Elis James thinks he has a friend in common with just about everyone else in Wales. Don’t believe him? Give him 60 seconds to prove it.

The former first minister is to serve as deputy prime minister in a simulation of a Russian attack on the UK.

I've had a number of very interesting (private) discussions following the last week's post on The Wall Of Money. One important take away has been to also mention the shadow banking system as the key contributor to the wall of money.

If traditional central bank money printing is the visible high tide, the shadow banking system is the massive underwater current that amplifies that tide. It plays an enormous, often hidden role in inflating and sustaining asset valuations.

A fund can take $100 million in Treasury bonds, pledge them in and borrow $95 million in cash, and immediately use that cash to buy equities. The lender who took those Treasury bonds as collateral can turn around and use those same bonds to back a different loan for someone else. Rehypothecation - rinse and repeat.

This generates an immense amount of purchasing power that flows directly into financial markets. But it is a liquidity mirage.

[Traditional Central Bank] → Creates Visible Money Supply

[Shadow Banking System] → Creates Hidden Synthetic Credit & Leverage

[Combined Wall of Capital] → Inflates Stock Multiples

The shadow banking system is the reason why valuations defy gravity, even when central banks try to tighten the money supply by raising interest rates. The shadow banking system keeps cash flowing into risk assets.

Deals like the SpaceX IPO are attractive as they are high volume and thus are able to multiply large amount of money.

The catch is, this is all highly sensitive to confidence. The wall of money can potentially turn into a liquidity desert. But as of now the party is at its peak and everybody is happy. Things are still cheap based on the P/C (Price-to-Cosmos) ratio.

Fire officials from across the Washington region gathered Thursday to remind residents that fireworks are dangerous and should be left to professionals ahead of Independence Day celebrations. Representatives from agencies in Washington, D.C., Montgomery County, Arlington County and Alexandria also conducted a live demonstration showing how illegal fireworks can cause serious injuries and property damage.

“Montgomery County officials are reminding residents that all fireworks are illegal in the county, including sparklers. Private use or sale of fireworks can result in a fine of up to $1,000,” said Montgomery County Battalion Chief Jeffrey J. Ewart.

The regional safety briefing was hosted at the DC Fire and Emergency Medical Services Department Training Academy on behalf of the Metropolitan Washington Council of Governments Fire Chiefs Committee. Officials encouraged residents to attend professional fireworks displays rather than using consumer fireworks, noting that fireworks are responsible for numerous injuries, fires and property damage each year.

The Princess of Wales reflects on an "increasingly digitalised world" in a new essay, written after her return to overseas visits following her treatment for cancer.

The man was allegedly struck by his 81-year-old opponent, who has since been arrested, the public prosecutor says.