presidential election

European, Asian stocks and S&P futures all drop after traders were left with a sour taste from the potential fallout of Donald Trump’s order halting some immigration and ahead of central bank decisions from the U.S. and Japan.  Markets in Hong Kong, China, Malaysia, Korea, Singapore, Taiwan and Vietnam are all shut due to the Lunar New Year public holiday, leading to a quiet Asian session. Oil rebounded after sliding as much as 0.7%.  Gold was unable to hold its overnight gains and has dipped into the red to $1,190 after rising just shy of $1,200 in early trading.

Submitted by Ryan McMaken via The Mises Institute,

Yesterday in Taki's Magazine, David Cole suggested that maybe, just maybe, Hollywood isn't as powerful in swaying public opinion as many people assume it is. 

This belief is shared not only by the "stars" of Hollywood itself — who naturally fancy themselves as great "thought leaders" — but also by conservatives themselves, including the late Andrew Breitbart. Breitbart, as Cole points out, was even rather obsessed with the issue, and harped on the need to create a right wing rival to Hollywood. 

One of the most vocal, and angry, reactions to Trump's anti-immigration executive order came from Iran whose foreign ministry, as noted previously, vowed to take reciprocal measures, as the Iranian government called the ban "an insult to the Muslim world." Tehran did not waste any time, and shortly after Iran said it would ban U.S. citizens entering the country in retaliation to Washington's visa ban against the nation.

Iranian President Hassan Rouhani

Trump's sweeping, and immediately enforced ban on people seeking refuge in the United States and visitors from seven Muslim-majority countries which will last at least three months has caused what Reuters dubs "chaos, panic and anger" - as well as lawsuits - not only among travelers on Saturday - with some denied entry to the US and turned back from U.S.-bound flights - but also among US allies such as France and Germany.

Submitted by Bill O'Grady via Confluence Investment Management,