North America

Authored by Chris Hamilton via Econimica blog,

Authored by Mark Penn, former chief strategist on Bill Clinton’s 1996 presidential campaign, Hillary Clinton’s 2000 Senate campaign, and Mrs. Clinton’s 2008 presidential campaign; via The Wall Street Journal,

Russia didn’t win Trump the White House any more than China re-elected Bill Clinton in 1996.

• Iraq forces seize Kirkuk outskirts in advance on Kurdish-held territory (Reuters)
• Iraq-Kurd Fighting Threatens to Undo Anti-ISIS Coalition (WSJ)
• Oil rises as fighting escalates in Iraq's oil-rich Kirkuk (Reuters)
• Madrid moves towards direct rule over Catalonia (Reuters)
• Spain Signals It Will Suspend Catalan Self-Rule This Week (BBG)
• Central Bankers Cling to Stimulus Amid Weak Inflation (WSJ)
• White House pitches corporate tax cut as win for workers (Reuters)

Returning to the world of investing and market commentary one week after surgery, One River's CIO Eric Peters touches on some of the most topical issues, including his latest take on bitcoin and money in particular, and the definition of value (which is increasingly more weightless) in general, the deflationary impact of tech on prices and wages and what the Fed's inflation target should be in this "new normal", recent trends in R&D spending, and, of course volatility.

Below we present select highlights from Peters' latest letter:

Overall

Authored by Niall Ferguson via The Spectator,

Social media helped Donald Trump take the White House. Silicon Valley won’t let it happen again...

In the 1962 Japanese sci-fi classic King Kong vs Godzilla, the two giant monsters fight to a stalemate atop Mount Fuji. I have been wondering for some time when the two giants of American social media would square up for what promises to be a comparably brutal battle. Finally, it began last month - and where else but on Twitter?