 million people are suffering from what is being called the largest mass poisoning in history as they continue to drink arsenic-laced water, twenty years after the deadly toxin was discovered in the supply According to human rights watch the local governments have allowed the issue to be pushed to the back-burner, with nepotism and poor governance contributing to the current state of the water in Bangladesh.

This article from the May/June 2016 issue hasn’t yet been published online. For now, it’s just available to subscribers—to read it right away, subscribe here and access the digital edition of the magazine. If you’re already a subscriber, log in here.

Having already exposed the fakeness of China's most recent trade data (and implicitly its GDP data), we were not entirely stunned by the fact that, as Bloomberg's Tom Orlik reports, China’s growth rates for quarter-on-quarter and year-on-year GDP for the past year don’t match.

So to start with, we have this entirely unsustainable "data"...