Brits Lead Revolt Against Age Of Inequality, BofAML Favors "Gold, Vol, & Cash Positions"

Brexit is the biggest electorate riposte yet to The Age Of Inequality created by policymakers to save (some) of the world, and as BofAML's Michael Hartnett warns, investors must anticipate a shift to an increasingly populist policy response. The backdrop of Quantitative Failure nonetheless means a renewed bull market in risk assets is impossible unless fiscal policy can quickly arrest the downside in GDP & EPS forecasts.

UBS CIO Warns "The Status Quo Is Over... Get Used To It"

"The status quo in Europe is over. We will have to get used to this. Political risk has risen, and we will be dependent on central bank interventions, the calmness of markets, and measured political decision-making to keep the world's economic growth momentum and thus support risk assets."

Scotland Threatens To Veto Brexit

Earlier today Scotland's First Minister Nicola Sturgeon told the BBC that the Scottish Parliament could try to block the UK's exit from the EU. As we predicted yesterday, the Scottish National Party leader, who went through her own UK independence referendum  two years ago and is now considering yet another referendum, said that "of course" she would ask MSPs to refuse to give their "legislative consent".

The Rebellion Is Real; Brexit Was Merely A Warning

"...the actual disaster isn’t the vote, it’s the eight years of policy that made it thinkable... Brexit is not the disaster. The disaster is what they’re rowing from..." As soon as the focus returns to why the UK bailed in the first place the proper sympathy will shift from the poor Britons in a flimsy rowboat to Europeans still trapped on the Titanic.