Saudi Arabia has said it is breaking off diplomatic ties with Iran, amid an escalating row between the two country’s over the Saudi execution of Shia cleric Sheikh Nimr al-Nimr. Reuters news agency reported that the Saudi Foreign minister has asked Iran’s diplomatic mission to leave the country within 48 hours. While according to ccording to Dubai-based al-Arabiya TV, Saudi Arabia has evacuated its diplomats from Tehran. Iran’s Supreme leader Ayatollah Khamenei called Sheikh Nimr a “martyr” who had acted peacefully.

Submitted by John Rubino via DollarCollapse.com,

If 2015 was the year in which no investment strategy worked, 2016 is looking like the year in which all economic policies fail. Already, at what should be the blow-off peak of a long expansion, US corporate profits are instead rolling over:

The Holy See has announced this weekend that the planned recognition of Palestine as a state last summer, is now in effect. The move has drawn criticism from Israel. Equilibrio Informativo reports: “With reference to the Comprehensive Agreement between the Holy See and the State of Palestine, signed on 26 June 2015, the Holy See and the State of Palestine have notified each other that the procedural requirements for its entry into force have been fulfilled”, the Vatican announced Saturday.

Two months ago, and roughly 6 weeks before the Fed's first rate hike in 9 years, Janet Yellen warned that if the "outlook worsened, the fed might weight negative rates" adding that "negative rates could help encourage banks to lend."

North Korean leader Kim Jong-un was detained at London Heathrow airport for 12 hours before being deported after attempting to enter the United Kingdom in disguise and using a fake tourist visa, say Heathrow immigration officials. After arriving on an early morning Air China flight, his documents were questioned and he was taken into custody for further questioning.