United States

By Jack Matlock, the 4-year U.S. Ambassador to the Soviet Union from 1987-1991, at the time that the USSR fell.   Before that, Matlock served as the Director of Soviet Affairs in the State Department, the U.S. Ambassador to Czechoslovakia, and the Special Assistant to the President for National Security Affairs and Senior Director for European and Soviet Affairs on the National Security Council Staff.  Originally posted at JackMatlock.com. Posted with permission of the author.

Going back to the 'USA is Exceptional' meme- yes this is true!  But it's not necessarily a good thing (just like, being positive isn't always good, for example it's not good to be HIV positive).  USA has the highest per capita prison population - and is exceptional in a number of areas.  USA is number one in terms of real GDP, and last in many other terms.  One thing that the USA is last in - FX.

The Day Earth Was Murdered

Paul Craig Roberts

“Change you can believe in” disappeared in the early days of the Obama regime as the same Washington insiders filled the new government’s ranks. David Brooks sung the praises of those who made change impossible: “the best of the Washington insiders, Achievetrons who got double 800s on their SATs.”

Following two days of utter chaos in Washington D.C., the Republicans in the House have finally called it quits and laid to rest, at least for now, efforts to repeal and replace Obamacare.  The bill was pulled shortly before voting was set to begin at 3:45PM EST.

'Reflation'-themed fund-flows are fading fast (with equities, cyclicals outflows accelerating), and 'higher rate beneficiaries'-linked bond flows (bank loans, HY, inflation protected) slowing to multi-month lows. As RBC's head of cross-asset strategy, Charlie McElligott notes, their model shows the ETF inflow story is no longer a price-driver of short term stock market pricing... "it's a new regime."

McElligott notes the following three key themes remain: