British Money-Changer Imposes Capital Controls, Suspends Online FX Transactions

Yesterday it was physical lines as people 'queued' for hours to exchange their pounds sterling for anything else. Today it is online transactions as The FT reports UK-based travel group Thomas Cook has suspended its online currency purchases and imposed a £1000 limit on transactions at its high street branches due to an unforseen demand for euros.

The Brexit Vote DOESN’T MATTER: Is “Non-Binding” — UK Parliament, Not Voters Has Final Say

by Stephen Lendman, Global Research

All the fuss and bother about Brexit largely ignores its non-binding status – parliament, not voters deciding if Britain stays or leaves the EU, the latter extremely unlikely.

Writing in the Financial Times, British lawyer David Allen Green explained Brexit voting is “advisory,” not “mandatory.” Parliament has final say.

MPs can legally disregard the public’s will either way, they alone empowered to decide the path Britain chooses.
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Dow Opens Down 500 Points To "Jo Cox" Lows - Largest Gap-Down Since 1986

The 'dead cox bounce' is over...

Trump Issues Statement On Brexit: "They Took Their Country Back, We Will Take America Back"

Big surprise...a communist voting for another communist...

What Changed? Bernie Sanders Will Vote For Hillary, Less Than 24 Hours After Saying "No"

On "The Late Show" on Thursday night, just last night, Bernie Sanders gave a clear "No" when asked if he was going to endorse Hillary Clinton, because Sanders wanted his supporters to be heard, and the Sanders camp wasn't sold on Clinton's ability to move in the direction that was necessary. The next morning, like magic, Bernie pulled a Dennis Gartman, and flipped when he told MSNBC that he was going to vote for Hillary after all.

Pounded - Where Markets Lie Before The Open

Before the "stability"-seekers get back to work, here's the state of the carnage across markets before the open...

Here Comes Yellen: Fed Is "Monitoring" Financial Markets, Ready To Provide Liquidity With Swap Lines

The Federal Reserve is carefully monitoring developments in global financial markets, in cooperation with other central banks, following the results of the U.K. referendum on membership in the European Union. The Federal Reserve is prepared to provide dollar liquidity through its existing swap lines with central banks, as necessary, to address pressures in global funding markets, which could have adverse implications for the U.S. economy.

G-7, Central Bank Governors, Christine Lagarde Issue More Statements To Calm Markets

Showing once again that the world's elite has not learned any lessons from the UK Brexit, instead of focusing on the core issue at hand, namely the deterioration of the living standards of the developed world's middle class, the world's political and financial elite is instead scrambling to calm down global markets, i.e., assuage the fears of the 1%.

"It’s Scary, And I’ve Never Seen Anything Like It" - Where Markets Are The Morning After

For those of you who are just waking up, first of all, congratulations. Here is what you missed.

Durable Goods Orders Crater In May - Longest Non-Recessionary Slump In American History

Durable Goods Orders cratered 2.2% in May, drastically below -0.5% expectations - the worst since Feb. The entire data series disappointed with unexpected declines in Durables Ex-Transports and non-defense orders and shipments. However this is now the 17th month in a row of YoY Core Durable Goods declines, something that has never happened without a US economic recession being present.

Italy's Northern League To Launch EU Referendum Campaign Next

Shortly after the final Brexit result was released, first Netherlands and then France quickly warned they too would proceed with their own referenda. They are not alone: moments later the head of Italy's Northern League Said "Now it’s our turn’ After U.K. As Dow Jones reports, Italy's anti-immigrant and euroskeptic Northern League will start a petition calling for a law that allows a referendum on whether the country wants to exit the European Union, its leader said on Friday. 

"Please Don't Pop My Bubble!"

So ride your bubble of choice up--stocks, bonds, housing, bat guano, take your pick--but it's best to keep your thumb on the sell button and your mind attuned to the many needles and nails pressing aginst the thin membrane of the bubble.

"We Look For European Stocks To Make New Lows Over The Next Days" - JPM Reacts To The Post-Brexit World

All throughout the artificial short squeeze-driven, central bank-facilitated market rally since the February lows, JPM has been advising clients to sell into the rally. For those few who listened, congratulations. Of course most, who simply rode momentum higher and added, well - we can only hope you have enough in your margin account when the clerks come calling. And with that said, this is what JPM's Mislav Matejka happens next after the market's initial reaction.

The Referen-Doom: EU, Merkel, ECB All Scramble To Calm Panic

In the aftermath of the Brexit vote, the entire concept of a European Union suddenly finds itself existentially threatened, with demands for referenda issued overnight by the Netherlands, France, Italy and moments ago Scotland. This is why all the highest European institutions have been unleashed in an attempt to quell a panic that the EU has never felt, not even during the depths of the recurring Greek insolvency crisis.

Brexit: All The Latest News, What Happens Next And How To Trade It

Sterling drops, banking stocks tumble and peripheral EGB and credit spreads widen after the U.K.’s vote to leave the EU; verbal and direct intervention by central banks help currencies off earlier lows. U.K. PM David Cameron has resigned, announcing there needs to be a new prime minister in place by October.

Central Bankers Around The Globle Scramble To Defend Markets: BOE Pledges $345BN; ECB, Others Promise Liquidity

There was a reason why we warned readers two days ago that "The World's Central Bankers Are Gathering At The BIS' Basel Tower Ahead Of The Brexit Result": simply enough, it was to facilitate an immediate response when a worst-cased Brexit vote hit. And that is precisely what has happened today in the aftermath of the historic British decision to exit the EU.  It started, as one would expect, with Mark Carney who said the Bank of England is ready to pump billions of pounds into the financial system as he stands at the front line of Britain’s defense against a Brexit-provoked market crisis.

“THIS COULD BE THE TRIGGER EVENT” Britain Votes To LEAVE THE EU – Global Markets Crash

from Michael and Meranda Snyder:

BREXIT WINS!!! UK VOTES TO PULL OUT OF EUROPEAN SOVIET UNION. GREAT DAY FOR HUMANITY

GOLD SOARS AS BREXIT WINS!
from grindall61:

BREXIT Is Being Used To Deflect From The Economic Collapse

by Dave Kranzler, Investment Research Dynamics:
I actually could care less about BREXIT. I have yet to encounter any valid analysis on why the issue matters at all. What is valid is that the BREXIT theatrical show is being used to deflect scrutiny of the continuous economic reports showing that the U.S. economy is collapsing.
The Chicago Fed National Activity index released today plunged to -.51 against Wall Street’s expectation of a .11 gain. Last months data-point was revised lower to barely positive. The way that this index is calculated, it takes a lot to move the needle. A drop from a revised lower .05 to -.51 reflects heavy contraction in economic activity across a broad (85 indicators) spectrum of the economy. The 3-month moving average declined from -.25 – which was revised lower from the original .22 reported – to -.36.
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BREAKING: David Cameron Resigns as UK Shocks the World by Voting for Brexit

by Michael Wilkinson, The Telegraph:
David Cameron has resigned as Prime Minister after Britain voted to leave the European Union.
With the Leave campaign securing 52 per cent of the vote, Mr Cameron addressed the nation in an emotional speech outside 10 Downing Street to announce that he would be stepping down.
While England voted overwhelmingly for Brexit, Scotland and Northern Ireland backed Remain. Statements are expected to be made by Sinn Fein and the SNP later today calling for a breakaway from the Union. London backed Remain but the turnout was lower than expected because of bad weather.
Meanwhile on the market, the FTSE 250 index has plunged a whopping 11.7pc. The index of so-called mid-cap companies had dropped an astonishing 2,017 points to 15,309 in the first few minutes of trading.
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JUBILEE JOLT: MARKETS CRASH, GOLD SKYROCKETS AS BRITAIN TAKES BREXIT

by Jeff Berwick, The Dollar Vigilante:
As of the time of this writing most of the votes have been counted and it appears Britain has voted to leave the European Union.
I’m personally shocked. But from a Jubilee Year 2016 perspective, a British exit from the EU holds up the possibility of maximum chaos.
We wrote this previously in our article, Brexit, There Is Much More to It Than Meets the Eye:
We look at these issues from the point of view of Jubilee 2016. As much as we would like to think [Brexit] is a straightforward sociopolitical event, we cannot. It is part of a larger story, one that involves increasing chaos as this year moves forward.
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“Controversial” new law exposes U.S. corruption

by Jeff Nielson, Bullion Bulls

There were SEVERAL layers of U.S. corruption on display, in a Bloomberg article about a new brokerage law that got many/most brokerage firms so angry that they launched a lawsuit against the U.S. government to attempt to block the law.
The first layer of corruption becomes visible as soon as we examine the SUBSTANCE of this law: it is the legal requirement that brokers put the interests of their clients ahead of their own personal interests.
Imagine that! Forcing U.S. brokers to actually work for their own clients. How radical!

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This Secret Could OVERTHROW WORLD FINANCIAL SYSTEM | Chris Powell

from FinanceAndLiberty:

MISSING DETAILS: Orlando Shooting 911 Transcripts Questioned, Alleged Survivor’s Story Challenged

by Shawn Helton, 21stcenturywire.com

The FBI have finally released the written transcripts from shooter Omar Mateen’s supposed 911 call – and now apparently unredacted. Meanwhile, another story of survival at Pulse nightclub is called into question.
Will this tell us anything new about this event, or will it just prompt even more questions?
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