One week ago, Illinois state comptroller, Susana Mendoza, gave a detailed explanation in her letter to Gov. Rauner and members of the state legislature - two parties that have been locked in a nearly three year long confrontation, preventing them from agreeing on a state budget - explaining why Illinois was on the verge of total collapse.
Former Fortress Principal Michael Novogratz left the firm's colossal macro hedge fund almost two years ago, but has been discussing investments in virtual currencies since 2013 when he told a UBS conference...
"Put a little money in Bitcoin...Come back in a few years and it’s going to be worth a lot."
He was of course correct, Bitcoin was trading around $200 at the time and as recently as two weeks ago was worth $3000.
If there was any confusion why the Fed intends to keep hiking rates, even in the face of negative economic data, it was all put to rest today when not one, not two but three Fed speakers, including the two most important ones, made it very clear that the Fed's only intention at this point is to burst the asset bubble.
Goldman and Citigroup Turn Positive On Gold - Despite "Mysterious" Flash Crash
- Gold bounces higher after "mysterious" one minute "flash crash" mistake
- $2 billion, 50 tons or 1.8 million ounces "fat finger" trade blamed
Gold in USD - 1 Week
- Massive selling at 0400 EST when U.S. markets closed and thin trading amid holidays in Muslim countries including Turkey, Singapore and Malaysia.
"There is still hope that inventories will draw and crude runs will remain high," noted one research director ahead of the API data as WTI rose for a 4th day (back above $44), the longest rally in over a month. With tropical storm Cindy likely impacting the data, API showed a surprise crude build (exp -2.25mm) and notable gasoline build which sent WTI/RBOB prices reeling.
API