I will be appearing on the Tuesday debut of Brothers on the Wall tonight (06.28.2016) on Blog Talk Radio. The show runs from 7:00pm Eastern to 10:00pm Eastern and I will be on during the third hour to talk about the financial markets with a focus on the Brexit vote. Please join us for an awesome show featuring Pastor Flip Benham reviewing his recent meeting with Donald Trump as well as The Colonel of Seedtime Harvest Ministries and Chance from American Survival Wholesale.
Join the show here.
Our regular open call will take place tonight, Monday 6/27, at 8:00pm eastern time via Skype. To join in please send us a contact request on Skype by searching for our account name amateursociety. If you have any questions or need clarification, please drop us a line on the contact page here or email us directly at firstname.lastname@example.org.
This evening we will be discussing the Brexit vote and the implications for global markets. What are some different possible outcomes over the short and medium term? What does this mean for banks? How will this impact global geopolitics? Is there a real possibility that the vote will end up getting blocked? What specific events should we be watching for? Most importantly, why should we care about any of this?
We welcome your participation in an open, honest conversation where everyone is encouraged to share their thoughts and ask questions we don’t typically investigate. Thanks for your time and we look forward to speaking with you!
Global financial institutions have been playing a game of musical chairs since the financial crisis of 2008. In a normal game of musical chairs there are rounds in which the music stops and one player at a time is eliminated due to a deficit of chairs. In this game of financial musical chairs even eliminating one player has been an unacceptable outcome to policymakers for economic and primarily political reasons. However, the chairs have continued to be removed while everyone continues to dance around and the players have convinced themselves either that there will always be a chair for them or that the music will never stop. As a result, we are looking at a final round day of reckoning for the current global financial system of a magnitude that cannot be fully grasped. Not only is there just one chair left and dozens of players still in the game: the game is being played on the deck of the sinking ship of fiat currency. Where does the Brexit fit into this apropos yet admittedly clunky analogy?
It means the music has stopped.
Continue reading “When the Music Stops”
In my previous article I said that my best guess was that Remain would win the day. As it turns out that prediction was wrong. Fortunately enough, The Amateur Society portfolio is rather happy that I was wrong on that one.
I also wrote this:
“If a Brexit does happen then hold on to your hats because the markets will be caught flat footed and we could potentially be looking at limit down halts all over the place and perhaps even closed markets on Friday in various places.”
Well it didn’t take long for the S&P Futures to go 5% limit down:
We’ll see if market closures follow suit. If they do this is going to be a long weekend for many and the longest weekend for some. The move in volatility has been monstrous and gold saw a $100 move up. Those are the only asset classes – aside from some cash – that The Amateur Society has been invested in and recommended for over a year now and this looks to be the beginning of the move I’ve been waiting for.
Whether the worm has turned with finality remains to be seen, but the desperation evident in the previous week has the potential to turn into panic rather quickly.
If you’ve been actively following current financial events then you’re likely sick of hearing the word Brexit. I recommend that you skip this introduction and go to the numbered list of scenarios.
Today (06.23.2016) the UK held a referendum to determine whether they will remain in or leave the European Union. A referendum is supposed to be a democratic process where every eligible citizen can vote on a particular measure. Brexit refers to a ‘British exit’ from the European Union and the term exists because as everyone knows your branding must either be crafty wordplay or Orwellian newspeak.
Continue reading “brexit, Brexit. BREXIT!”
At least the pirates of old had the decency to fly the jolly roger and to present themselves transparently as plunderers who contributed nothing to productivity. Applying the current state of economic wisdom they may well have been seen as providing stimulus for the grog industry, but as any sane person without a PhD knows: theft is not production. These days such small time thieves aren’t worth a mention. Madoff? Corzine? Let’s expand our horizon shall we?
Continue reading “The Quadrillion Dollar Bank Heist”