The parallels between the U.K.’s shocking approval of the Brexit referendum in June and the U.S.’s even more shocking election of Donald Trump as president Tuesday night are overwhelming. While elite circles gorged themselves on globalism, free trade, Wall Street casino gambling, and endless wars (wars that enriched the perpetrators and sent the poorest and most marginalized to bear all their burdens), they completely ignored the victims of their gluttony.
With the media attention focused largely on the president-elect’s antics going on in Trump Tower, the lame duck Congress pushes on largely overlooked. Unfortunately that’s when the legislature can be most dangerous.
Casino stocks have plunged following a report in the South China Morning Post that in China's latest crackdown on capital outflows, Beijing is cutting in half the amount of money account holders of China UnionPay can withdraw from ATMs in Macau, the world’s largest gambling market.
"Trump’s purely symbolic shot across the bow, as an answer to all of China’s more-or-less purely symbolic boundary pushing in the Western Pacific, should, in fact, actually help the Chinese stay out of trouble, by putting them on notice that actions do have consequences, that there actually are costs to trying to repeatedly pin a clown nose on the sheriff."
A German court has ruled that seven Islamists who formed a vigilante patrol to enforce Sharia law on the streets of Wuppertal did not break German law and were simply exercising their right to free speech. The "politically correct" decision, which may be appealed, effectively authorizes the Sharia Police to continue enforcing Islamic law in Wuppertal.
European and Asian stocks rose after the early scare from the latest Fukushima quake dissipated, with the global risk on mood spurred by another jump in crude, which was up 1% in early trading, with the commodity complex now enjoying its biggest three-day rally since May, after Nigeria signaled optimism that OPEC will agree a supply-cut deal next week in Vienna. S&P futures are up 0.3%, with the cash index set to open at new record highs.