Book review: Mohamed El-Erian in The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse argues that it is time for fiscal policy to move to the fore.  (Institutional Investor)

Quote of the Day

"We know you can’t hold back production to get higher prices later if you have debt to service. Only equity financed production has that luxury."

(Mark Dow)

Chart of the Day

Risk parity is having a tough time of it.