Europe

Ten days ago, when Deutsche Bank stock was about 10% higher, the biggest German commercial bank declared war on Mario Draghi, as we put it, warning him that any further easing by the ECB would only push stocks (with an emphasis on DB stock which has gotten pummeled over the past few months) lower. What it got, instead, was a slap in the face in the form of a major new easing program when the Bank of Japan announced it is unveiling negative rates just three days later.

The head of Germany’s domestic intelligence agency (BfV) has said that ISIS militants may have slipped into Europe disguised as refugees.  Hans-Georg Maasse says that the Paris terror attacks last November proves that ISIS are capable of planting terrorist in Europe, and has warned that there are many more that are yet to be discovered. Reuters.com reports: “Then we have repeatedly seen that terrorists … have slipped in camouflaged or disguised as refugees. This is a fact that the security agencies are facing,” Maassen told ZDF television.

Submitted by Douglas Murray via The Gatestone Institute,

• Facebook is now removing speech that presumably almost everybody might decide is racist -- along with speech that only someone at Facebook decides is "racist."

We warned earlier in the week that the credit risk of the world's financial institutions were on the rise and that trend has worsened as the week ends.

Global Bank Risk is spiking...

European Bank Risk is blowing out in Core and Peripheral nations...

And China Bank credit risk has broken to new cycle highs..

Some idiocysncratic names to keep an eye on...

To be sure, the rumors have been there for a while.

As we first wrote in March of 2015 when it became a topic of conversation, speculation that Cushing may fill, and even overflow, has been around for nearly 10 months.

As we reported then, there were floating predictions that Cushing may top out as soon as the summer of 2015.