5 Must-Reads for Thursday

1. What Might Ignite Global Contagion?
One question is whether central banks and governments in emerging markets are moving fast enough to staunch the exodus of foreign capital out of their economies. It’s still an open debate whether emergency efforts by central banks in Brazil, India, South Africa and Turkey to tame inflation without slashing growth are too late or just in time. The IIF points to India and Thailand as the two models that may determine the fate of many emerging markets.

2. Stock-Bond Relationship "Normalizes"

Whatever "normal" means nowadays. "markets began returning to more normal correlations, driven not by expectations of continued quantitative easing, but by the economic outlook"

3. Trade Gap Narrowed in 2013 as US Fuel Exports Climbed
 The gap narrowed to $471.5 billion last year, the lowest since 2009, from $534.7 billion in 2012, figures from the Commerce Department showed today in Washington. The balance on petroleum products shrank 20.2 percent, also the biggest decline in four years.

4. The U.S. spends more on its military than the next 10 countries combined

5. Today's Massive Set of Balls
The Pentagon used music from the band Skinny Puppy to torture detainees. Now, Skinny Puppy has sent the Pentagon an invoice for $660,000! Hey, we know they have the money.