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Day 3 Of Global Post-Brexit Rally: European Stocks, US Futures At Session Highs

Day three of the post-Brexit rally continues, and after some initial weakness due to concerns about Chinese currency devaluation, both European stock and US equity futures were trading at session highs, facilitated by yesterday's stress test results which saw dozens of US banks unleash a tsunami of stock buyback announcement which in turn pushed S&P futures to new post-Brexit highs.

Key Events In The Coming Week: All About Brexit

With global markets gyrating on every piece of news surrounding the Brexit drama, what’s the timetable for UK-related (and all other macro) events this week and beyond?

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. 

Brexit: Individualism > Nationalism > Globalism

Ludwig von Mises understood that self-determination is the fundamental goal of liberty, of real liberalism. Today's Brexit vote fired a shot heard around the world, to challenge the wisdom of the “globalism is inevitable” narrative. Ultimately, Brexit is not a referendum on trade, immigration, or the technical rules promulgated by the (awful) European Parliament. It is a referendum on nationhood, which is a step away from globalism and closer to individual self-determination.

Central Bankers Around The Globle Scramble To Defend Markets: BOE Pledges $345BN; ECB, Others Promise Liquidity

There was a reason why we warned readers two days ago that "The World's Central Bankers Are Gathering At The BIS' Basel Tower Ahead Of The Brexit Result": simply enough, it was to facilitate an immediate response when a worst-cased Brexit vote hit. And that is precisely what has happened today in the aftermath of the historic British decision to exit the EU.  It started, as one would expect, with Mark Carney who said the Bank of England is ready to pump billions of pounds into the financial system as he stands at the front line of Britain’s defense against a Brexit-provoked market crisis.

"I've Never Felt So Resigned To The Fact That We Are All Stuck..."

"I’ve never felt so ... resigned ... to the fact we are ALL well and truly stuck. The Fed is stuck. The ECB and the BOJ are stuck. The banks are stuck. Corporations are stuck. Asset managers are stuck. Financial advisors are stuck. Investors are stuck. Republicans are stuck. Democrats are stuck. We are all stuck in a very powerful political equilibrium where the costs of changing our current bleak course of ineffective monetary policy and counter-productive regulatory policy are so astronomical that The Powers That Be have no alternative but to continue with what they know full well isn’t working."

The Fed Has Brought Back "Taxation Without Representation"

So, Wall Street banks control the boards of directors at the Fed banks. The Fed bank boards of directors appoint the committee members who set monetary policy. And the monetary policy they set ends up being a gigantic tax... a transfer of wealth from the middle class to a tiny group of beneficiaries, including the US government and the banks themselves. This is an unbelievable scam... and it truly is taxation without representation. Unelected bureaucrats impose their will over the entire financial system in a way that benefits a handful of people at the expense of everyone else.

Gartman: "The World Is Finally Awakening To The Fact That World War III Has Begun In Earnest"

"... the world is finally awakening to the fact that World War III has begun in earnest; that the Islamic World and the Judeo-Christian world are now truly at war in the aftermath of the murders in Orlando over the weekend. We are of the latter school of thought. We are convinced now that even the Obama Administration can no longer avoid the facts of the age; that Islam and the West are at enmity one with the other and in this light equity investment is wholly ill-advised."

Former Fed President: "All My Very Rich Friends Are Hoarding Cash"

Fisher’s most telling comment came during the Q&A session when he was asked how his personal portfolio was positioned. Fisher’s response: “In the fetal position.” Moreover, he also said that “all my very rich friends are hoarding cash.” 

Key Events In The Coming Week

After last week's global data deluge which culminated with the worst US jobs reported in 6 years, looking at this week’s calendar we get the usual post-payrolls data lull, punctuated by Yellen's speech today which will be the last scheduled Fed statement before the June FOMC.