Pretend you’re running a corrupt government and something big and scary happens in another part of the world. Brexit, for instance. You’re quite naturally worried about the impact on your local economy and political system. What do you do? Well, one obvious thing would be to call the statisticians who compile your economic reports and tell them to fudge the next batch of numbers.
Michael Coscia, the first person convicted of spoofing after it was made a crime under the Dodd-Frank Act, was sentenced to three years in prison by a federal judge in Chicago. His real crime? Taking on the HFTs, and Citadel, and winning. Now he gets to spend 3 years in prison thinking about it. And let that be a lesson to anyone else out there who dares to do the same.
Theresa May is set to become the Prime Minister of Great Britain in the next few days. Will the new PM bring a degree of stability back to turbulent markets in a post-Brexit Britain or what does the future hold under a new Conservative leadership.
With the race for next Tory leadership and the next UK prime minister all down to two women, Theresa May and Andrea Leadsom, moments ago both BBC and Sky News reported that in a statement due shortly, Andrea Leadsom would announce she was quitting the UK leadership race which means the only candidate to be Britain’s next prime minister would be the soft pro-remain candidate Therea May.
In 2015, a Sky News reporter found “Migrant Handbooks” on the Greek island of Lesbos. It was later revealed that the handbooks, which are written in Arabic, had been given to refugees before crossing the Mediterranean by a group called “Welcome to the EU.” Welcome to the EU is funded by—you guessed it—George Soros' Open Society Foundations. Soros has not only backed groups that advocate the resettlement of third-world migrants into Europe, he in fact is the architect of the “Merkel Plan.”
For the first time since Margaret Thatcher, and only the second time in UK history, UK's next prime minister will be a woman, as the fianl choice now is that between , who was for remaining in the EU, and Leadsom, who campaigned to leave.
The British Pound is now down almost 14% from pre-Brexit spike highs at 1.5018, crashing to 1.3000 for the first time since June 1985. Goldman Sachs sees this renewed leg of weakness extending down to 1.20 within 3 months...
In today's US holiday-impacted session, the biggest overnight story was the dramatic surge in precious metals, which saw silver briefly soar above $21 following a Chinese short squeeze sending the metal as much as 7% higher overnight, its biggest one day gain since December 1, 2014. As we reported overnight, silver touched a two-year high and gold rallied for a fourth day after the Brexit vote spurred demand for havens. The catalyst is familiar: speculation central banks in some of the world’s leading economies will step up monetary stimulus in the wake of Britain’s decision to leave the European Union.
"Under the relentless thrust of accelerating over-population and increasing over-organization, and by means of ever more effective methods of mind-manipulation, the democracies will change their nature; the quaint old forms - elections, parliaments, Supreme Courts and all the rest - will remain. The underlying substance will be a new kind of non-violent totalitarianism."
As companies evaluate whether to depart the UK for France, they may want to consider scenes such as the following showing relentless local protests, now stretching for months, against the much maligned anti-labor reform.
"I think indeed the comparison does not apply because the reaction to Lehman as you may recall was that several markets froze... That was not the case this time."Actually... that's not exactly true is it!!