Europe

It has emerged that detailed plans to move towards the creation of a European army are being kept secret from British voters until after the EU referendum on June 23rd. The plans reportedly involve establishing a new European military and operational structures which includes a headquarters. RT reports: The first step towards such a plan is said to be supported by Germany and other EU member states. The document, drawn up by the EU’s foreign policy chief, Federica Mogherini, will be discussed by European leaders at a summit on June 28.

Must.Stay.Green.In.May...

So despite weaker than expected GDP, and tumbling GDP expectations...

Yellen has jawboned rate hike expectations up to record highs for July...

At this point in the war against ISIS, which as we pointed out previously is in full retreat now that its supply of oil-based funding from Turkey has dried up, the only question is when some of the main strongholds of the Islamic State in the region fall, putting what's left of the terrorist organization in terminal disarray. Chief among ISIS' core cities are Raqqa and Deir el-Zour in Syria and Mosul, Baiji and the outskirts of Baghdad, including Falluja in Iraq.

First, a big picture view of the situation.

In his latest letter to investors, OakTree Capital's Howard Marks goes political (slamming Trump's tariffs and Bernie's minimum wage machinations), shedding some blinding light on the economic reality of America, the dismal failure (and increasing impotence) of central bankers, and the ongoing "tryanny of the majority" warning that if everyone wants to tax-the-rich, soon there will be no rich to tax.

In order to press his individual agenda of preserving optionality to intervene in the FX market and push the Yen lower (using increasingly more desperate measures), Japan's Prime Minister had just one task in the latest G-7 meeting: to have the Group of Seven leaders warn of the risk of a global economic crisis in the final communique issued as the summit wrapped earlier today in Japan.