America

On the surface, today's monthly budget statement showed good news: in January the US Treasury brought in total receipts of $344 billion, versus outlays of only $293 billion, resulting in a surplus of $51 billion, substantially greater than the $40 billion expected (and well above last year's $28 billion deficit), a surplus which however was largely due to a law requiring the IRS to delay sending out tax refund checks to household claiming certain tax credits.

Millions are celebrating the 38th anniversary of the 1979 Islamic Revolution in Iran that toppled the Pahlavi dynasty. The celebrations are marked this year by tense relations with the US. Hundreds of thousands took to the streets of the capital Tehran on Friday. Some Iranians denounced US President Donald Trump’s recent statements regarding the Muslim state, while others thanked the United States for supporting Muslims.

Via The Daily Bell 

 

Donald Trump signs executive order giving police more powers … The President has signed three orders to tackle ‘public safety’ moments after he swore in Jeff Sessions as Attorney General. -UK Independent

We were not aware that Donald Trump ran on a law and order platform. We know he wanted more checks and balances on immigration but that is a lot different that generally insisting on more law enforcement.

Update: the notable statements from Trump's prepared remarks:

• Calls Japan a friend, 'steadfast ally' and says committed to security of Japan
• Says seeking relationship that is free, fair and reciprocal.
• Defending against North Korean nuclear threat is a "very, very, very" high priority
• Thanks Japan for hosting our military

It is not clear what sparked the algos, but one of those keywords launched a mini USDJPY buying spike.

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Submitted by Charles Hugh-Smith via OfTwoMinds blog,

The only possible output of low social capital is rising inequality.