It was a relatively calm overnight session in which European stocks wobbled modestly, Japan was up, China was down following the Yuan's weakest fixing since 2011 as the PBOC continues to aggressively devalue since the SDR inclusion (stoking concerns capital outflows are once again surging), EM stocks stocks were weak and the dollar was unchanged ahead of today's retail sales data and next week's Fed meeting, and then suddenly everything snapped.

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Posted with permission and written by: Steve St. Angelo of SRSrocco Report (CLICK FOR ORIGINAL)

What makes Jihadi John and Jihadi Ted so similar in their methods is their willingness to use human suffering to implement military and social agendas. Ted Cruz is spewing this invective with a purpose that Machiavelli would be proud of. In short, this is all an attempt on the part of Cruz to best his Republican/Tea Party rivals in their race for the GOP nomination. Consequences mean nothing; power, everything.

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).