If people blame the impending economic and financial catastrophe on Brexit, they’ll be misplacing the blame. From Jim Quinn at theburningplatform.com:
Just over a week ago the world was coming unglued, as enough British citizens grew a pair and spit in the face of the EU establishment and global elite by voting to exit the EU. The fear mongering by central bankers and their puppet political hacks failed to deter people who have become sick and tired of being abused and pillaged by bureaucrats working on behalf of bankers and billionaires.
Stock markets around the world plummeted on Thursday and Friday. The world braced for another Black Monday. The phone lines were buzzing between central bankers around the world over the weekend as their banker constituents demanded relief. If one thing has been proven over the last seven years, its a coordinated effort between central bankers and Wall Street banks to rig the stock market higher can work over a short time period.
The titans of finance were able to once again confound short-sellers and the prophets of doom with a 5% surge from the Friday lows over the next week. It was surely a coincidence the Fed declared all Wall Street banks, safe, sound, and capable of buying back their stocks to the tune of billions early in the week.
These insolvent zombies were now free to borrow billions to buy back their overvalued stocks, destroying shareholder value, while boosting executive compensation. Poor Jamie Dimon is struggling to get by on his $27 million per year. The Wall Street banks obliged by immediately announcing multi-billion dollar buyback schemes to capitalize on the short-term trading mentality of the 30 year old MBA trading geniuses who bought the news without worrying about the actual value of the stocks they were buying.
The stock prices of the biggest banks in the world rose in unison, as the lemming traders use the same HFT programs and the same illogical thought process. By the end of the week Brexit meant nothing as far as the markets were concerned. And they are probably right. Brexit was just the latest distraction to keep the masses focused on the wrong things, as the scoundrels continue to pillage the wealth of the people.
The largest banks in the world have experienced large declines over the last year, before Brexit ever entered the lexicon. Even after the central banker induced bounce last week, the price action of the largest banks in the world over the last year reflect an impending financial crisis. The truth is the Fed’s report on the health of banks is nothing but propaganda to keep the masses sedated. Without the suspension of mark to market rules in March 2009, every major bank in the world would have been liquidated in bankruptcy. Anyone who thinks these banks are healthy is either brain dead or dependent upon the establishment for their sustenance.
To continue reading: It’s Not the Brexit Stupid
