Germany Says "We Won't Let Anyone Take Europe From Us"

German Foreign Minister Frank-Walter Steinmeier said today that the EU would weather the shock of the British vote to leave the union as he convened crisis talks. "I am confident that these countries can also send a message that we won't let anyone take Europe from us," he said heading into a meeting in Berlin of his counterparts from the EU's six founding members.

Facebook Introduces "Political Bias" Training For Employees

After the recent scandals involving Facebook censorship and reporting bias, one would assume that Facebook would lay low and let all of this fade with time, but one would be wrong. Sheryl Sandberg, Facebook's chief operating officer recently announced that the company would be introducing a "political bias" training program in addition to the managing unconscious bias class the company offers employees.

"Brexit Is A Bear Stearns Moment, Not A Lehman Moment"

Brexit is a Bear Stearns moment, not a Lehman moment. That’s not to diminish what’s happening (markets felt like death in March, 2008), but this isn’t the event to make you run for the hills. Why not? Because it doesn’t directly crater the global currency system. It’s not too big of a shock for the central banks to control. It’s not a Humpty Dumpty event, where all the Fed’s horses and all the Fed’s men can’t glue the eggshell back together. But it is an event that forces investors to wake up and prepare their portfolios for the very real systemic risks ahead.

750,000 Californians Past The Age Of 65 Are Still Working

Regular readers are well aware that residents are rushing out of California in droves for many reason, least of which is the high cost of living. For those older California residents that choose to stay however because they simply can't uproot their lives and start "fresh" somewhere else, the reality is even more gruesome as they have no choice but to continue working into their retirement years. More than 740,000 Californians between the ages 65 and 74 are still employed or looking for work the Sacramento Bee reports, and the reasons are largely attributable to money.

The Real Brexit "Catastrophe": World's 400 Richest People Lose $127 Billion

The world’s 400 richest people lost $127.4 billion Friday as global equity markets reeled from the news that British voters elected to leave the European Union. The billionaires lost 3.2 percent of their total net worth, bringing the combined sum to $3.9 trillion, according to the Bloomberg Billionaires Index

What Happened With LTCM Is Now Happening Across The Political And Economic World

What happened with LTCM is happening right now across the political and economic spheres in virtually all nations. You have a collection of self-assured, arrogant “experts” running the world into the ground with their policies. As I said earlier, I have no problem with experts. I have a problem when experts are permitted to operate with zero accountability. The EU represents such technocratic immunity better than any other institution in the Western world.

Global Institutions May Be Susceptible To Hackers, SWIFT Remains Vulnerable

The SWIFT rebuild will likely require the insights of an outlet such as Hyper Ledger, run by longtime Zero Hedge CDS and commodity trading icorn, Blythe Masters.  Hyper Ledger works with a consortium of organizations and corporations tasked with developing systems to offer protection for messages sent between  the worlds central banks, which will be based on blockchain technology.  A rebuild opens new concerns about the current integrity of the SWIFT platform and what problems may be lurking within it that we have yet to discover. 

Goldman Sees A UK Recession, Shocked By A Fed "Tightening Cycle Unlike Any In Modern History"

Looking at the UK, Goldman says "we expect a recession – albeit mild by historical standards – in the first half of next year. The weaker outlook will also weigh on the inflation outlook. Meanwhile, back in the US, "our forecasted path for the funds rate now looks quite unlike any tightening cycle in modern Fed history—one increase, followed by an extended pause, followed by gradual but steady increases over the subsequent three years."

Stockman: "At Last The Tyranny Of The Global Financial Elite Has Been Slammed"

At long last the tyranny of the global financial elite has been slammed good and hard. You can count on them to attempt another central bank based shock and awe campaign to halt and reverse the current sell-off, but it won’t be credible, sustainable or maybe even possible. The central bankers and their compatriots at the EU, IMF, White House/Treasury, OECD, G-7 and the rest of the Bubble Finance apparatus have well and truly over-played their hand. They have created a tissue of financial lies; an affront to the very laws of markets, sound money and capitalist prosperity.

Calls For Texas Independence Surge After Brexit Vote

The use of "Texit" exploded when the Brexit results were announced, as more than 5,800 people on Twitter used the phrase, a five-fold increase from the day before. 1,745 people tweeted about Texit between 7am - 8am London time, the hour when the final results were announced.

Fortunes Will Be Made & Lost When Capital Flees To Safety

There's a preponderance of data that shows the world's major asset markets are dangerously overvalued. And when these asset bubbles start to burst, the 'save haven' markets that investment capital will try to flee to are ridiculously small. Investors who do not start moving their capital in advance of crisis will be forced to pay much higher prices for safety - or may find they can't get into these haven assets at any price:

Turkey Gloats: "The Crusader Union Falls Apart"

Earlier today, we showed the front pages of British newspapers on the first day after the historic Brexit referendum. Just as amusing front pages, howeve,  abound in Turkey and especially among the pro-government (and thus government-controlled) press, such as the Akit newspaper, which looks at the chaos in the UK and says "the Crusader Union falls apart."

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."