India

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.

Peak Oil Consumption Dead Ahead (But Price Is Anybody's Guess)

global oil consumption is likely soon to peak (OECD to continue declining; China+Russia+Brazil to begin declining; Africa+India flatlining; the RoW the wildcard)... and all those spouting EIA estimates are likely spouting bogus information. However, this isn't just true for oil consumption but true for most commodity consumption & general consumption world over.

Why A UK Billionaire Believes Brexit Would Be "Good For The UK"

"The EU will disintegrate when we leave. They will realise there is nothing left. The political union is going to be a disaster and they'll want a free-trade area. Do you know who'll be the first country invited to that free trade area? The U.K."

Frontrunning: June 21

  • Tiny Tilt in ‘Brexit’ Polls Roils Global Markets (WSJ)
  • Oil prices slip after rally as market turns cautious (Reuters)
  • What to Watch for in Janet Yellen’s Congressional Testimony (WSJ)
  • Cracks emerge in the European consensus on Russia (Reuters)
  • Iraqi forces retake two Falluja districts from Islamic State, push west (Reuters)

Stocks, Sterling Rise As "Brexit" Fears Forgotten; Dollar Drops Ahead Of Yellen Speech

Tuesday's overnight price action has been a continuation of yesterday's Brexit relief rally, as investors focused on the two latest polls favorable to Remain in Thursday's referendum (while ignoring the YouGov poll which gave Leave a small lead), and hoping the doom and gloom by George Soros will convince the undecideds to vote against Leaving. As a result, global stocks continued their advance while pound extending the biggest rally since 2008.

The Fed Has Lost Its "Myth Magic"

The Fed provides us with an illustration of how institutionalized cowardice has become worldwide. Rather than own up to the mess it has made, it hides behind a silly and superficial myth - that it can protect the economy with centrally planned interest rates. And now, thanks largely to its own mismanagement, the world is deep in debt, with far too many people all over the world who earn far too little income to support it.

Global Stocks Soar, Pound Surges Most Since 2008 As Brexit Odds Tumble

Global equities rallied and the pound strengthened the most since 2008, soaring by 300 pips since the Friday close as polls signaled the campaign for the U.K to stay in the European Union was gaining momentum. Haven assets including the yen, U.S. Treasuries and gold slumped. The Stoxx Europe 600 Index surged by the most since February as the MSCI Asia Pacific Index advanced with S&P 500 futures.  Haven assets including the yen, U.S. Treasuries and gold slumped.

Noam Chomsky On The Breakdown Of American Society & A World In Transition

The US is facing uncertain times. While it remains the only global superpower, it is no longer able to influence events and outcomes to its liking, at least not for the most part. Frustration and worry about the risk of upcoming disasters seem to far outweigh US voters' hopes for a more rational and just world order. Meanwhile, Noam Chomsky argues, the rise and popularity of Donald Trump is occurring due to the fact that US society is breaking down. In this exclusive interview with Truthout, Noam Chomsky addresses contemporary developments in both the United States and around the world and challenges prevailing views about class warfare, neoliberalism as the outcome of economic laws, the role of the US as a global power, the status of emerging economies and the power of the Israel Lobby.

Tensions Between US/NATO & Russia Are Flaring Dangerously

As if there weren’t enough crises to worry about in the world already, from shooting rampages to accelerating species loss, the US and NATO continue to ‘poke the bear’ and risk an outbreak of war with Russia.