Rickards says that Trump “will probably win” and, if he, does stock markets will crash 10% and gold will rise $100 over night ... What Hillary did was appalling and there will be ‘another reckoning on November 8th’
Nearly everywhere on the planet the giant financial bubbles created by the central banks during the last two decades are fracturing. The latest examples are the crashing bank stocks in Italy and elsewhere in Europe and the sudden trading suspensions by four UK commercial property funds. If this is beginning to sound like August 2007 that’s because it is. And the denials from the casino operators are coming in just as thick and fast.
Dale Vukovich of the Pennslvania State Police, who responded to the crash, said Scaglione told him that he had activated the Autopilot feature. In his crash report Vukovich stated that Scaglione's car was traveling east, near mile marker 160, about 5 p.m. when it hit a guard rail "off the right side of the roadway. It than crossed over the eastbound lanes and hit the concrete median."
Back in May 2013, we wrote an article titled "Europe's EUR 500 Billion Ticking NPL Time Bomb" in which we laid out the biggest danger facing European banks: non-performing loans. As of this moment, that time bomb may have finally gone off: as the WSJ writes overnight, the Brexit damage to the rest of Europe "could be more immediate and potentially more serious. Nowhere is the risk concentrated more heavily than in the Italian banking sector." Indeed, "Brexit could lead to a full-blown banking crisis in Italy." Here's why.
“The government is allowing speculation by providing cheap financing,” Andy Xie exclaimed, China “is riding a tiger and is terrified of a crash. So it keeps pumping cash into the economy. It is difficult to see how China can avoid a crisis.”
"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."
But the destruction of price discovery in the sovereign debt market is not simply an academic curiosity to be jawed about by the few remaining fiscal scolds in the world. To the contrary, it is already having massive toxic consequences in the arenas of fiscal governance and capital markets alike.
If there is one thing that the EU should hope for it is complete economic catastrophe as a result of this vote; that their threats and fear mongering leads to action resulting in a self-fulfilling prophecy. Otherwise, if the UK proves that you can leave the union, maintain friendly trade relations and continue to be a dominant global economy, it would signal the beginning of the end of the EU. If other nations see proof that you can escape the Brussels bureaucracy with only minor short-term complications it will surely lead to an exodus from the destined-to-fail union.
Meet Icelandic president elect Guoni Johannesson - a scholastic expert on political history, diplomacy and the Iceland constitution - who has never been a member of a political party, is a husband and father, and reportedly chose to run for president after the release of the Panama Papers.
After a historic two-day selloff, which as shown yesterday slammed European banks by the most on record the wildly oversold conditions, coupled with hopes for yet another global, coordinated central bank intervention, coupled with modest hope that David Cameron's trip to Brussels today may resolve some of the Article 50 gridlock, have been sufficient to prompt a modest buying scramble among European stocks in early trading, with the pound and commodities all gaining for the first time since the shock Brexit vote.
Stalemate between Britain and the European Union over what happens next following Britons' referendum vote to leave has opened up a host of possible scenarios. Here are some that are (in some cases, barely) conceivable...
Aside from the millions of UK voters who chose to regain sovereignty last week, one of the biggest winners of the Brexit vote is potentially Donald Trump. Trump's rise in popularity is in no small part due to the fact that people in the US are tired of the status quo, politics as usual nonsense, and Trump allows for an outlet to that sentiment. Well aware of this fact, and presumably concerned that Trump would be able to capitalize on the Brexit vote, the Clinton campaign is trying desperately to get past the fact that Hillary was on the wrong side of the vote as quickly as possible.
In a nutshell, Nomura expects the global impact of the Brexit to be more through the financial, confidence and psychology channels than simply through trade. Their warning is to not underestimate the depth and reach of global financial market contagion, which seems to have increased since 2008.