Politics

In what is probably a "slightly" exaggerated figure, North Korea claimed on Thursday that some 4.7 million students and workers have volunteered to join or re-enlist in the North Korean army since Kim Jong Un called Donald Trump a “dotard” and vowed to retaliate against the US for President Donald Trump's threats to "destroy" North Korea. If accurate, that figure would represent nearly 20% of the North’s population (the country is believed to be home to 25 million people, making it about half the size, population-wise as South Korea).

Authored by Nick Cunningham via OilPrice.com,

Turkey and Iraq have stepped up the pressure on Kurdistan after the semi-autonomous region of Iraq voted for independence. Turkey’s President Recep Tayyip Erdogan threatened to block Kurdish oil exports through Turkish territory, while Baghdad called for an international boycott of Kurdish oil sales.

After barely managing to scrape together the nearly $200 million needed to make a bond payment earlier this month (the country made the payment a week late), Embattled Venezeulan President Nicolas Maduro is refocusing his attention on the US, warning military leaders Tuesday to begin preparing for war with the US.

Immediately on the heels of the Iraqi Kurdistan "yes" vote, the Iraqi parliament approved sending troops to the disputed Kirkuk region to prevent the Kurdistan Regional Government (KRG) from taking full control of the oil-rich area. Preliminary official results out Wednesday indicate a 92% vote in favor of Kurdish independence. A written statement produced by Baghdad said the decision aims to protect Iraqi citizens residing in the contested area between Baghdad and Erbil.

Just hours before the Trump tax plan was leaked this morning, Goldman noted that "even if this tentative budget agreement in the Senate becomes official the forthcoming proposal would have to be scaled substantially to fit within the fiscal constraints Congress is likely to impose" which we summarized as follows:

In other words, for all the hype, the final Trump tax cut - if it passes - will be a pale shadow of its initial proposal

Goldman also presented the following comparison table to summarize how the expected plan would fare in context: