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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UK Politics, EU Referendum: Massive swing to Brexit – with just 12 days to go

This is excellent news. And what may appear as a purely European and British issue is not. It is vitally important for those of us in the States also. A rejection of the EU by the UK is a rejection of the deeply crony political system which has metastasized in Brussels. If the Brits choose to leave the EU it will be a rebuke of the bureaucratic technocratic culture which has emerged on both sides of the Atlantic since the end of the Cold War.

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Business support for Brexit grows as David Cameron looks increasingly desperate, says ISIS wants UK to vote Brexit

If Britain votes to leave the European Union next month it will be a victory for anti-crony forces in the world, which is to say most people in the world. It will be the first time the expansionist technocratic European attempt at a superstate will have been rebuked in a way Brussels can’t dismiss.

However, most of the big power players want the UK to stay in the EU to make life easier for them. The big banks want the UK to stay.

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Brussels looks to kill tea as Britons know it if the UK stays within the EU

British tea, it’s a deeply loved institution. But the EU wants to ban certain kettles and toasters for environmental reasons, (the world is going insane) both appliances being key to the afternoon snack.

This was supposed to stay on the down low before the upcoming “Brexit” vote lest it tip the scales away from Britons staying within the German dominated European super state.

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Euro depression is ‘deliberate’ EU choice, says former Bank of England chief

The EU is an experiment which is in deep crisis. An onslaught of refugees which is forcing countries within the European Union members to deal with the flow on an ad hoc basis instead of as a federation, the continuing economic struggles in much of the “periphery” of the continent, and the real possibility of the UK leaving the Union have called the future of Europe into question.

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Putin’s agents accused of killing Litvinenko left polonium radiation in British embassy

Image: Times of London

We often say that China is the Ultimate Crony Capitalist State, but Russia is right there with China when it comes to cronyism. Putin’s Russia is a strongman’s realm. With Putin as capo di tutti capi his underlings, his cronies, exploit the state and economy for amazing wealth. So long as they stay in the good graces of Putin they get to enjoy it. It’s not unlike the royal systems of old and no doubt Putin sees himself at least as much czar as president.

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