Pound Plummets To New Lows; 10Y Gilts Slide Under 1%; British Banks Halted After Crashing

Things are going from bad to worse for the UK. "We’ve seen so many developments around Brexit over the weekend since the FTSE closed and things are now looking even more concerning," Angus Nicholson of IG Ltd., said. "It’s hard to have any idea about where fair value for the pound should be when you look at the fact that Scotland and Northern Ireland could no longer be part of the U.K. within the next year or two."

Boris Johnson Emerges, Explains What "The Only Change" As A Result Of Brexit Will Be

" The only change – and it will not come in any great rush – is that the UK will extricate itself from the EU’s extraordinary and opaque system of legislation: the vast and growing corpus of law enacted by a European Court of Justice from which there can be no appeal. This will bring not threats, but golden opportunities for this country – to pass laws and set taxes according to the needs of the UK."

Why The Vast Majority Of Analysts Were Caught With Their Pants Down On Brexit

"If all an analyst does is track equities and sometimes commodities, they are never going to grasp what is happening in the economy.  Our financial system is not based entirely on numbers and graphs; it is a sociopolitical apparatus.  Political and social developments can indeed signal what might happen in stocks and on mainstreet.  The relations are there, but they are often indirect.  In 2016, EVERYTHING is snowballing with tension.  It was only a matter of time before something snapped."

"Frack Master" Busted For Blowing Investor Cash On "Whore Card"

Texas businessman Chris Faulkner charmed hundreds of investors and major media companies into believing he had extensive experience in energy markets, but, as Bloomberg reports, it turns out the self-proclaimed "frack master" had none and that at least $30 million he raised was spent on strippers, escorts, lavish vacations and other personal expenses.

Understanding Brexit: The Powerless Press Their Thumb In The Eye Of The Power Elite

Will Brexit hurt the classes that did not directly benefit from E.U. membership? Perhaps. Perhaps it was not in their self-interest to vote for Brexit. But the immeasurable pleasure in depriving the Power Elite of their "democracy" legitimacy was worth any potential sacrifice. The sense of having a real say, and possessing actual agency, is very empowering, and very rare, for members of the lower-middle class and the working class today.

How The Pentagon Is Preparing For A Tank War With Russia

“What’s necessary is political accommodation, is what needs to happen, if we don’t conduct operations and plan campaigns in a way that gets to the political accommodation,” he said. “The most important activity will be to broker political ceasefires and understandings.” Sometimes that happens at the end of a tank gun...

'Cost-Burdened-Renters' Surge To Historic Highs As Hillbama-nomics Fails For Low-Income Faithful

As we have discussed many times in the past, for the Average American, owning a home is increasingly unaffordable. This has led to a dramatic surge in rents, and ultimately to a significant squeeze on the cash flow of renters across the nation. As Hillbama slam any fiction-peddler as unpatriotic, the inconvenient trith is that while nearly universal among lowest-income households, cost burdens are rapidly spreading among moderate-income households as well, especially in higher-cost coastal markets.

They Are Putting Armed Guards On Food Trucks In Venezuela

We are watching what happens when the economy of a developed nation totally implodes. Could you imagine living in a nation where all this is going on? Most Americans could not even conceive of such a thing. But of course the truth is that up until just recently most Venezuelans could not either. In fact, just a couple years ago Venezuela was one of the most prosperous nations in all of South America... There are all sorts of signs that the thin veneer of civilization that we all take for granted in the United States is starting to crumble as well.

China Devalues Yuan Most In 10 Months As Premier Li Warns Of Brexit "Butterfly Effect" On Financial Markets, Economy

In a somewhat shockingly honest admission of the frgaility of the global financial system, Chinese Premier Li warns that a disillusioned British butterfly has flapped its wings and the entire global financial system could collapse. Responding to the plunge in offshore Yuan since the Brexit vote (down 7 handles to 5-month lows over 6.65), PBOC devalued Yuan fix by 0.9% (6 handles) - the most since the August crash - to Dec 2010 lows. Finally, we note USD liquidity pressures building as EUR-USD basis swaps plunge.

Congressman: Only Politicians Need Firearms For Protection

“Law-abiding citizens just shouldn’t have to carry a gun," said Rangel. But when reminded that he and other members of Congress are protected by armed members of the U.S. Capitol Police, Rangel laughingly insisted, "Well that’s a little different.  I think we deserve - I think we need to be protected down here."

JPMorgan Lays Out "The Worst Case"

"Longer term the implications for markets could be more serious. Investor positioning during the euro debt crisis can be thought of as the worst case for markets in the current conjuncture.  It would require another 10% decline in global equity indices from here, for the equity weighting of non-bank investors in the world to return to euro debt crisis levels in a worst case scenario. Such a decline would also push the current bond allocation of 22% to above the 23% peak seen during the euro debt crisis."

Another Sexual Assault Gets Refugees Banned From Pools In Austria

Following an incident involving a "foreigner" and a 13-year-old girl, the mayor of Mitselbach temporarily banned all refugees from attending the swimming pool. The authorities put a poster next the pool entrance reading “Today no entry for refugees,” and two guards were hired to patrol the premises. “This decision was not easy, and I take responsibility for it,” the mayor said. “The ban on asylum seekers from the swimming pool is temporary, until the security is in place,” he added.