The single biggest event overnight was the PBOC's devaluation of the Yuan to the lowest since March 2011, setting the fixing at 6.5693, the highest in over 5 years and in direct response to a stronger dollar, which however if one looks at the DXY remains well below the recent highs in the 100 range, suggesting for China this is only just beginning.
Everybody’s talking about the new Nathan Heller piece in The New Yorker, profiling the new left-wing student activist generation at Oberlin College. And boy, is it quite a read. You can read it and guffaw at the crazy Social Justice Warriors, but there’s something deeper going on there (and on many other campuses). Here’s the nut graf:
By now we are accustomed to hearing about US spy planes flying recon missions that are either infringing or extremely close to infringing on the borders of other countries - especially Russian borders.
Authored by Paul Brodsky via Macro-Allocation.com,
Authored by Paul Craig Roberts,
As readers know, I have seen some optimism in voters support for Trump and Sanders as neither are members of the corrupt Republican and Democratic political establishments. Members of both political establishments enrich themselves by betraying the American people and serving only the interest of the One Percent. The American people are being driven into the ground purely for the sake of more mega-billions for a handful of super-rich people.