For those interested in a case study of what happens after a dramatic devaluation, you now have front row seats for what is likely to be a 25-30% peso plunge. Grab the popcorn. 

That's what we said on Wednesday evening in "Prepare For Peso Plunge: Argentina Lifts Currency Controls," after the country's FinMin Alfonso Prat-Gay announced that, as promised, new President Mauricio Macri would move to unify the official and black market exchange rates in the face of depleted FX reserves and still sky high inflation. 

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

The inescapable conclusion is that Fed policies have effectively crashed the velocity of money.

That the velocity of money has been crashing while the money supply has been exploding doesn't seem to bother the mainstream pundits. There is always a fancy-footwork explanation of why whatever is crashing no longer matters.

While campaigning ahead of elections, Spanish prime minister Mariano Rajoy was rocked with a right cross when a "selfie-seeking teen" approached and went full Balboa on the side of his face, breaking his glasses, before Rajoy's security detail wrestled the assailant to the floor. As El-Pais reports, the 17-year-old told police "I'm very happy I did it," while Rajoy later tweeted that he "was fine."

Via Dana Lyons' Tumblr,

Micro-cap stocks have suffered a key breakdown relative to mega-cap stocks, suggesting a “risk-off” shift on the part of investors.

The “most hated man in America” just got arrested for securities fraud.

• SHKRELI, CEO REVILED FOR DRUG PRICE GOUGING, ARRESTED FOR FRAUD
• N.Y. LAWYER EVAN GREEBEL ARRESTED IN SHKRELI INVESTIGATION

"Pharmaceutical entrepreneur Martin Shkreli was arrested by the FBI on Thursday," Reuters, whose reporters apparently witnessed the arrest, says.