Europe

Ever since the USDJPY breached the 110 support level three days ago for the first time in 17 months, the pressure on this all important FX carry cross has been rising, and then overnight, following the latest bout of recurring and increasingly ignored jawboning by various Japanese officials, the Yen soared, with the USDJPY plunging first below 109 and then moments ago dropping as low as 108.02 before rebounding modestly, dragging US equity futures lower with it.

In early January, European Commission President Jean-Claude Juncker warned that a Dutch advisory referendum, which took place today, on the bloc's association agreement with Ukraine could lead to a "continental crisis" if voters reject the treaty.

By Nigel Farage, originally posted in The Telegraph

The Dutch referendum shows how the internet is taking back power from our Europhile elites

Today's Dutch referendum on the EU's expansionist agreement with Ukraine really is the people's referendum.

GeenPeil, a project stemming from the popular Dutch blog GeenStijl, collected some 420,000 signed, verified, signatures triggering this referendum. It is an extraordinary achievement that highlights how western democracy is evolving.

Almost exactly one month ago, on March 10,Mario Draghi unveiled his quadruple bazooka, which among other features, included the first ever monetization of corporate bonds (this has unleashed such an unprecedented scramble for European bonds that there are virtually none left in the open market leading to massive illiquidity and forcing yield chasers to sell CDS instead of buying bonds, thus laying the ground work for the next AIG debacle).