America

Authored by James Howard Kunstler via Kunstler.com,

When I think of the Democratic Party these days, the image instantly comes to mind of little Linda Blair playing the demon-possessed child in the classic horror movie, The Exorcist (1973), most particularly the scene in which she spews a stream of pea soup-like projectile vomit into the face of kindly old Max von Sydow, as Father Merrin, the priest come to rescue her.

Authored by Kevin Muir via The Macro Tourist blog,

There has been a whole lot of ink spilled on the reason for the Fed’s recent break from data dependence. Many pundits believe the Federal Reserve’s hawkish guidance, even in the face of low inflation readings, is a partisan attempt by Yellen & Co. to derail the weak recovery. I don’t buy that argument. To think the FOMC board would leave rates easy for Obama or Hillary, but raise them for Trump is just foolish. The Fed might be incompetent, but they aren’t so blatantly biased.

(Warning: anyone more comfortable in an echo chamber should run to his or her safe space now)

• Italian Bank Deal Raises Questions About Eurozone Rules (WSJ)
• UK PM May strikes $1.3 billion deal to get Northern Irish DUP support for her government (Reuters)
• Nestle Targeted by Dan Loeb in Activist’s Biggest-Ever Bet (BBG)
• Nestle 'committed' to strategy as activist investor moves in (Reuters)
• Troubled Air-Bag Maker Takata Files for Bankruptcy (WSJ)
• Merkel’s Election Opponent Slams Her for Being Too Nice to Trump (BBG)
• Berlusconi Stages Comeback to Frontline Politics (BBG)

Submitted by Michael Brenner,