Greenspan: "This Is The Worst Period I Recall; There's Nothing Like It"

"This is the worst period, I recall since I've been in public service. There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away. I'd love to find something positive to say."

 

Derivative Strategist Warns Of $150 Billion In Quant Selling In The Next Three Days

“The bigger the down move today, the more they have to sell, which would basically create a vicious cycle,” Cheong, head of Americas equity derivatives strategy at UBS, said in a phone interview. “We’ll see front-loaded selling in the range of $100 billion to $150 billion over the next two to three days. It could be very similar to August in terms of model-based selling.”

Brexit as a Roadmap… For YOU!

by Bill Holter, JS Mineset, SGT Report.com:
BREXIT! I have to admit, I did not believe it would happen. Rather, I did not believe it would be “allowed” to happen. In retrospect I believe the elites will look back and wish they had “Diebold” doing the vote count. This vote has so many various ramifications, it is hard to wrap your head around what it means but let’s take a look at what stands out most.
First and foremost, the “people stood up and spoke”. The vote to exit is without a doubt the largest protest vote the world has seen in many years. It is important to note that the Brexit vote is symptomatic of what is happening worldwide. I would also say it is very similar to the Trump phenomenon here in the States, people are angry. (I would also say the results are very encouraging to the Trump camp). Next, we must wonder “who” is next? Italy, Spain, France?
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Nomura Warns "Do Not Underestimate The Global Contagion" From Brexit

In a nutshell, Nomura expects the global impact of the Brexit to be more through the financial, confidence and psychology channels than simply through trade. Their warning is to not underestimate the depth and reach of global financial market contagion, which seems to have increased since 2008.

Brexit Wins! Next Stop: Frexit, Italexit and Swexit

by George Washington - Jun 24, 2016 12:50 AM

Etcexit ...

BAML Admits Wrongdoing, Agrees To Pay $415 Million For "Misusing Customer Cash To Generate Profits"

The SEC announced on Thursday that Bank of America's Merrill Lynch unit admitted wrongdoing and has agreed to pay $415 million to settle charges that it "misused customer cash to generate profits for the firm."

French Cops Claim They’re Too Tired To Keep Policing Massive Protests

“We’re asking for this demonstration to be postponed, along with any other static protests as our colleagues on all fronts are exhausted, worn out and tired,”

US Oil Rigs Decline Most In Six Weeks

After 3 straight weeks of rig count increases, US oil rigs declined 7 to 330 this week - the biggest drop in 6 weeks - sparking a very modest rise in WTI Crude.

Goldman Tells Clients To Start Buying Gold; Raises Price Target By $100

"We are raising our gold price targets to $1300/toz, 1280/toz and $1250/toz on a 3/6/12 month basis from $1200/toz, $1180/toz and $1150/toz respectively. We also upgrade our year average forecasts to $1260/toz, $1261/toz and $1250/toz from $1202/toz, $1150/toz and $1150/toz for 2016/17/18 respectively."

Who Are The Biggest Losers From Brexit?

Yesterday, we warned "EU is nothing without Britain," and it seems that is being borne out by today's price action. There are two big losers from the Brits' decision to "Leave" - UK Billionaires... and the rest of Europe.

"Lights Out Stories Making The Rounds On Huge Losses"

A Veteran Trader Explains "The Essence Of Mayhem-Day Survival"

"On days like today," Bloomberg's Richard Breslow explains "there’s a penalty for overthinking. And a premium for being able to pull the trigger." That’s the essence of mayhem day survival...

"Tired Of The Expense Of Living Here" - Californians Continue To Leave State In Droves

"There is a declining middle class in the Bay Area. Widening income inequality can create polarization socially and economically...They are tired of the state of California and the endless taxes here. People are getting soaked every time they turn around."

"Worse Than Lehman" - European Bank Bloodbath Sparks Dollar Funding Crisis

For European banks, today is worse than Lehman with a 13%-plus collapse in the broad index. The major banks - like Credit Suisse and Deutsche Bank - have crashed over 15% to record lows as "Lehman moments" loom. This crisis prompted massive demand for USDollars, sending basis swaps (and other funding vehicles) spiking which it appears is why The Fed said it was ready to provide liquidity.

Historic Volume Surge Forces Deutsche, Morgan Stanley To Shut Down Dark Pools

Following a historic surge in volume after the Brexit referendum, which sent bid/ask spreads soaring and led to a disorderly market at the European open, Deutsche Bank AG temporarily shut off outside market makers in its dark pool, SuperX. The bank told outside market makers that they would be prohibited from trading in SuperX on Friday, until the bank notified them it was ready to resume. Morgan Stanley’s dark pool was likewise turn "off" this morning as ATS operators scrambled to make sense of the broken market.

Which US Companies And Sectors Have The Most Exposure To Brexit

At the company level, 30 companies in the S&P 500 have revenue exposure of more than 10% to the United Kingdom, led by Newmont Mining (64%), Molson Coors Brewing (34%), and PPL Corporation (31%). At the sector level, the Energy (6.4%), Information Technology (4.0%), and Materials (3.7%) sectors have the highest revenue exposures to the United Kingdom.

VIX Jammed Back Below 20 As Dip-Buyers Surge After Limit-Down Halt

From the moment S&P 500 futures were halted limit-down overnight, 'they' have been hard at work pressing on the throat of volatility, crushing VIX futures from over 27 to under 20 now as the machines desperately try to enable some momentum off the carnage in US equity markets...

A New Balance Of Power In The Gold Market

Once this process gets going it will quickly clear out the inventories of the Western exchanges, leaving nothing for future arbitrageurs. The exchanges will then force those wanting delivery to accept cash instead, in effect defaulting on their promises. Then it’s game over, with the big futures manipulators no longer a factor in pricing.

Dow Opens Down 500 Points To "Jo Cox" Lows - Largest Gap-Down Since 1986

The 'dead cox bounce' is over...

Why Are the World’s Wealthiest People Buying Gold?

from Hang The Bankers:
Seen as a wealth preservation asset during hard economic times and used as a monetary metal for thousands of years, gold is once again on the radar for the world’s elite.
Gold is seen as a low risk safety asset and investors tend to shift their portfolio into gold during times of economic and political uncertainty. Case in point: the super-rich buying up ‘Italian Job’ style gold bars.
Whilst many people are unable afford the 12.5kg bars, which at time of writing would be worth around A$693,700 a bar (at a gold price A$1700 per ounce), we can gain exposure to the precious metal in the stock market through gold stocks.
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San Bernardino ‘Terror Attack’: Did A Major News Company Accidentally ‘Jump The Gun’?

by James Tracy, The Sleuth Journal:
Are major Western news media complicit in the staging of so many recent and curious mass shooting and “terrorist attack” events? A simple answer would be “Yes,” if only because journalistic outlets collectively (and perhaps intentionally) fail to thoroughly interrogate these events and the potential motivations of individuals and institutions directly involved in such incidents, in particular those wielding unprecedented oversight with the most at stake–federal government and law enforcement agencies.
This is especially so because the storylines and evidence offered to demonstrate events including the Sandy Hook massacre, the Boston bombing, the Umpqua College “shooting,” the San Bernardino “terrorist attack” and most recently the Orlando nightclub shooting event are so weak and implausible that journalists and the public alike, with an Orwellian combination of cognitive dissonance and fear, automatically place even modest critical faculties in abeyance and defer to state officials taking turns at the podium.
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Nourishing Your Body with Superfoods Including Cilantro, Mint and Spinach Helps Ward off Alzheimer’s Disease and Dementia

by J. D. Heyes, Natural News:
Millions of Americans are stricken with dementia and Alzheimer’s, while millions more are concerned that they, too, may some day develop these conditions, which currently have no traditional medical cure.
Fortunately a great deal of research on natural and alternative treatments that can either stave off or improve dementia has been conducted and continues to be undertaken, and what scientists are discovering is no less than amazing.
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Study Shows Police Crime is Rampant — 3 Cops Arrested a Day, Over 1,100 Every Year

by Claire Bernish, The Free Thought Project:
… our data directly contradicts some of the prevailing assumptions and the proposition that only a small group of rotten apples perpetrate the vast majority of police crime.”
A new study tracking criminal activity perpetrated by police found, on average, three law enforcement officers are arrested each day — around 1,100 cops every year — and, more pointedly, this is not the case of a few rotten apples.
“The most common crimes were simple assault, drunken driving and aggravated assault, and significant numbers of sex crimes were also found.
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More Troubling Evidence That Hillary Clinton Will Start WW3

by Michael Krieger, Liberty Blitzkrieg:
Yesterday, I published a post warning readers about the increasingly dangerous situation on the ground in Syria, and detailed why a Hillary Clinton presidency will quickly usher in World War 3. Here it is in case you missed it: Is the Syrian War About to Experience a Major Escalation?
Meanwhile, the always excellent Glenn Greenwald published a piece at the Intercept which further proves the point. What follows are a few disturbing excerpts from his article, Hillary Clinton’s Likely Pentagon Chief Already Advocating for More Bombing and Intervention:
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We Are Now at DEFCON 3

by Shepard Ambellas, Intellihub:
According to DefconWarningSystem.com the current Condition Code is Yellow and set to DEFCON 3.
DefconWarningSystem.com reports:
This is the DEFCON Warning System. Alert status for 9:43 P.M., Sunday, June 19th, 2016. Condition code is Yellow. DEFCON 3.
There are currently no imminent nuclear threats against the United States at this time, however the situation is considered fluid and can change rapidly.
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Worst “Zombie States” in America “Deteriorate Faster, Further”

by Wolf Richter, Wolf Street:
Moral Hazard Spreads: TBTF States?
During the Financial Crisis, it was California that made the headlines with “out-of-money dates” and fancy-looking IOUs with which it paid its suppliers. The booms in the stock market and the startup scene – the state is desperately hooked on capital-gains tax revenues – but also housing, construction, etc. sent a flood of moolah into the state coffers. Now legislators are working overtime to spend this taxpayer money. Gov. Jerry Brown is brandishing recession talk to keep them in check. Everyone knows: the next recession and stock-market swoon will send California back to square one.
Now Puerto Rico is in the headlines. It’s not even a state. And it’s relatively small. But look at wild gyrations by the federal government and Congress to deal with it, to let the island and its bondholders somehow off the hook.
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Greg Hunter Weekly News Wrap-Up – Trump, MSM, Charity Fraud and Gun Sales

from Greg Hunter:


Greg Hunter analyzes the most important stories from the past week in the Weekly News Wrap-Up.

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