United States

Authored by Brahma Chellaney, originally posted at Project Syndicate,

Containing the scourge of Islamist terror will be impossible without containing the ideology that drives it: Wahhabism, a messianic, jihad-extolling form of Sunni fundamentalism whose international expansion has been bankrolled by oil-rich sheikhdoms, especially Saudi Arabia. That is why the newly announced Saudi-led anti-terror coalition, the Islamic Military Alliance to Fight Terrorism, should be viewed with profound skepticism.

Great comment from my friend and mentor Fred Feldkamp. Happy holidays.  -- Chris

The Macroeconomics of Crises and Fraud 

By Fred Feldkamp

A terrific NYC business writer wrote an article on Friday explaining the alleged fraud of Martin Shkreli.  It seems Shkreli is a young "master" at a VERY old game.

In macroeconomics, financial fraud is any method by which deception or duplicity induces those with money to "invest" in a scheme where they would, absent fraud, be less likely to invest.  

• Battered oil wins respite, lifts stocks (Reuters)
• Oil Halts Decline as Emerging Market Stocks Climb on China (BBG)
• Bonds Set to Beat Stocks Globally in 2015 After China Falters (BBG)
• SpaceX Falcon rocket nails safe landing in pivotal space feat (Reuters)
• China Leaders Flag More Stimulus After Top Economic Meeting (BBG)
• SEC to Retrench Case Against SAC’s Steven A. Cohen (WSJ)
• Bumpy year drags U.S. share listings back to 2009 levels (Reuters)
• Deutsche Bank Tally of Suspect Russia Trades at $10 Billion (BBG)

It has been a seesaw session with U.S.

Submitted Jeff Thomas via InternationalMan.com,

The state-owned Bank of China has been ordered by an American court to hand over customer information to the US. The bank has refused to comply, as to do so would violate China’s privacy law. The US court has subsequently ordered the Bank of China to pay a fine of $50,000 per day.

Any guess as to how this is likely to turn out?