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Submitted by David Stockman via Contra Corner blog,

First there were seventeen. At length, there was one.

Donald Trump’s wildly improbable capture of the GOP nomination, therefore, is the most significant upheaval in American politics since Ronald Reagan. And the proximate cause is essentially the same. Like back then, an era of drastic bipartisan mis-governance has finally generated an electoral impulse to sweep out the stables.

• Europe shares, oil snap four-day losing streaks (Reuters)
• Oil rallies as Canada fire and Libya violence threaten supply (Reuters)
• How Trump Won—and How the GOP Let Him (WSJ)
• Hedge Fudge Managers Lose Their Swagger (BBG)
• Turkey Premier Said to Give Up as Erdogan Tightens Grip (BBG)
• Health Insurers Struggle to Offset New Costs (WSJ)
• Judge says Clinton may have to testify in email lawsuit (Reuters)
• Trump's deportation plan could slice 2 percent off U.S. GDP (Reuters)

Submitted by Simon Black via SovereignMan.com,

There’s something about being insanely rich that people will believe every word that comes out of your mouth no matter how bizarre.

And no, I’m not talking about Donald Trump. Warren Buffett is an even better example.

As one of the richest men in the world, Buffett’s opinions carry almost Biblical impact, even when they might be completely ridiculous.

• Global stocks slide as yen, euro gains question policy potency (Reuters)
• U.S. Index Futures Signal Stock Losses as AIG Drops on Earnings (BBG)
• EU Sees Weaker Growth in Eurozone and Wider EU as China Slowdown Weighs (WSJ)
• Euro Set for Longest Run of Gains Since 2013 as Fed Focus Fades (BBG)
• German Bonds Advance as EU Cuts Euro-Area Inflation Outlook (BBG)
• Trump hopes to land decisive blow in Indiana showdown with Cruz (Reuters)
• Hedge Funds Under Attack as Cohen Says Skilled People Are Scarce (BBG)

By Nick Colas of Convergex

10 Stats About The Last 10 Years