China

• Global stocks rise but oil, Fed keep investors nervous (Reuters)
• Janet Yellen: An orthodox economist for unorthodox times (Reuters)
• House Democrats Said to Be Open to Lifting Oil Export Ban (BBG)
• Don't Count on an Oil Rally If U.S. Crude Export Ban Is Lifted (BBG)
• Germany welcomes 34-state Islamic military alliance against terrorism (Reuters)
• U.S. soldier Bergdahl may face life sentence in court-martial over desertion (Reuters)
• Newell Rubbermaid to Acquire Jarden for $15 Billion (WSJ)

The start of the Fed's most eagerly awaited two-day policy meeting in years has finally arrived with the market expecting Yellen to announce the first 25 bps rate hike in 9 years tomorrow with nearly 80% probability, and so far US equity futures are enjoying a last minute relief rally, while emerging market stocks rose for the first day in ten after the longest losing run since June. Europe's Stoxx 600 Index has also rebounded from a five-day losing streak, the worst in over four months.

Slowly all the wheels of the legacy propaganda narrative are falling off, only this time dealing not with some ridiculous economic "recovery" tripe (for those still confused, the global economy just suffered its worst USD-denominated GDP collapse in 50 years), but with the credibility of Chinese data, which most have known is completely fabricated, only there was never an actual admission from within. Now there is.

Today...

The Yellen effect pic.twitter.com/ogQgxINN2r

— Morris Cabrioli (@insidegame) December 14, 2015

 Today's focus was on credit markets - rightly - as the contagion spread to IG markets... 

But it started when China devalued the Yuan yet again...for the 6th day in a row - and in growing size - PBOC fixed the Yuan weaker to its weakest since July 2011

Authored by Paul Craig Roberts,

My warning that the neoconservatives have resurrected the threat of nuclear Armageddon, which was removed by Reagan and Gorbachev, is also being given by Noam Chomsky, former US Secretary of Defense William Perry, and other sentient observers of the neoconservatives’ aggressive policies toward Russia and China.