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By Tyler Durden

Submitted by David Stockman of ContraCorner

Bravo Brexit!

At long last the tyranny of the global financial elite has been slammed good and hard. You can count on them to attempt another central bank based shock and awe campaign to halt and reverse the current sell-off, but it won’t be credible, sustainable or maybe even possible.

The central bankers and their compatriots at the EU, IMF, White House/Treasury, OECD, G-7 and the rest of the Bubble Finance apparatus have well and truly over-played their hand. They have created a tissue of financial lies; an affront to the very laws of markets, sound money and capitalist prosperity.

After all, what predicate of sober economics could possibly justify $10 trillion of sovereign debt trading at negative yields?

Or a stock market trading at 24X reported earnings in the face of a faltering global economy and a tepid domestic US business cycle expansion which at 84 months is already long in the tooth and showing signs of recession everywhere?

And that’s to say nothing of the endless ranks of insanely over-valued “story” stocks like Valeant was and the megalomaniacal visions of Elon Musk still are.

So there will be payback, clawback and traumatic deflation of the bubbles. Plenty of it, as far as the eye can see.

On the immediate matter of Brexit, the British people have rejected the arrogant rule of the EU superstate and the tyranny of its unelected courts, commissions and bureaucratic overlords.

As Donald Trump was quick to point out, they have taken back their country. He urges that Americans do the same, and he might just persuade them.

But whether Trumpism captures the White House or not, it is virtually certain that Brexit is a contagious political disease. In response to today’s history-shaking event, determined campaigns for Frexit, Spexit, NExit, Grexit, Italxit, Hungexit and more centrifugal political emissions will next follow.

Smaller government—–at least in geography—–is being given another chance. And that’s a very good thing because more localized democracy everywhere and always is inimical to the rule of centralized financial elites.

The combustible material for more referendums and defections from the EU is certainly available in surging populist parties of both the left and the right throughout the continent. In fact, the next hammer blow to the Brussels/German dictatorship will surely happen in Spain’s general election do-over on Sunday (the December elections resulted in paralysis and no government).

When the polls close, the repudiation of the corrupt, hypocritical lapdog government of Prime Minister Rajoy will surely be complete. And properly so; he was just another statist in conservative garb who reformed nothing, left the Spanish economy buried in debt and gave false witness to the notion that the Brussels bureaucrats are the saviors of Europe.

So the common people of Europe may be doubly blessed this week with the exit of both David Cameron and Mariano Rajoy. Good riddance to both.

At the same time, the anti-Brussels parties of both the left (Podemos) and the right (Ciudadanos) are certain to make further gains. But even then, Spanish politics will remain splintered …read more

Source: Stockman: "At Last The Tyranny Of The Global Financial Elite Has Been Slammed"

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Reporters from three different news outlets were denied entry to a Donald Trump event at his golf course in Aberdeen, Scotland. …read more

Source: Three news outlets turned away from Trump golf course event

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By Tyler Durden

As expected, it didn’t take long after the final Brexit results for demands for referenda to be put forth by the Netherlands, France, Italy and Scotland. While it’s easy for Americans to fall into the “it can never happen here” mentality, The Mises Institute put forth a thought experiment that dispelled the notion that even if some states in the US wanted to become independent they would be too small to go it alone.

As a reminder, here is how some of the US states look when comparing state GDP to the GDP of other countries around the world. It’s evident from this chart that the idea that some states would be too small to exist on their own isn’t valid.

Here is another way to look at things, labeling each state to the foreign country whose GDP it matches.

The article points out that some states would be among the largest economies in the world if they were to leave the US.

Moreover, few Americans appreciate how enormous some American states are, especially the largest four states: California, Texas, New York, and Florida.

In terms of both population and GDP, California is about equal to Canada — and with much better weather. Texas is equal in economy and population size to Australia. Pennsylvania’s economy is similar in size to Switzerland.

While secession of American states is often dismissed as absurd, there are few reasons to believe that a state like Texas – to name just one example – could not immediately transition from state to nation-state. With a large economy, port cities, oil, and easy access to European, Latin American, and even Asian economies by sea, economics arguments against such a separation fall flat. And of course, the success of smaller states like Norway, Denmark, and Switzerland illustrate that bigness is truly unnecessary. Naturally, many other states even beyond the biggest states — such as Pennsylvania, New Jersey, North Carolina and others — could do the same. These states would all be among the largest economies on earth were they to leave the US.

With that in mind, we note fact that calls for Texas to become independent have surged in the wake of the Brexit vote.

As Vocativ reports, the site analyzed the use of “Texit” since the beginning of 2016, and found that the phrase exploded when the Brexit results were announced, as more than 5,800 people on Twitter used the phrase, a five-fold increase from the day before. 1,745 people tweeted about Texit between 7am – 8am London time, the hour when the final results were announced.

According to Vocativ, the largest group advocating for secession is the Texas Nationalist Movement (TNM), which has been promoting its own version of Brexit called “Texit” over the past several weeks.

“The vast majority of the laws, rules and regulations that affect the people of Texas are created by the political class or unelected bureaucrats in Washington,” said Daniel Miller, president of …read more

Source: Calls For Texas Independence Surge After Brexit Vote

    

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By Tyler Durden

Two days after the shocking Brexit result, the nightmares for the Remain camp – which refuses to accept a democratic reality – will not go away. As a result, it has gotten to the farcical point where disgruntled Remain voters have launched a petition demanding a second EU referendum, having clearly forgotten that it was the dramatically low turnout among their ranks that allowed the Leave vote to have such a knockout victory. To be sure this is a well-known technocrat approach: keep voting and revoting until the desired outcome is finally achieved.

We doubt this particular approach has any hope of success. We also doubt that a call by Labor MP David Lammy, urging for a vote in Parliament to “stop this madness”, the madness in question being the will of the majority, which clearly is not appreciated by a member of a “democratically” elected institution. One can spend all day analyzing the amusing ironies in that statement.

Wake up. We do not have to do this. We can stop this madness through a vote in Parliament. My statement below pic.twitter.com/V8f9Yo1TZd

— David Lammy (@DavidLammy) June 25, 2016

However, while these are merely desperation antics by a group who will do almost anything to hang on to the benefits presented to them by the status quo, regardless of the will of the majority, a curious observation has emerged courtesy of Jim Fitzpatrick, who points out that according to the 28-page government Command Paper laying out “The Process of withdrawing from the European Union“, which goes through the infamous Article 50 of the Treaty on European Union (TEU), the first time in history when Article 50 will be invoked, there may actually be a hurdle to the actual Brexit process, in the form of a Scottish and Northern Irish veto to Britain’s separation from the EU. To wit:

The role of the devolved legislatures in implementing the withdrawal agreement:

We asked Sir David whether he thought the Scottish Parliament would have to give its consent to measures extinguishing the application of EU law in Scotland. He noted that such measures would entail amendment of section 29 of the Scotland Act 1998, which binds the Scottish Parliament to act in a manner compatible with EU law, and he therefore believed that the Scottish Parliament’s consent would be required. He could envisage certain political advantages being drawn from not giving consent.

We note that the European Communities Act is also entrenched in the devolution settlements of Wales and Northern Ireland. Though we have taken no evidence on this specific point, we have no reason to believe that the requirement for legislative consent for its repeal would not apply to all the devolved nations.

To be sure, this is merely an interpretation and not a legalistic prescription. The basis of this opinion is as follows:

In February 2016, the Government published a Command Paper entitled The process for withdrawing from the European Union, the findings of which have …read more

Source: Not So Fast: Scotland And Northern Ireland May Have Brexit Veto Rights

    

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By George Washington

Preface: We’ve previously shown that 9/11 couldn’t have been an inside job, because:

• 9/11 was thoroughly and exhaustively investigated by the 9/11 Commission, Congress and U.S. scientific agencies
  

• No one could have foreseen 9/11

• Government officials didn’t have time to stop the 9/11 attacks, once they realized America was under attack

• It couldn’t have been a conspiracy, because no one could keep such a big conspiracy secret … someone would have talked
  

• Our government wouldn’t do anything like that, and
  

• Our free press would have reported on anything that outrageous

See for yourself.

But many people still believe that the World Trade Center buildings which collapsed on 9/11 were brought down with controlled demolition. This essay shows they can’t possibly be right.

I. No One Could Have Planted Bombs In a Crowded Office Building

Conspiracy theorists don’t realize that no one could have planted bombs in a crowded office building like the Twin Towers.

Admittedly, tightrope walker Philippe Petit snuck into the World Trade Center with a friend in 1974 with massive amounts of equipment, smuggled the equipment to the top floor and rigged up a highwire for his tightrope walking stunt without being detected.

And it’s true that in 1978, the 59-story story Citicorp building was secretly retrofitted at night over the course of several months without the knowledge of tenants, the general public, or the media:

And in 2009, Raw Story noted:

A Government Accountability Office investigator smuggled live bomb components into a federal building in just 27 seconds, then assembled a bomb in a restroom and ventured throughout the building without being detected, a leaked tape revealed Wednesday.

In addition, congressional investigators were able to penetrate every single federal building they probed without any difficulty — 10 in all.

And see this.

And we concede that:

• Bomb-sniffing dogs were inexplicably removed from the Twin Towers five days before 9-11

• The Twin Towers had been evacuated a number of times in the weeks preceding 9/11

• There was a power down in the Twin Towers on the weekend before 9/11, security cameras were shut down, and many workers ran around busily doing things unobserved (confirmed here)

• A tenant of the World Trade Center hired a “sprinkler repairman” shortly before 9/11, and gave him access to 6 underground levels at World Trade Center building 1

• And — while it doesn’t mat — a Bush-linked company ran security at the trade centers, thus giving it free reign to the buildings

The chief electrical engineer who wired the World Trade Centers (Richard Humenn) says that people working on the elevators could have planted explosives:

And mechanical engineer Gordon Ross, in his talk on the destruction of the Twin Towers, pointed out that:

“Those [core] columns which were situated adjacent to and accessible from inside the elevator shafts failed at an early stage of the collapse.

Those columns which were remote from the elevator shafts, and not accessible from the elevator shafts, survived the early stages of the collapse.”*

Indeed, a top demolition expert says that with access to the elevator shaft, a …read more

Source: 4 Reasons the Twin Towers Could NOT Have Been Brought Down With Explosives On 9/11

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By Tyler Durden

Yesterday we said that in the historic fallout and unprecedented confusion over Brexit, so far only one sure winner has emerged – namely Russia, where Vladimir Putin is watching the slow-motion collapse of this latest artifical aggregation of Europen states (a quick search of failed attempts at European integration results in tens of pages of results) with great interest and willingness to pounce at any opportunity – even as all of Europe is a loser, and nobody more so than Germany, whose chancellor Merkel is now watching her legacy go down in flames as first the UK, then France (National Front), Italy (Five Star Movement), Denmark (Danish People’s Party), and Holland (Freedom Party) have all called for either a EU referendum of their own or a renegotiation of their country’s EU membership.

As would be expected, the more worried and desperate Germany gets, the more ridiculous things Germany is apt to say. Case in point is what German Foreign Minister Frank-Walter Steinmeier said earlier today, when he tried to reassure onlookers that the EU would weather the shock of the British vote to leave the union as he convened crisis talks.

Well, one small nuance: Steinmeier wasn’t focusing on the EU, he was far more concerned about Germany and how the one nation that has benefited more than anyone one else from the customers union and the common currency is struggling to keep up appearance that asll is well.

As Steinmeier was heading into a Berlin meeting with his counterparts from the EU’s six founding members, he said the following: “I am confident that these countries can also send a message that we won’t let anyone take Europe from us.”

Or else? Because while “us” was meant to refer to the EU, he really meant Germany.

Steinmeier called the European Union “a successful project of peace and stability” and said that there was a “strong desire” within the bloc to defend and strengthen it. It would appear that tens if not hundreds of millions no longer agree.

The damage control continued when he said that “it is absolutely clear that we are in a situation in which neither hysteria nor paralysis are permissible.” Indeed: which is why central banks, the G7 and the IMF all scrambled to prop up… the world’s markets.

“We must not rush headlong into hectic action, pretending we had all the answers. But we must also not fall into depression or inaction after the British decision.”

But didn’t you have all the answers when you said that a vote for Brexit would assure financial armageddon? Odd how that changed so fast.

As AFP reported earlier, Steinmeier’s French counterpart Jean-Marc Ayrault urged quick negotiations on Britain’s exit from the union, saying that the pressure would be “very strong” on British Prime Minister David Cameron at an EU summit on Tuesday to speed up the process.

Cameron, who on Friday announced his resignation by October in the wake of the referendum, said it should be his successor who leads the complex negotiations …read more

Source: Germany Says "We Won’t Let Anyone Take Europe From Us"

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