The Daily Debt Ratte

Submitted by Raúl Ilargi Meijer  –  The Automatic Earth

• RBS Cries ‘Sell Everything’ As Deflationary Crisis Nears (AEP)
• An ‘Extremely Normal And Realistic’ 26% S&P 500 Drop Is Taking Shape (MW)
• Oil Down 20% Since Start Of Year, $10 Target Looms (Reuters)
• Plunging Prices Could Force A Third Of US Oil Firms Into Bankruptcy (WSJ)
• China Resorts To ‘Nuclear Strength’ Weapons To Defend The Yuan (Guardian)
• Chinese Official: Bets Against Yuan Are ‘Ridiculous and Impossible’ (WSJ)
• China Banks Feel The Heat Of Meltdown (FT)
• China FX Reserve Sell-Off To Soon Move Beyond US Treasuries (Reuters)
• Why China’s Market Illness Has Gotten More Contagious (WSJ)
• China Rout Threatens to Spawn India Crisis (BBG)
• EU Set To Weigh China’s Eligibility For Lower Import Tariffs (BBG)
• South Africa’s Flash Crash Exposes Cracks in Currency Liquidity (BBG)
• Saudi Arabia Plays Down Riyal Peg Fears (FT)
• Banks’ Worst Fears Eased as Basel Soft-Pedals Capital Overhaul (BBG)
• Canadian Stocks Fall in Longest Slump Since 2002 (BBG)
• Discovery (Jim Kunstler)
• It’s Time For Europe To Turn The Tables On Bullying Britain (Luyendijk)
• Migrant Flows ‘Still Way Too High,’ EU Tells Turkey (AFP)
• Mass Migration Into Europe Is Unstoppable (FT)