'Elites' Called To Arms: "It's Time To Rise Up Against The Ignorant Masses"

"The Brexit has laid bare the political schism of our time. It’s not about the left vs. the right; it’s about the sane vs. the mindlessly angry..."

Germany Just Blew Up Italy's Bank Bailout Plan

Germany opposes any attempt to shield private bank investors from losses if Italy pushes ahead with plans to recapitalize lenders. Merkel’s government says that European Union rules on handling struggling banks should apply in any rescue effort, including forcing losses on shareholders and some creditors before public money can be injected. The government in Berlin rejects the argument that the U.K. vote to leave the EU constitutes an “exceptional circumstance.”

The Prison Of Peoples - France's Le Pen Calls For European 'Spring'

"Brexit may not have been the first cry of hope, but it may be the people’s first real victory." The globalists are the Nazis of the 30s and 40s and the Communists of the Cold War. They are the enemy of Man. As Le Pen aptly notes, "more and more, the destiny of the European Union resembles the destiny of the Soviet Union, which died from its own contradictions."

What's Driving This Ramp? The Biggest Short Squeeze In 5 Years

"Most Shorted" stocks are up a stunning 4.3% today. This is the biggest single-day squeeze since 2011 with an almost 8% spike off Monday's lows...

Scotland Is About To Have Its Own Currency And Much More: How JPM Sees Brexit Playing Out

"Intersecting the UK's EU exit process is likely to be pressure to hold a new referendum on Scottish independence, which we expect will ultimately generate a vote shortly before the UK leaves the EU in 2019. Our base case is that Scotland will vote for independence and institute a new currency at that point." - JPMorgan

Oil Jumps Above $49 As Crude Production Tumbles, Inventories Drop

Following last night's across the board inventrory drawdown from API, DOE data was more mixed with a surpsingly large build in gasoline stocks but bigger than expected Distillates and total crude inventory drawdowns. Production tumbled 0.63% MoM, the biggest drop in 2 months and back to Sept 2014 lows. Crude prices spiked above $49 for the firest time since Brexit.

Stocks Recover Half Brexit Losses... But Bonds Ain't Buying It

Dow futures are now 500 points off the post-Brexit lows, having retraced half the losses...despite the worst home sales in 6 years. Just one small problem, Treasury yields are plumbing new post-Brexit lows...

Pending Home Sales Crash Most In 6 Years - 'Supply' Blamed

Following April's exuberant 6 year high bounce (revised lower from +5.1% to +3.9%), May saw pending home sales plunge 3.7% - the biggest drop since May 2010. Sales declined in all 4 regions (with a 4.2% plunge in Midwest to January lows). This is the first annual drop in home sales in 2 years (-0.2%) and realtors are blaming 'supply' on the slump... sure (and all that pent up demand).

Wrong Way Gartman...

Gartman Is Selling The Rally

"We shall have orders in the markets today to sell the mid-points of all three indices; that is, we’ll sell the S&P futures today if 2045; we’ll sell the EUR STOXX 50 at 2837 and we’ll sell the Nikkie futures at 15,800… two thirds of a unit for each so that we’ll be short of two units in total if all are filled."

Caught On Tape: US Destroyer Comes 'Dangerously Close' To Russian Patrol Boat In The Med

Another day, another report of a US encounter with Russia - it is certainly becoming a routine event. In a statement made on Tuesday, the USS Gravely approached the Yaroslav Mudry, a Russian frigate, on June 17, passing at a distance of 55 meters (180ft), the Defense Ministry said in a statement.

Brexit: Here Are The Latest Known Unknowns

When will Article 50 be triggered? Will it ever be triggered? Will there ever actually be a Brexit? Who is the next Conservative leader? Will there be a snap general election? On any negotiations will Europe play hard ball or compromise? Elsewhere will Italy lose the senate reform referendum in October and could Italy have an EU referendum after a fresh election? And will the French elections next year be another spoke in the wheel for Europe?

"Panic May Have Passed... But This Is Far From Over"

Don’t read too much into the relief rally of the past 24 hours, warns Bloomberg's Mark Cudmore. While the initial panic may have passed, markets are very far away from having fully priced the impact of the referendum. For a start, there’s still little firm grasp of exactly what the impact will be...

Scandal Erupts At Euro Summit Over Scotland, While Draghi Says In "No Rush" To Ease Policy

Moments ago, a mini scandal erupted at the Euro summit, when in an attempt to infuriate the UK some even more, Juncker said that “Scotland won the right to be heard in Brussels." What he did instead is open a new Pandora's box, one which invites all secessionist movements in Europe to demand a comparable treatment. And, sure enough, just moments later, Spain's PM Rajoy immediately said that he opposes any negotiation by Scotland with the EU adding that "If the UK leaves, Scotland leaves."

Silver Surges To Post-Brexit Highs

Despite the dead cat bounce in 'some' risk assets, bonds and bullion remain bid as Silver just broke back above the post-Brexit spike highs...

April Spending Exuberance Plunges Back To Earth In May As Income Growth Slows

After an exuberant April, spiking hope that everything was awesome with a surge in spending, May has dragged US consumers back down to earth. The 1.1% (revised) jump in spending in April (highest since Aug 09) is over as May's 0.4% gain is back in the land of 'normal' once again. Income rose just 0.2% MoM (less than expected) slowing dramatically from last month to near the weakest YoY growth since March 2014. The savings rate fell once again on the back of this (down 0.1%) to 5.3%.

Islamic State Blamed For Istanbul Terror Attack That Killed 41

With the Ataturk airport damage now largely accounted for, it's time to cast blame which Turkey was eager to do when Prime Minister Binali Yildirim said in televised remarks that the Islamic State is likely responsible for the killings. “Once again, it has been understood that terrorism is a global threat to all countries and nations and must be fought through mutual cooperation,” Yildirim said. “Our country has the necessary power and determination to overcome over these heinous attacks.”

Don't Worry, You Are Not Alone: "No One Knows How To Price Brexit" Citi Admits

Whereas spot prices have stabilized, there appears to be little conviction among traders and other financial market participants about the course of exchange rates and asset prices going forward. Market sentiment remains tentative; small catalysts can be very disruptive. A common trading floor comment is: "No one knows how to price the Brexit scenario going forward."

Global Stock Surge Continues As "Investors Look To Central Banks For Support"

Why the ongoing rally? A squeeze, sure, and also month-end fund flows. But the fundamental driver remains one and the same, and we quote Bloomberg: "the relief rally endures as Asian and European stocks rally with crude oil amid speculation policy makers will use stimulus to blunt the impact of the U.K.’s decision to leave the European Union, including a pause in the Federal Reserve’s tightening cycle. Investors are looking to policy makers for support."

Is A New Banking Crisis Imminent? Recent Rise In Delinquency Rates Is Shocking

In 2006 it was exactly twelve months after delinquency rates bottomed that the recession began. If the same period applies, we are due for a recession. In the first quarter of the Great Recession in 2008, delinquency rates were only 1.45%. We are already above that level. The fact that increasing loan delinquency coincides with mountains of debt maturing in 2016 and 2017 is a topic for next time.

Stock Market Meltdown Likely to Drive Gold Towards $1,500

by Mike Swanson, Wallstreetwindow.com, SGT Report.com:
I’m sure you are well aware of the big stock market drop that hit the US stock market on Friday as the DOW fell over 600 points following the UK BREXIT vote.
Almost every sector of the stock market fell except for gold and Treasury bonds.
I believe that what we saw on Friday was the simple start of a big drop that is going to turn into a total stock market meltdown in the coming weeks.
In fact the whole drop may not end for a few months.
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Report to Supporters: The British Woke UP — Can The Americans?

by Paul Craig Roberts, Paul Craig Roberts:
Many thanks for the support that you give to the website and for the words of encouragement and appreciation that you send to me. The website resulted from you calling me out of retirement. It is widely read and translated into foreign languages.
I try to read every email, but it is not possible for me to read and comment on the many articles and books that you send or to respond to your questions over a wide range of issues, not all of which I know anything about.
This website is a great deal of work. In our time to be truthful is to be provocative. To write provocatively leaves little room for error or mistatement as today’s euphemism terms it. I could shill for the establishment and be wrong 98% of the time and nothing ever would be said about it. But there is no forgiveness for a provocative truth-teller.
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Why Are UN Troops On American Soil?

by Dave Hodges, The Common Sense Show:
Over the past couple of days, the Internet has been abuzz with reports and photos of UN military vehicles on US soil. Many people are looking at this as a shocking development. The following has been reported as if this were some novel and recent event:
“Military U.N. vehicles have been spotted in Virginia, shocking motorists and sparking conspiracy theories.
The white trucks, equipped with large off-road tires, were seen being transported on Interstate 81 on Friday. They appear to be Alpine Armoring’s Pit-Bull VX SWAT Truck models.
Jeff Stern posted photos of the vehicles on Facebook, writing: ‘Can’t begin to tell you how many of these I passed today on 81 near Lexington VA. Interesting times ahead!”
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How Can We Celebrate Our Independence When Most Americans Are Willingly Enslaved To The Matrix?

by Michael Snyder, The Economic Collapse Blog:
Did you know that the average U.S. adult consumes 10 hours and 39 minutes of media a day? Nielsen has just released brand new numbers on the media consumption patterns of Americans, and they are absolutely staggering. According to Nielsen, the amount of media that we consume per day has increased by an hour just since the first quarter of 2015. This is the time of the year when we celebrate our independence, but how in the world can we ever be truly independent when most of us are willingly plugging ourselves into “the Matrix” for more than 10 hours a day? If you feed anything into your mind for hours every day, it is going to change the way that you think, the way that you feel about things, and the way that you view the world. This endless barrage of “news” and “entertainment” has fundamentally altered the belief systems of tens of millions of Americans, and this has very serious implications for our society moving forward.
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Stephen Miller: Hillary Clinton a Corrupt ‘Economic Globalist’ Who Enriches Herself by ‘Selling Out America’

by John Hayward, Breitbart:
During his appearance on Breitbart News Sunday, Stephen Miller, senior policy adviser to Donald Trump, finds Big Media’s coverage of the Brexit vote as unsatisfactory as its coverage of the U.S. presidential campaign. He cited CNN’s coverage of Trump’s major speech last week as an example.
“Mr. Trump did a speech recently, laying out some of the most important facts from the book Clinton Cash, and also drawing some linkages between Hillary Clinton’s Wall Street ties and some of her trade decisions,” Miller told SiriusXM host Stephen K. Bannon. “I think that CNN has an obligation to talk about what these trade deals have done to our working class, and to make Hillary Clinton answer for her support for NAFTA, her support for China, her support for normalizing trade relations with Vietnam, her support for the TPP, her support for the Korean deal, her support for the Columbia deal — shall I go on?”
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CLINTON CORRUPTION EXPOSED: Clinton & Associates’ Education Ponzi Scheme

by Dady Chery, News Junkie Post:

“Let me tell you about the very rich. They are different from you and me.” F. Scott Fitzgerald
Education is the latest public commons that is being turned into a commodity by a group of the world’s arrivistes, including Douglas Becker, Donald Trump, and Bill and Hillary Clinton. Money brings, in those who obsessively accumulate it, a transformation of thought and deed that is most discernible in the nouveaux riches. To give meaning to their purchasing power, they commodify all they can. As part of this process, and almost as a celestial joke, they also become persuaded that anything can be bought. Gradually, they come to believe that money will guarantee access to anything, the acquiescence or corruption of anyone, the evasion of any law or ailment, and the repair of any deficiency including, in many cases, a spotty education.
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Judicial Watch Uncovers Smoking Gun Clinton Emails

by Todd Fitton, Breitbart:
Last week, we learned more about the problems former Secretary of State Hillary Clinton’s staff faced in keeping her private email system running. They were, in fact, wrestling with matters of national security.
The revelations came thanks to our prying loose the email records referred to in the May 2016 State Department’s Office of the Inspector General (OIG) report criticizing former Secretary of State Clinton’s email practices.
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