Europe

Last month, S&P warned that UK lenders could incur £30 billion of losses on their consumer lending portfolios consisting of credit cards, personal and auto loans if interest rates and unemployment rose sharply.  Much like in the U.S., S&P warned that "loose monetary policy, cheap central bank term funding schemes and benign economic conditions" had fueled an "unsustainable" yet massive expansion of consumer credit that will inevitably end badly.  Per The Guardian:

Authored by David Stockman via The Daily Reckoning,

103 years ago, in 1914, the Federal Reserve opened-up for business as the carnage in northern France was getting under way.

And it brought to a close the prior magnificent half-century era of liberal internationalism and honest gold-backed money.

The Great War was nothing short of a calamity, especially for the 20 million combatants and civilians who perished for no reason discernible in any fair reading of history, or even unfair one.

Authored by Alberto Gallo via WEForum.org,

The American Dream is broken. Paul Ryan, speaker of the House of Representatives, recently stated that "in our country, the condition of your birth does not determine the outcome of your life."

Yet the idea that every American has an equal opportunity to move up in life is false.

In a whimsical, 100+ page report, meant to literally drum up interest in investing in an entirely new frontier, Bank of America tries to address the untapped "space" opportunity from the perspective investors. The Primer "sets out the challenges and opportunities posed by Space" and, predictably, concludes that lots of money is to be made, just call now to book your piece of timeshared monorail equity as "we are entering an exciting era in Space where we expect more advances in the next few decades than throughout human history." More:

Blain's Morning Porridge, Submitted by Bill Blain of Mint Partners

Why we should be very nervous about corporate bonds

    “Before the fiddlers have fled, before they ask us to pay for the bill and while we still have the chance.…”