Financial Markets and Economy
Euro zone, IMF to seek compromise on Greek debt deal Monday (Reuters)
Euro zone finance ministers and the International Monetary Fund will seek a deal on Monday on Greek debt relief that balances the IMF's demand for a clear "when and how" with Germany's preference for "only if necessary" and "details later".
Commodity Traders Are Stuck in a World Where Everybody Knows Everything (Bloomberg)
For commodity traders operating in the Information Age, just good old trading doesn’t cut it anymore.
Unlike the stock market in which transactions are typically based on information that’s public, firms that buy and sell raw materials thrived for decades in an opaque world where their metier relied on knowledge privy only to a few.
Japanese Exports Rise for Fifth Consecutive Month in April (Bloomberg)
Japanese exports expanded for a fifth consecutive month in April, with shipments to China surging as global demand continued to support the nation’s economic recovery.
China's Demographic Time Bomb Continues to Tick (Bloomberg Benchmark)
China's demographic time bomb continues to tick.
Even after the government cleared the way for couples to have a second child, working women are reluctant to expand their family–or have any children at all.
Why the Rout in Retail Shouldn't Be a Big Worry for U.S. Economy (Bloomberg)
A furious pace of store closings and bankruptcies has drummed up fears that U.S. retail is collapsing. Not so fast: Many indicators suggest that retail employment is unlikely to shrivel and the economy will withstand any shock from the sector’s rout.
Farming the World: China’s Epic Race to Avoid a Food Crisis (Bloomberg)
China’s 1.4 billion people are building up an appetite that is changing the way the world grows and sells food. The Chinese diet is becoming more like that of the average American, forcing companies to scour the planet for everything from bacon to bananas.
Tech Sector Is Seeing Its Biggest Annual Inflows in 15 Years, BofA Says (Bloomberg)
This year has been a big one for the technology sector, and now we’re getting data on just how quickly investors are piling into this already crowded area of the equity market.
Unemployment in the U.S. Is Falling, So Why Isn’t Pay Rising? (Bloomberg)
The U.S. economy is behaving mysteriously. Usually wage growth accelerates when the job market is tight: Employers have to pay more to attract and retain workers.
Buyers With Excellent Credit Are Getting the Lion's Share of U.S. Mortgages (Bloomberg)
Mortgages continued to concentrate among the least risky U.S. households in the first quarter with almost 61 percent of new home loans going to borrowers with a credit risk score of 760 or above, according to a report published Wednesday by the New York Federal Reserve Bank.
Buoyant U.S. economy rides out rough political sea, but more storms ahead (Market Watch)
The U.S. economy is blossoming again like a bed of spring flowers, but now a wary eye is being cast toward an impending storm front that threatens to move in: The ongoing political eruptions in Washington.
Investors Think Twice About Deals With Trumps and Kushners (Bloomberg)
Four weeks after President Trump took office, his sons held a red-carpet event for their Trump International Golf Club in Dubai. Guests munched on quail eggs, tuna tartare, and spring rolls as a string orchestra played Vivaldi.
Americans Are Paying $38 to Collect $1 of Student Debt (The Burning Platform)
Your government at work with your tax dollars. Loan billions to brain dead teenagers so they can pretend to get smart in college.
EU Shocked To Discover UK May Walk Away With No Deal (Mike Shedlock)
The EU now faces the shocking discovery that the UK is not Greece, the EU does not hold all the cards, and the UK is able and willing to simply walk away from ever-escalating EU demands.
Bill Introduced Allowing Cancellation Of Over $1 Trillion In Student Debt Through Bankruptcy (Zero Hedge)
Bankruptcy is like the ultimate get out of jail free card. You just get to wipe the slate clean, and even though your credit score and ability to borrow might suffer, you are free from all your previous obligations. But student loans have long been exempted from being erased by bankruptcy.
Commodities Bust Hits Farm Lenders, Delinquencies Surge 225% (Wolf Street)
When it comes to agricultural debt, the numbers aren’t huge enough to take down the global financial system. But this shows how much pain the commodities rout is producing in the farm belt just when the farmland asset bubble that took three decades to create is deflating, and what specialized lenders and the agricultural enterprises they serve – some of them quite large – are currently struggling with in terms of delinquencies.
Companies
The Barbarians Are at Etsy’s Hand-Hewn, Responsibly Sourced Gates (Bloomberg)
“There is one and only one social responsibility of business,” the economist Milton Friedman famously wrote in 1962. And that is “to use its resources and engage in activities designed to increase its profits.”
Patreon Is On Track To Pay Creators $150 Million In 2017 Alone (Forbes)
Musicians used to be able to rely on record sales to keep them in business, but in the past decade or so those numbers have dropped off a cliff. Consequently, a number of different revenue streams have suddenly taken on new significance.
Technology
This Machine Can Map and Zap Multiple Tumors at the Same Time (Bloomberg)
RefleXion’s equipment identifies cancer cells by their metabolic activity, allowing technicians to detect, analyze, and zap multiple tumors in a single treatment, in some cases without the need for a biopsy.
Self-Driving Vehicles and the Failure to Understand Capitalism (MishTalk)
Despite accelerating progress towards fully autonomous cars and trucks, many people still do not accept the obvious fact it’s going to happen soon.
Politics
Republicans fearing for their safety as anger, threats mount (The Hill)
In the last few weeks alone, the FBI arrested a man threatening Rep. Martha McSally's (R-Ariz.) life, a woman pursued Rep. David Kustoff (R-Tenn.) in her car, and Rep. Tom Garrett (R-Va.) heightened security at a town hall event in response to death threats.
“Blah, blah, blah, blah, blah”: Paul Ryan’s reaction to the possibility that the GOP will lose the HouseDuring an interview with conservative talk radio host Hugh Hewitt on Friday, House Speaker Paul Ryan tried to downplay the possibility that the Republican Party could lose control of the House of Representatives in the upcoming 2018 elections.
Landslide Win for Iran’s Reformists Doesn’t Fit Trump’s Script, So He Ignores It (The Intercept)
The hypocrisy of America’s support for unelected despots in the oil-rich Gulf states is not new, but Donald Trump’s lavish praise for them on Sunday, as allies against “Islamist extremism” and “the oppression of women,” was particularly striking, coming one day after Iranian voters danced in the streets to celebrate their reformist president’s landslide re-election.
This Is the Minefield Rod Rosenstein Is Navigating (Bloomberg)
The day after signing off on the memo used to justify the firing of FBI Director James Comey, Deputy Attorney General Rod Rosenstein went to a going-away party for Mary McCord, a veteran prosecutor with more than 20 years at the Department of Justice, who announced in April that she’d be stepping down.
Trump urges Muslims to ‘practice tolerance,’ while announcing massive arms deal with Saudi Arabia (Think Progress)
On Sunday, President Donald Trump gave a speech on Islam and terrorism in Riyadh, Saudi Arabia in which he implored Muslims to practice tolerance, while also announcing a $110 billion arms deal with Saudi Arabia.
A 'Mind-Boggling' Reform Looms Over India's $2 Trillion Economy (Bloomberg)
Prime Minister Narendra Modi’s government is set to dramatically reshape Asia’s third-largest economy with the biggest tax reform since independence in 1947.
House Republicans are worried more taped conversations will leak (Salon)
A new report indicates that House Republican leaders are worried more secretly recorded conversations will be leaked to the press.
Notre Dame students walk out of Pence’s commencement speech in protest (Think Progress)
More than 100 Notre Dame students walked out of their graduation ceremony on Sunday in protest of commencement speaker Vice President Mike Pence.
Trump’s attorney didn’t want him to certify accuracy of financial disclosure form (Salon)
An attorney who was helping Donald Trump submit financial disclosure forms earlier this year tried to avoid making the president put his signature to them certifying that the information was accurate.
Trump Softens Tone on Islam but Calls for Purge of ‘Foot Soldiers of Evil’ (NY Times)
President Trump on Sunday pivoted away from his strident assessment of Islam as a religion of hatred as he sought to redefine American leadership in the Middle East and rally the Muslim world to join him in a renewed campaign against extremism.
Trump’s new budget proposal slashes safety-net programs like Medicaid, and even some Republicans are upsetPresident Trump’s budget proposal on Tuesday will include massive cuts to Medicaid despite his administration insisting that Medicaid would not be slashed. There will also be changes to anti-poverty programs “that would give states new power to limit a range of benefits,” according to the Washington Post.
Comey friend: Nothing scarier to Trump than someone who tells the truth (The Hill)
One of James Comey's friends is praising the former FBI director and warning that nothing is scarier to President Trump than someone who tells the truth and is always willing to do the right thing.
Looks like Sheriff David Clarke’s “army” medals might be B.S. (Salon)
Donald Trump supporter, has reportedly accepted an offer to become the next assistant deputy secretary of Homeland Security. While the DHS itself is casting some doubts on the posting, the reactions to his proposed appointment are, for the most part, negative.
‘Saturday Night Live’: The Most Memorable Moments This Season (NY Times)
Alec Baldwin pursing his lips, squinting his eyes, saying “Jina.” Melissa McCarthy plowing a podium into a crowd of reporters. Kate McKinnon pivoting from a self-absorbed Hillary Clinton to a deer-in-the-headlights Kellyanne Conway.
As the U.S. continues its investigations into the Trump campaign’s possible collusion with Russia to influence the U.S. presidential election, the scandal has evolved into a potential global conspiracy and has generated widespread interest abroad.
Trump Told Russians That Firing ‘Nut Job’ Comey Eased Pressure From Investigation (NY Times)
President Trump told Russian officials in the Oval Office this month that firing the F.B.I. director, James B. Comey, had relieved “great pressure” on him, according to a document summarizing the meeting.
The GOP’s biggest budget lies: Take these down, and progressives will start to win (Salon)
In mid-March, President Donald Trump’s “skinny budget” proposal drew widespread criticism for its short-sightedness, senseless cruelty and betrayal of his base. It was bad for science, education, the environment and public health, and even for Norman Rockwell-style popular programs like Meals on Wheels.
It’s the wealth gap, stupid: Inequality drives “economic anxiety” — both real and perceived (Salon)
One of the most prominent story types of 2016 election coverage involved dropping in on Southern and Rust Belt communities that supported Donald Trump and probing the people and their towns for answers.
Iran foreign minister scorns Trump after speech, arms deal (Reuters)
Iranian Foreign Minister Mohammad Javad Zarif on Sunday criticized U.S. President Donald Trump for sealing an arms deal and other investments worth hundreds of billions of dollars with Saudi Arabia, Tehran's arch-rival in the Middle East.
Saudi Arabia, UAE pledge $100 million to ethically questionable fund proposed by Ivanka Trump (Think Progress)
Saudi Arabia and the United Arab Emirates have pledged $100 million to the World Bank’s Women Entrepreneurs Fund, an initiative proposed by first daughter and senior White House adviser Ivanka Trump.
HBO's Bill Maher Bets 100 Rubles That Trump "Will Be Out By Christmas" (Zero Hedge)
HBO “Real Time” host Bill Maher believes the Trump Presidency will be over before 2017 is.
During Friday night's episode, he even goaded a guest – conservative political commentator and former Trump campaign official Boris Epshteyn – into making a “gentleman’s bet” of 100 rubles, a little less than $2, that the president "will be out by Christmas.”
Life on the Home Planet
Florida's Bone Dry and Burning While Rest of U.S. Is Soaking Wet (Bloomberg)
Spring dumped so much rain on the U.S. that most of the country is drought-free for the first time in decades. But in parched Florida and Georgia, wildfires have destroyed hundreds of thousands of acres of forests and pastureland.
Why the human brain is our most precious commodity (Human Progress)
Between 1960 and 2015, world population increased by 142 per cent, rising from 3.035 billion to 7.35 billion. During that time, average income per capita adjusted for inflation increased by 177 per cent, rising from $3,680 to $10,194.
Republicans have lost the war on gay marriage: Support for same-sex unions at all-time high (Salon)
A new poll from Gallup shows record support for same-sex marriage. Survey results released Monday show that 64 percent of Americans are in favor of the Supreme Court’s 2015 decision to legalize marriage equality — up from 61 percent last year.
