Leaked Police Report Exposes 23 Muslim-Controlled “No Go Zones” In Sweden: Plagued With Violence, Sexual Assaults, & Gun Crimes

Authored by Mac Slavo via SHTFplan.com,

Though European leaders and their US-based counterparts have vehemently denied their existence, a leaked report from the Swedish police confirms that there are at least 23 Muslim-controlled “No-Go Zones” and some 60 “vulnerable areas” where non-muslim citizens of the country can no longer visit safely.

As noted in the RT video below, the areas are plagued with violence, sexual assaults and gun crimes, and things have gotten so bad that police and emergency services personnel refuse to enter.

According to the Swedish National Police Commissioner:

We see developments in our country which are not always going in the right direction… We have more than 60 vulnerable areas in and around major cities in Sweden.. and we see criminality there and we need to turn around these developments in those areas… and we need the assistance of other parts of our society.

Call us crazy, but maybe not allowing mass migration from countries with ideals, morals and laws that run nearly 100% counter to those of your country would be a good start?

While that may be considered racist, xenophobic and nationalistic by many “progressives” around the world, one simply can’t deny that such no-go zones are the result of forced cultural assimilation. Of course, the assimilation requirement appears to only involve the natural citizens of the countries in question, because apparently migrants can engage in any sort of activities they wish without consequence.

As one angry foreigner from Sweden previously explained, it is now taboo in Sweden (and all civilized Western countries) to take pride in one’s country and culture, noting that by doing so you are considered “racist.”

The fact is that Western and Islamic culture sit on two completely different sides of the spectrum, and while the West has welcomed millions of refugees over the last several years, the same doesn’t appear to be true for the migrants.

In Britain, for example, followers of Islam are feverishly working to build a nation within a nation, ruled by Sharia law with no regard to Britain’s legal system.

The same has been true across America. In fact, the issue is so serious that the Texas State legislature recently passed a bill that would force State courts to ignore any foreign law when deciding cases.

“My colleagues and I here at the Texas Legislature want to make sure Texas judges never apply foreign law in Texas courts in violation of constitutional rights and the public policy of our state,” said Flynn.

 

Under HB 45, Texas and U.S. law supersede all other laws. It prevents state judges from applying any foreign law because, in doing so, it infringes upon U.S. and Texas constitutional rights. The bill shields litigants in family law cases “against violations of constitutional rights and public policy in the application of foreign law” under the U.S. and Texas Constitutions, federal and judicial precedent, the Texas Family Code, and the Uniform Child Custody Jurisdiction and Enforcement Act, among other protections.

You’d think such a law wouldn’t be necessary in America, but the last few years show that the Islamization, and thus the push for Sharia Law, is happening right here and now.

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Riyadh prepares for Eid celebrations

Author: 
RASHID HASSAN & MOHAMMED RASOOLDEEN
Sun, 2017-06-25 02:48
ID: 
1498337460746239300

RIYADH: With the arrival of Eid Al-Fitr, comprehensive civil and security arrangements are in place in the capital.
Riyadh governorate, the Ministry of Islamic Affairs, Call and Guidance and Riyadh municipality have made arrangements for the first day of Eid, where worshippers will flock to local mosques to begin the day with prayers.
Riyadh police will follow pre-set plans to make sure that public safety and security is maintained.
The capital has been decked out in “Eid Saeed” flags and banners on main thoroughfares, and many roads have also been decorated with colorful lighting to mark the annual event.
Arrangements have been made in the Qasr Al-Hukm District to host Eid Al-Fitr celebrations organized by the High Commission for the Development of Arriyadh (HCDR).
The head of the Urban Development Department at the HCDR, Abdullah bin Hamad Al-Rukban, said the commission has completed all preparations for the official celebrations and equipped Qasr Al-Hukm plazas to host activities during the first three days of the Eid.
Al-Adl Square will be the venue for the official opening celebration, and will comprise a selection of folkloric activities. Al-Masmak Plaza will feature entertainment for children, in addition to light shows on the plaza’s walls. Live shows, productive families’ booths, food trucks and mobile cafes will bring a carnival atmosphere to Al-Thumairi Street, and visitors will get the opportunity to visit Al-Masmak Palace and learn about its history, culture and heritage.
Events will run from 4 p.m. to 12 midnight each day.
Riyadh municipality has also organized a lineup of 160 cultural and entertainment activities including family-oriented programs, a municipal official said Friday. The celebrations will also include activities for people with special needs.
Saudi expatriates continue to arrive at King Khaled International Airport as they return home for Eid Al-Fitr celebrations with their families and friends. According to travel agents, there was a shortage of air tickets to countries with large numbers of expatriates working in the Kingdom, such as India, Pakistan, Sri Lanka and Bangladesh.

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These Are The US Cities Where Graduates Struggle The Most With Student Debt

With tuition at private colleges routinely eclipsing the $60,000 mark, it’s more important than ever for recent graduates to settle in cities where circumstances allow them to start paying down their massive debt piles as quickly as possible.

That means a city with strong job offers, but where the cost of living isn’t so high as to siphon off a young worker’s earnings.

To that end, Credible crunched the numbers for the country’s 23 most populous cities and ranked them according to how much younger workers struggle with student-debt payments. The lender, using data from 9,000 of its own borrowers, took the average income in each of those cities with the average monthly housing payment and their average monthly student loan payment, and found that the city where students struggle the most is San Jose, Calif., followed by Fort Worth, Texas and Boston, Mass.

In Dallas, Jacksonville, and Houston, the cities that topped Credible’s ranking for the most affordable cities for recent grads, borrowers have more of their income left over after paying their monthly loan and housing bills as compared to the other cities on the list. More than 70% of US students borrow money to attend college, with the average debt load among this cohort amounting to about $37,000.

 

But even in these cities, “nearly 27 percent of borrowers’ average monthly income is eaten up by their monthly housing payment and their monthly loan payment alone. That doesn’t even take into account other expenses such as taxes, food, or transportation," according to Credible.

It’s also not that far removed from the more than 30 percent of borrowers’ average monthly income dedicated to loan and housing payments in the cities at the top of the list.

But this isn’t that surprising. While monthly housing costs tend to be slightly higher in the least affordable cities compared with the other cities, the margin of difference isn’t large – suggesting that, while affordability might be one factor that grads take into account when choosing where to live, high rents don’t necessarily prevent people from flocking to certain cities.

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Afghans suffer deadliest Ramadan since 2001

Author: 
AFP
Sun, 2017-06-25 03:00
ID: 
1498337642526276800

KABUL: Afghanistan has suffered its deadliest Ramadan since the US-led invasion in 2001 with over 200 killed and hundreds wounded, according to an AFP count based on official figures.
The streets of Kabul were quiet on Saturday ahead of the Eid-Ul-Fitr festival, which marks the end of Islam’s holiest month, amid fears of further attacks.
Militants believe they will go to paradise if they die during Ramandan or on Eid, a day when millions of Muslims break their fasts and visit mosques for prayers and celebrations.
“It was the deadliest month for pious Afghans who were all fasting,” political analyst, General Abdul Wahid Taqat said.
“They killed them everywhere they could, inside the mosques, on the streets... as they believe the more they kill, the more rewards they will earn,” he said.
As Ramadan began on May 27, a Taliban car bomber targeting a CIA-funded Afghan militia group left 13 people dead and injured six in eastern Khost province.
A sewage tanker filled with explosives detonated just days later in the city’s fortified diplomatic quarter, killing more than 150 and wounding hundreds — marking the deadliest attack in Kabul in recent years.
The carnage left the Afghan capital shaken and hundreds of protesters took to the streets following the bombing, calling for officials to resign.
Clashes between protesters and authorities left at least six people dead while at least seven more were killed when suicide bombers tore through a row of mourners at a funeral for one of the protesters.
On Thursday as Ramadan was drawing to a close, a Taliban car bomb struck a bank in Lashkar Gah, capital of the volatile Helmand province. Around 34 people queuing to withdraw their salaries died.
Washington is soon expected to announce an increase in the US military deployment to bolster Afghan forces, who are struggling to contain the insurgency.
American military commanders in Afghanistan have requested thousands of extra boots on the ground.
US troops in Afghanistan now number about 8,400, and there are another 5,000 from NATO allies, a far cry from the US presence of more than 100,000 six years ago. They mainly serve as trainers and advisers.
“Taliban, Daesh, Al-Qaeda, all are planning to make 2017 the deadliest year as a warning for the US who plans to send more troops in Afghanistan,” said Taqat.
On Friday, Taliban leader Mullah Haibatullah Akhundzada in an Eid message vowed to continue fighting until the complete withdrawal of foreign forces from Afghanistan.

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Angry Dems Turn On Obama, Pelosi, Schumer: “Talk Less About Russia”

It’s been a rough week for the legacy of the Obama administration. Yesterday, the Senate Judiciary Committee launched a Democrat-endorsed probe into former Attorney General Loretta Lynch’s conduct during the campaign – when it’s widely believed she colluded with the Clinton’s to “soften” the FBI’s probe into Hillary’s mishandling of classified information. Earlier, sure-thing Democratic neophyte Jon Ossoff lost a special election in Georgia that he was supposedly guaranteed to win, leading America’s least—preferred party of overly brazen corporatists to an embarrassing 5-0 defeat, and stoking calls for Nancy Pelosi - the Dem’s longtime leader in Congress - to step aside.

And as if all that wasn’t enough, revelations that Russian hackers targeted voting systems in 21 states – and the Obama administration did nothing about it – have inspired the president’s fellow Democrats to turn on their once-revered leader.

 

As the Hill reports, Democrats are criticizing no-drama Obama for being too cautious with his disclosures about “the Russia problem” in the run-up to the 2016 election, claiming that he shouldn't have hesitated to inform the public about the allegations:

“The Obama administration is under fresh scrutiny for its response to Russian meddling in the election after new details emerged this week about how the White House weighed its actions against the 2016 political environment.

 

Then-President Obama was too cautious in the months leading up to the election, frustrated Democratic lawmakers and strategists say.

 

“It was inadequate. I think they could have done a better job informing the American people of the extent of the attack,” said Rep. Eric Swalwell (D-Calif.), a member of the House Intelligence Committee who co-chairs the Democratic Steering and Policy Committee."

Meanwhile, Ohio Democrat Tim Ryan, who recently challenged Pelosi for leadership of the party, is leading a small group of Congressional Dems in criticizing Chuck Schumer, Pelosi and the rest of the Democratic leadership's irrational focus on the Russia investigations. Ryan believes the focus on making the Dems appear out of touch to working Americans who care more about economic issues than the Trump witch hunt, as the Hill reports.  Ryan's attempt to lead from behind comes as some of his peers push for the creation of a 9/11-style Commission to launch what would be the fourth investigation into the Trump campaign. 

Even though the contradiction here is obvious - Dems are complaining that the party is too focused on Russia, while criticizing Obama for not releasing more scurrilous details about alleged interference -at least Ryan recognizes that the focus on Russia will hurt the Dems where it counts: In next year's midterms.

"We can't just talk about Russia because people back in Ohio aren't really talking that much about Russia, about Putin, about Michael Flynn,” Rep. Tim Ryan (D-Ohio) told MSNBC Thursday. “They're trying to figure out how they're going to make the mortgage payment, how they're going to pay for their kids to go to college, what their energy bill looks like.

 

“And if we don't talk more about their interest than we do about how we're so angry with Donald Trump and everything that's going on,” he added, “then we're never going to be able to win elections.”

Turning back to Obama, the president's motives in withholding the information definitely leave room for speculation. Was he worried that the public would interpret the disclosure as transparent fearmongering intended to benefit the Clinton campaign – or maybe he thought it would make the Democrats and Clinton look ineffectual in the face of a problem that couldn’t be solved with a couple of well-timed drone strikes? For what it's worth, former Homeland Security Secretary Jeh Johnson says Obama withheld the information because he didn’t want to play into Trump’s claims that the election was being “rigged.”

"Former Homeland Security Secretary Jeh Johnson on Wednesday told lawmakers that the White House held back on responding to Russia because it didn’t want to play into fears, propagated by then-candidate Trump, that the election would be “rigged.”

 

“One of the candidates, as you'll recall, was predicting that the election was going to be rigged in some way,” Johnson said. “And so we were concerned that, by making the statement, we might in and of itself be challenging the integrity of the election process itself.”

 

Trump had repeatedly claimed that the outcome of the election would be “rigged” against him, alleging widespread voter fraud and inaccurate polling. He provided no evidence to back up his claims, but critics feared that his rhetoric could undermine public trust in the outcome of the election.

In any event, Obama’s decision to withhold the information has made the Dems look weak, desperate and disorganized. And now they’re rightfully worried that the administration’s countermeasures – kicking out a few dozen diplomats – have helped them lose what little credibility they still had in the eyes of the public. Meanwhile, President Trump has a few questions of his own;

'Some Republicans argue the Obama administration only started to take the Russia threat seriously after President Trump had won the election.

 

Trump has called the influence operation a “hoax” and dismissed the various inquiries into Russian interference in the election — which include looking for possible collusion between his campaign and Moscow — as a “witch hunt.”

 

“By the way, if Russia was working so hard on the 2016 Election, it all took place during the Obama Admin. Why didn't they stop them?” Trump tweeted Thursday.
The Obama administration announced on Oct. 7 that the theft and release of the Democratic National Committee (DNC) emails was part of a widespread campaign “intended to interfere with the U.S. election process.”

So what’s next for the Dems? Obama, who has already pivoted from politician to social-media celebrity, will probably continue to chime in every now and then from the peanut gallery. Meanwhile, we wait to see if the DOJ or any other interested parties piggy-back on the Senate’s investigation into Lynch’s blatant attempt at obstruction, and wonder: Could this be the controversy that leads to the unraveling of the modern Democratic Party?

Of course, President Trump couldn't resist taking a shot at his predecessor on Twitter:

Just out: The Obama Administration knew far in advance of November 8th about election meddling by Russia. Did nothing about it. WHY?

 

By the way, if Russia was working so hard on the 2016 Election, it all took place during the Obama Admin. Why didn't they stop them?

— Donald J. Trump (@realDonaldTrump) June 22, 2017

 

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The Lost Goldman Sachs 1985 Fixed Income Recruiting Video

Authord by Sarah Butcher via eFinancialCareers.com,

In 1985, Goldman Sachs was still a partnership. The current partners owned around 80% of the firm, retired partners held the remainder. Lloyd Blankfein was a 31 year-old trader at J. Aron, the commodities house Goldman had purchased four years earlier. Run by John Weinberg, a former M&A banker, Goldman in 1985 was mostly a U.S. operation. There were a handful of overseas offices, including one in London, but in the words of Lisa Endlich, Goldman’s London few hundred staff were sitting in an, “unair-conditioned setting on one floor of an office building.”

Nonetheless, Goldman wanted expansion. In 1986, it decided to go for growth. Over the next 12 years, the firm doubled in size and its capital increased five times.

This is the world depicted by a fixed income recruiting video made by GS in 1985 which has just surfaced on Youtube. Despite being posted to the video sharing network in March 2015, it’s only just been unearthed.

We’ve posted the 10 minute video below (3 mins on YouTube are blank). Goldman used it to make a pitch for, “exceptionally talented and motivated individuals,” to work in the fixed securities markets which it said were experiencing, “rapid growth.”

Highlights of 1985 Goldman Sachs included smoking at the desk, endless coffee in paper cups, pagers in belts, big hair, big computers, a lot of telephones, a lot of paper and a lot of human beings. The video supplements this with an encouraging ’80s musical accompaniment.

“The pace is fast, and the atmosphere is intense,” Goldman’s former self warns: “Emotions change from minute to minute.” Prerequisites for getting a job there included, “intelligence, independence, a strong desire to succeed, creativity and the ability the quickly translate ideas into action…”

If anyone knows who the people in the video are, please enlighten us (future GS CEO Jon Corzine can be seen shouting into the phone at 7 minutes 30 seconds).

If you like the genre you can always go on to sample the 1987 documentary about Paul Tudor Jones. 

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Visa Is Hiring An Ethereum Blockchain Engineer

For all those hardcore ethereum bugs who got stopped out at $13 during last week's 96% flash crash (and in some cases as low as $0.10) we have some good news: Visa wants to hire a BlockChain engineer who is "experienced with Ethereum and blockchain architecture to be a part of team tasked with building distributed application."

There is just one problem: while we are confident compensation will be generous, according to the qualification requirements, "total Industry experience must be 8+ years" which is about twice as long as Ethereum has been in existence, and roughly as long as the very concept of blockchain has existed: perhaps Visa is only seeking to hire Satoshi?

By they way, did we mention that Visa is now working on Blockchain technology, is building a "distributed application" and the successful candidate "will be working in VISA Global Commercial Payments area, team will be building a new payment rail leveraging Blockchain technology and distributed ledger."

As Visa goes increasingly more publich with with aggressive expansion into blockchain - recal last year the company Introduced "International B2B Payment Solution Built on Chain’s Blockchain Technology" with virtually nobody noticing, the recent gains in ETH - if only as the rest of the world rushes in over all the "blockchain" buzz-  which has resulted in a 40x return YTD, blowing away every single other asset class, will pale in comparison to what may be coming. Which reminds us of our February post "Ethereum To Soar After JPMorgan, Intel, Microsoft And Others Form Blockchain Alliance." It did: back then Ethereum was $13.

h/t reddit

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Shhhh! It’s Top Secret: Fake News For Your Eyes Only

Authored by Mike Shedlock via MishTalk.com,

The absurd hysteria over Russia continues today from yours and my favorite Russia-hysteria promotion site: the Washington Post.
 

Fake News For Your Eyes Only

Today’s joke of the day is an “exclusive” fake-news story from WaPo regarding Obama’s Secret Struggle to Punish Russia for Putin’s Election Assault.

Early last August, an envelope with extraordinary handling restrictions arrived at the White House. Sent by courier from the CIA, it carried “eyes only” instructions that its contents be shown to just four people: President Barack Obama and three senior aides.

 

Inside was an intelligence bombshell, a report drawn from sourcing deep inside the Russian government that detailed Russian President Vladi­mir Putin’s direct involvement in a cyber campaign to disrupt and discredit the U.S. presidential race.

 

But it went further. The intelligence captured Putin’s specific instructions on the operation’s audacious objectives — defeat or at least damage the Democratic nominee, Hillary Clinton, and help elect her opponent, Donald Trump.

 

The material was so sensitive that CIA Director John Brennan kept it out of the President’s Daily Brief, concerned that even that restricted report’s distribution was too broad. The CIA package came with instructions that it be returned immediately after it was read. To guard against leaks, subsequent meetings in the Situation Room followed the same protocols as planning sessions for the Osama bin Laden raid.

 

Obama told Putin that “we knew what he was doing and [he] better stop or else,” according to a senior aide who subsequently spoke with Obama. Putin responded by demanding proof and accusing the United States of interfering in Russia’s internal affairs.

 

The Washington Post is withholding some details of the intelligence at the request of the U.S. government.

Detailed Timeline of Allegations

In its “exclusive” fake news article, WaPo provided a detailed timeline of every allegation. It provided zero proof of anything.

WaPo even mocked Wikileaks for demanding proof.

Shhhh! It’s TOP Secret

Putin demanded proof. None was offered. None exists.

Conveniently, WaPo is “withholding some details of the intelligence at the request of the U.S. government.”

Questions Abound

It would seem to me that an organization whose main purpose these days is to bring down the Trump administration would provide details to help that cause.

  1. Why is WaPo holding back publishing details that would be damaging to Trump?
  2. Did WaPo get its hands on a document given only to the president and three others, then immediately returned to the CIA? If so, how?
  3. Since the US meddles in elections, why should we be so outraged if other countries do the same?
  4. What right is it of the CIA to demand the president return documents to the CIA after the president reads them?
  5. Who is the CIA protecting?

Shhhh! It’s TOP Secret

Putin demanded proof. None was offered. None exists.

Question number five gets to the heart of the matter.

Who is the CIA Protecting?

Please consider the June 20, 2017, Foreign Policy Report 64 Years Later, CIA Finally Releases Details of Iranian Coup.

Declassified documents released last week shed light on the Central Intelligence Agency’s central role in the 1953 coup that brought down Iranian Prime Minister Muhammad Mossadegh, fueling a surge of nationalism which culminated in the 1979 Iranian Revolution and poisoning U.S.-Iran relations into the 21st century.

 

In early 1951, amid great popular acclaim, Mossadegh nationalized Iran’s oil industry. A fuming United Kingdom began conspiring with U.S. intelligence services to overthrow Mossadegh and restore the monarchy under the shah.

 

The coup attempt began on August 15 but was swiftly thwarted. Mossadegh made dozens of arrests. Gen. Fazlollah Zahedi, a top conspirator, went into hiding, and the shah fled the country.

 

The CIA, believing the coup to have failed, called it off.

 

“Operation has been tried and failed and we should not participate in any operation against Mossadegh which could be traced back to US,” CIA headquarters wrote to its station chief in Iran in a newly declassified cable sent on Aug. 18, 1953. “Operations against Mossadegh should be discontinued.”

 

That is the cable which Kermit Roosevelt, top CIA officer in Iran, purportedly and famously ignored.

Believe the CIA? Really?

Fake News Purveyors

The biggest purveyors of fake news on Russia are the Washington Post and CNN.

The Hill commented Obama official: We ‘choked’ on Russia response.

Obama’s deputy national security adviser, Ben Rhodes, complained the Russians were “playing this much bigger game which included elements like released hacked materials, political propaganda and propagating fake news, which they’d pursued in other countries.”

Bonus Questions

What did Wikileaks publish other than the truth? If that helped Trump, so what?

At least it was not a pack of CIA lies.

The ultimate irony in this never-ending fake news saga is the US has meddled in far more elections and in far worse ways than probing DNC servers even if Putin was personally involved.

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“Is The Equity Market Irrational Yet?” Citi Answers With The Following Chart

One of the bigger mysteries plaguing sellside analysts in recent weeks has been the seemingly inexplicable divergence between the euphoric market which keeps making new all time highs, and the expectations that global central banks will soon start reducing their balance sheets. it is this divergence that prompted Citi's popular strategist Matt King to predict that he "expects markets to flounder as central banks try to exit"...

... and prompted JPM's famous "quant wizard", Marko Kolanovic to warn that central bank balance sheet unwind will be the catalyst the leads to "market turmoil", to wit:

Risky assets have been rallying for years, and market volatility is near record lows. Valuations are high, arguably supported by low interest rates and record pace of central bank monetary expansion. However, this may change in the near future. In the US rates are rising and monetary accommodation from the ECB and BOJ is expected to recede. Medium term, this is likely to lead to market turmoil, and a rise in  volatility and tail risks.

Yet with the upcoming central bank "turn" so obvious, not only have risk assets failed to price it in, but stocks stubbornly refuse to drop even fractionally, as nobody wants to be the first to sell. Discussing this phenomenon, King recently mused that central banks have broken the market to such a degree it no longer can discount the very event that could be its doom:

... our models suggest markets are unlikely to react until the reductions in purchases are actually implemented. This is in stark contrast to the widespread presumption of immediate and full discounting... Asset prices have rarely been able to pre-empt future changes in the pace of purchases, even when these have been announced in advance, over the last seven years. We think this is unsurprising when one set of buyers is so completely distorting the market.

This in turn has prompted a bigger debate: has the equity market become irrational?

To Matt King the answer, at least in part, is yes. Meanwhile, in a separate discussion on Citi's equity side, strategist Jeremy Hale asked the very same question in the context of whether traders are now confined to an "irrational, end-cycle" market.

As Hale writes, "we watch corporate leverage trends closely to asses where we are in the credit cycle – which is often a good indicator for the economic cycle. We have recently been highlighting the slowdown in commercial bank credit/loan creation and also the Fed Flow of Funds report which suggested corporates’ borrowing via credit market instruments had slowed significantly. As a reminder, when both these series turn decisively, grey shading can often be seen in the charts – i.e. recessions follow.

This, of course, is something this website has also been closely following, and as we warned two weeks ago, at the current rate of loan contraction, the US economy may have just a few weeks left before it slides into outright recession. Hale continues:

[W]e would need a sustained uptick in borrowing in order to be convinced that the credit cycle hasn’t turned just yet and that time is ticking in our approach to endcycle. Sure, Trump could still come with the much needed adrenaline shot – the Citi base case is for fiscal stimulus to still emerge eventually – which might well buy us another year or two.

 

But, if not, the case for overweight cash/ FI and underweight equities would rise.

Which bring us to the key question: "Is The Equity Market Irrational Yet?" Here is the answer from Citi, or rather equity-City; we already know the answer from debt-Citi (and the subsequent warning). 

Another way of looking at this debate is via the question of whether the equity market is behaving irrationally, as it sometimes does towards the very end of the cycle.

 

In trying to answer this, we looked at many intra-equity market correlation, dispersion and breadth measures for both price and earnings series. The bottom line is that we didn’t really find a holy grail to be used as the end-cycle indicator to follow. Conditions are just too different across history, and passive investment trends are influencing some of these calculations this time round.

As one would expect, there never is an explicit answer to whether the market is "acting irrationally", especially since one man's irrational is another man's "perfectly rational" source of wealth effect.

Still, Citi did share one particular chart of interest, which we present below: it shows the pair-wise correlation measure of the price action among S&P 500 sectors.   Here Citi finds that as the cycle matures, pair-wise correlations drop. When the cycle turns and stock markets drop, correlation picks up rapidly as investors “sell what they own”. In 2000/2001 and 2006/2007, this correlation indicator fell to around 20% before markets peaked out.  As Hale concludes "we are currently at 30%. Perhaps not quite in the “danger zone” but definitely worth keeping an eye on."

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