Good morning. A recession? Depends on the definition…

http://uk.businessinsider.com/morgan-stanley-note-on-political-risks-and-global-economic-impacts-2016-5

Cool chart looking at world trade over the past 500 years

https://www.weforum.org/agenda/2016/05/this-is-what-500-years-of-globalization-looks-like a

Look down below version of US liabilities

http://macromarketmusings.blogspot.nl/2016/05/the-us-as-banker-to-world.html

A bit of perspective on sovereign debt default

http://uk.businessinsider.com/wave-of-sovereign-defaults-coming-oil-prices-2016-5

Trump. Trump. Trump.

http://www.economist.com/blogs/graphicdetail/2016/05/daily-chart-15

For the geeks by the BIS: “Has the pricing of stocks become more global?”

http://www.bis.org/publ/work560.pdf

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