A reporter asked Trump about Prime Minister Cameron’s criticism of his policies
such as his proposed ban on non-citizen Muslims entering the United States. Cameron had shunned Trump, the reporter suggested. Trump interrupted him. “Excuse me, where is David Cameron right now?” Trump said. Cameron had been at the front of the campaign for Remain; early that morning, he’d announced that he would be stepping down. “Right now, I don’t think David Cameron wants to meet anybody,” Trump said.
The New York Times
‘Brexit’ Revolt Casts a Shadow Over Hillary Clinton’s Caution
Prudence is cold comfort to people fed up with more-of-the-same. at 14:24
The Surprise at Brexit and the Social Crisis Behind It
That lack of imagination, the fact that the elite had no idea of what was happening beyond their circle of acquaintances, is a far greater crisis in the West than whether Britain is in the EU or even if the EU survives. We are living in a social divide so deep that serious people of good will and a certain class have never met anyone who wants to leave the EU or who supports blocking Muslim immigration or perhaps even who will vote for Donald Trump. at 14:16
Caspian Report: YouTube
Origins of Israel Palestinian Conflict
The Israeli Arab conflict is the result of interactions of superpowers in the early 20th century. British and French strategic interests in the Middle East were related to the Mediterranean trading route, which went from the Suez channel to Indian markets. But the presence of the Ottoman navy based in the Levant was a direct threat to British interests. So the British and the French decided to divide the Middle East into smaller entities and countries to make it impossible for the Ottoman Empire to control them all. A century later, the legacy of European colonization of the Arab world is reflected by its many ongoing conflicts. at 09:47
Word of Thanks to the Person Most Responsible for Brexit: Angela Merkel
Without Merkel’s stunning idiocies and stubbornness, this outcome would not have been possible:
In welcoming refugees with open arms
In making a deal with Turkey behind the backs of other EU leaders
In refusing to admit she was wrong on the refugee crisis
Many good links today. at 07:33
2008 All Over Again
“A lot of banks in America and Europe that held their money in Great Britain just lost 9 percent at current exchange rates,” said economist Michael Hudson when I reached him in New York by phone. “They have probably not hedged it. There have probably been large Wall Street institutions that made bets believing that Britain would remain in the European Union. There are firms and banks, I suspect, which have lost hundreds of billions of dollars. There is talk of another Lehman Brothers. We don’t yet know who it will be.” at 07:26
Credit Bubble Bulletin
There are surely casualties from Thursday night and Friday’s trading fiasco.
And as hedge fund losses mount, the potential for major redemptions appears increasingly likely. We should expect de-risking/de-leveraging to intensify. And while central banks will continue to abundantly supply a liquidity backstop, I don’t believe such measures at this point will tame problematic volatility. Market correlations have run amuck. Hedging strategies are problematic. So risk exposures have to get smaller. Uncertainties have become too great.
Italy is again becoming a market concern.
Ominously, Italian bank stocks sank 22.1% Friday, a crash that pushed 2016 declines to 52%. Friday trading saw the Italian stock market (MIB) sink 14.5%, increasing y-t-d declines to 34%. at 07:03
Zero Hedge Headlines
"Friday's Market Was The Appetizer For Monday"
"Monday is where we’re going to see a truer-look at “where the bodies are buried” and a more accurate “price discovery” process than what we’re seeing today
First The UK, Then Scotland... Then Texas?
While secession of American states is often dismissed as absurd, there are few reasons to believe that a state like Texas - to name just one example - could not immediately transition from state to nation-state. With a large economy, port cities, oil, and easy access to European, Latin American, and even Asian economies by sea, economics arguments against such a separation fall flat.
Hillary's Official Calendar Is "Missing" A Lot Of Entries at 07:00
The DNC Just Torpedoed the Majority of Bernie Sanders' Agenda
Most of the truly key proposals that originated from Sanders’ side were rejected outright. at 06:57
Is Brexit the End of the United Kingdom?
Scotland, Northern Ireland Talk Departure at 04:53
Platform - Jill Stein for President
Jill Stein’s platform has a great many similarities to Sanders’. She’s calling for Medicare for all, a $15 minimum wage nationally, a rapid transition to renewable energy, and an end to mass incarceration. In some ways she goes further than Bernie, calling, for example, to cancel student debt altogether – which is absolutely correct – rather than merely reducing it. Her campaign and the Green Party also have political weaknesses, and I don’t agree with them about everything, but there can be no doubt that Stein deserves the strongest possible support from Sandernistas. If a large section of our movement is able to resist the growing pressure to fall into line behind Clinton, and instead put its energies into Stein’s campaign, it will spur the development of a much bigger fightback and lay the groundwork for building a new party of the 99%. at 19:48
A ‘Brexit’ Blow to the Establishment
British voters turned a deaf ear to scary warnings about leaving the E.U. and struck a blow against an out-of-touch, self-interested and incompetent Western Establishment, a message to the U.S., too. Despite the Establishment’s self-image as a “meritocracy,” its corrupted experts and haughty bureaucrats don’t even demonstrate basic competence anymore. They have led Europe and the United States into catastrophe after catastrophe, both economically and geopolitically. And, there is another troubling feature of this Establishment: its lack of accountability.
The ‘Safe’ Risk of Hillary Clinton
The U.K.’s “Brexit” vote underscores the power of this year’s anti-establishment politics, a warning to Democrats as they nominate status-quo candidate Hillary Clinton, a “safe” choice who may prove very risky. \\ So if Clinton is ahead on domestic policy, Trump is better abroad. It’s a choice between racism and war, which itself is an indictment of America’s increasingly rightwing political system. But since U.S. foreign policy directly affects 20 times more people than domestic – i.e. seven billion versus 322 million – then there’s no doubt as to whom the “lesser-evilism” award goes to. It goes to Trump. at 15:17
Possible names for EU exits for all members of the EU
KR: My favorite is Czech-out at 09:43
The American Conservative
Some Implications of the Leave Win
Has Trump Found the Formula? Pat Buchanan
Rough and raw as it was in parts, Donald Trump’s speech on Wednesday contains the elements of a campaign that can win. at 07:51