The growth rate of nominal GDP in the US has fallen to 2.4%, the lowest level outside recession since the Second World War.

It has been sliding relentlessly for almost two years, a warning signal that underlying deflationary forces may be tightening their grip on the US economy.

Given this extraordinary backdrop, the violent spike in US and global bonds yields since last week is extremely odd. It is rare for AAA-rated safe-haven debt to fall out of favor at the same time as stock markets, and few explanations on offer make sense.

We can all agree that oxygen is thinning as we enter the final phase of the economic cycle after 86 months of expansion. The MSCI world index of global equities has risen to a forward price-to-earnings ratio of 17, significantly higher than on the cusp of the Lehman crisis.

Nonetheless, the Fed cannot plausibly be responsible for the global bond rout. What is true is that markets fear the Bank of Japan and the European Central Bank are reaching their political limits, and may not be allowed to press ahead with their experiments even if they want to.

The US dollar is tightening its grip on the global financial system at the expense of the euro, entrenching American hegemony and rendering the US Federal Reserve more powerful than at any time in history.

Newly-released data from the Bank for International Settlements (BIS) show that the dollar’s share of the $5.1 trillion in foreign exchange trades each day has continued rising to 87.6% of all transactions.

It is the latest evidence confirming the extraordinary resilience of the dollar-based international order, confounding expectations of US financial decline a decade ago.

Roughly 60% of the global economy is either in the dollar zone or closely tied to it through currency pegs or ‘dirty floats’, and the level of debt issued in dollars outside US jurisdiction has soared to $9 trillion.

This has profound implications for monetary policy. The Fed has become the world’s central bank whether it likes it or not, setting borrowing costs for much of the global system.

America's terrorist shortage may be reaching an end. If Orlando didn't satisfy you and San Bernardino left you wanting more; if you thought, why can't we have more Boston Marathon bombings, Obama has your back.  And your front and any other directions that a pressure cooker full of nails can hit you from.

The land of Washington, Jefferson, and Mohammed Atta has reached a new milestone by taking in Syrian refugee number 10,000. It’s unknown if the TSA will shower him with balloons and confetti once he passes the gate while clutching a Koran and a copy of the Caliphate Cookbook.

Either way we hit the big explosive ten thousand. And the clock is ticking.

Media outlets are puffing out sympathetic portrayals of the oppressed Syrians moving into some neighborhood near you, and far from the bosses behind the major media outlets. All these folks fleeing the violence of their own religion want is a safe place to live. And safe inevitably means non-Islamic.

There’s an obvious lesson here that neither they nor our expertly chattering classes seem able to grasp.