Brexit crushes the big banks, other stocks

Image: Screengrab from CNBC video

This is called “an excuse.” People wanted to sell, they saw a big fat excuse to sell in Brexit, and so they have. (Some were just sure that Brexit wouldn’t happen and were simply forced to sell.) Smart people are also prudently looking to buy. But one way or another life will go on and the world will adjust. The big banks just got socked and that is a good thing.

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Former London mayor Boris Johnson: Voting to leave European Union, a rebuke of JPMorgan, “A blow for freedom and democracy.” (VIDEO)

Is he ever right. Most Americans in my experience do not understand how powerful the European Union has become. 70% of the laws Britons live under are decided in Brussels by a massive and largely unelected bureaucracy which probably eclipses even Washington in its opacity and self interested smugness. But it’s good for the bankers.

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UKIP ‘furious’ after details of ‘assassination attempt’ against Farage leaked

I had the pleasure of meeting Mr. Farage this past summer in Washington. I found him to be as passionate, straight forward, self effacing, and as generally good natured as his “official” persona. Not always a given with politicians. He called for the UK’s exit from the European Union. He emphasized the importance for the United States that Britain reassert its sovereignty and the need for the UK to look to the US not across the Channel. He warned of a federal Europe dominated by Germany.

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Margaret Thatcher named MOST influential woman of last 200 years

I think Ayn Rand, whatever you think of her (and I am not a huge fan) is the most influential woman of the last 200 years. Her books have sold millions and millions of copies and her ideas have helped to define the political conversation around the world for decades. But Margaret Thatcher is pretty darn good too. I consider myself a fan and I am pleased to see her name at the top of this list.

I think it is very interesting that arguably the 2 most influential women of the last century have both been strong advocates of limited government.

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The Useful Idiots Do Their Thing: Violence as anti-capitalist march hits London

And then there are these guys going around bashing cars in “anti-capitalist” protest.

It’s disappointing because these people, in an act of what they think is defiance, are actually jumping up and down asking for the shackles to be placed around their ankles. Capitalism, the voluntary exchange of goods and services, is the economics which most benefits the 99%. But some people will never believe that. They’ve been told the opposite their entire lives. They have been told that instead of capitalism a system of modern feudalism,

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Death to Capitalism? Visitors to Marx’s Grave Balk at Fee

“It’s such a bourgeois monument,” said Andrew Carroll, a former cemetery worker, as he looked up at a severe-looking bust of Marx’s giant head.

“I turned around [and saw it] and I was like ‘Oh, come on.’ ”

I wonder how many times people leave something “special” at the grave.

And all fees go to the Libertarian Free Market Society of the United Kingdom. (OK that’s not true.)

But how fantastic is it that one must pay a fee to see Marx’s grave?

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In Uber fight, London may mandate five-minute wait for a ride

Why, other than blatant pro cab company cronyism is such a restriction being put on Uber drivers? Uber is a better product than your standard cab ride. It makes more sense than the antiquated cab companies of old. In most cases it’s cheaper and the service better than what we used to have. But the buggy whip…er…I mean… taxi companies around the world have worked to shut out competition by enlisting crony friends in city governments in an effort to stop legitimate progress.

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Keynesian Central Bank Craziness Causing Insane Asset Bubbles In Real Estate

If you’ve got a 50 million dollar house in London, New York, or Monaco things are looking pretty good for you. Of course they were already probably looking pretty good.  Funny how that works. It’s nice to have access to the Fed window.

Of course many of us in the real estate sub-tiers continue to see little or no growth in the price of our homes, Indeed, adjusted for inflation many people continue to lose money year over year.

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