Eurozone

George Soros: "Brexit Makes EU Disintegration Irreversible"

"Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible. Britain eventually may or may not be relatively better off than other countries by leaving the EU, but its economy and people stand to suffer significantly in the short to medium term. But the implications for Europe could be far worse."

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.

"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.

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.

Italy's Northern League To Launch EU Referendum Campaign Next

Shortly after the final Brexit result was released, first Netherlands and then France quickly warned they too would proceed with their own referenda. They are not alone: moments later the head of Italy's Northern League Said "Now it’s our turn’ After U.K. As Dow Jones reports, Italy's anti-immigrant and euroskeptic Northern League will start a petition calling for a law that allows a referendum on whether the country wants to exit the European Union, its leader said on Friday. 

"We Look For European Stocks To Make New Lows Over The Next Days" - JPM Reacts To The Post-Brexit World

All throughout the artificial short squeeze-driven, central bank-facilitated market rally since the February lows, JPM has been advising clients to sell into the rally. For those few who listened, congratulations. Of course most, who simply rode momentum higher and added, well - we can only hope you have enough in your margin account when the clerks come calling. And with that said, this is what JPM's Mislav Matejka happens next after the market's initial reaction.

Who Is The "European Movement" And Why The Answer May Change How You Vote On "Brexit"

The revelation that the EU is the result of a major US secret service operation – effectively just yet another secret creature of deception launched by the CIA (taking seat of honour in the hall of infamy that includes false flag operations, invasions, coup-detats, and the establishment of organisations such as Al Qaida and ISIS) solves the third mystery, namely how on earth the allegedly democratic European nations could design such an undemocratic, virtually dictatorial structure.

UK Banks Told To Model Capital Controls, Bank Runs, 20% Devaluation

"With the encouragement of regulators, some lenders, including HSBC, have even run modelling for the imposition of capital controls, according to people briefed on the exercise. Banks said regulators had demanded a stress test that modelled for a 20 per cent fall in sterling."

German Top Court "Reluctantly" Rejects Challenges To ECB's OMT Program, Lists 6 Conditions

With traders already on edge in illiquid markets ahead of the Breferendum, one potential risk to sentiment today was the long-awaited decision by Germany’s powerful constitutional court whether Mario Draghi's OMT, or Outright Monetary Transactions, was constitutional. However, any lingering concerns were swept away when the Kardinals of Karlsruhe "reluctantly" ruled in favor of the one of the European Central Bank’s most important tools to fight financial crises, which however was caveated with six specific conditions.

Cable Pumps'n'Dumps On Latest Polls As Telegraph Backs "Leave"

With bookies' odds shifted by a mere GBP25k bet overnight, and decoupled from the only post-Cox death polls' "leave" bias, traders were focused on the release of new polls tonight... YouGov "Leave" +2pts; ORB "Remain" +7; and NatCen "Remain" +6

Forget Brexit, It's The Banks Stupid!

Political instability for the EU is a significant and visible threat, but is not the immediate problem, which is financial. As a result of savings and spending imbalances, none of the core Eurozone states can stand on their own.