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    INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

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    Carol
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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sun Jan 08, 2017 2:30 pm


    https://www.youtube.com/watch?v=k6M8gRBRziU

    Financial writer Bill Holter says 2017 will be “the year of the Truth Bomb.” Holter explains, “I have been talking about ‘Truth Bombs’ for about a year and a half. I think what is going to happen in 2017 is that this hologram we’ve been living in, the curtain is going to be pulled back. . . . I want to see the truth come out, and that’s why we do what we do.”

    One of the big truths that will explode is about the economy, and this will be one of Trump’s biggest problems. Holter goes on to say, “Trump is a smart guy, and he understands that really what he’s going to be doing is presiding over a bankruptcy. That’s what his main job is going to be, and that’s reorganizing this country.”

    What will the end of 2017 look like? Holter says, “I don’t think it will even resemble what today looks like. I think you may see the financial system come down, and it may be by the end of the year that the system is coming back up or coming back on line. We are going to have a bank holiday. We are going to have to have some sort of reset. The reset will include a bank holiday. Your ATM won’t work. Your credit cards won’t work. Distribution is going to fail. It’s all about credit. Everything financial and everything economic relies on credit. I believe that we are going to have a credit crisis this year where credit becomes very scarce or actually dries up completely. In that scenario, it is not good. You are talking about distribution breaking down and people going hungry, riots, martial law, cross default from country to country to country to country, bank to bank to bank and broker to broker to broker. Everything runs and lives on credit, and without credit, it’s almost like caveman days.”

    Will big stock market gains save some people from the coming pain of this economic reset? Holter, who has more than two decades of brokerage and stock market experience, contends, “One man’s debt is another man’s asset. The asset values are going to have to be marked down. . . . The point being, those assets that people hold in their portfolio, the numbers they see on their statements are just numbers. When this comes down, that’s not real value. You are not going to be able to call on those assets to live, to eat or to pay bills. It’s an asset collapse because the debt side collapses.”

    Holter also says, “If you ask the question, does the average American believe we’re broke, I think deep down, and in the back of their minds, they think we’re broke. We’re living this lifestyle, and they think this lifestyle is not going to change. When the lifestyle does change, and it’s forced to be changed, that’s a gigantic truth bomb.”

    Join Greg Hunter as he goes One-on-One with Bill Holter of JSMineset.com.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sun Jan 08, 2017 2:43 pm


    https://www.youtube.com/watch?v=9fGWZYOeoXg
    Trumps 1st act, wikileaks & CNN, California Haarp, U.S created indian cash ban, bitcoin fintech


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sun Jan 08, 2017 2:44 pm


    https://www.youtube.com/watch?v=qRuzTkelV9Y
    Web Bot March-April 2017 Silver | Bitcoin $888 than $2000


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Jan 14, 2017 3:56 pm


    https://www.youtube.com/watch?v=A7HfI0JoUfo
    Greg Hunter-Weekly News Wrap-Up 1.13.17
    More about journalism


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Mon Apr 24, 2017 10:22 am

    Real Big Money: Revelations by an insider
    https://vimeo.com/212237317
    A 'DVM-TV' video production: interview with insider Ronald Bernard, Dutch spoken, English subs.
    DVM-TV is part of De Vrije Media: cooperatiedevrijemedia.nl/real-big-money-revelations-by-an-insider-video/
    The Dutch version without subs you will find here: cooperatiedevrijemedia.nl/2017/03/de-macht-achter-het-grote-geld-onthullingen-van-een-insider/

    This is an extraordinary story of one smart young man with entrepenurial skills who was enticed to join the world of financiers who manage huge flows of money that circle the world. In order to agree to learn this new and exalted “trade” which would bring him much more personal wealth than his old import/export business, he was told he must put his conscience in the freezer and keep it there, 100%. Being young and foolish, he laughed and agreed. What follows is a riveting tale of how the money matrix world works, connecting the dots that lead from gigantic money flows all the way through to the Luciferian religion and its sacrifices of young children. As he says, he failed at becoming a psychopath. Why? Because the freezer broke down; he simply couldn’t stomach performing the murderous acts through which they would have blackmailed him, thus ensuring his compliance, forever.

    His conscience had come back to life. Which meant that he could no longer “do his job” easily. He began to refuse assignments. Had trouble pretending to be who he used to be. Finally, his body broke down from the stress. And when it did, he found himself looking down upon his body from a corner of the Emergency Room. This awareness, of his existence beyond the body, woke him up further to what lay beyond the world of not just money, but matter itself.

    Extremely interesting and articulate, even though it’s hard to watch in translation, with subtitles.

    With this one biographical story, the entire sleeping world could wake up.

    https://www.exopermaculture.com/2017/04/21/financial-whistleblower-ronald-bernard-whose-conscience-woke-refused-allow-complete-training-psychopath/


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed Apr 26, 2017 2:15 pm

    A hidden nugget in Trumps new tax plan: Drop dead California & New York; pay for the illegals with your own money.

    On the other hand, the proposal would also trim other deductions utilized by wealthier Americans. This would include deductions for state and local tax payments, a change that could alienate support from lawmakers in states such as California and New York with higher state taxes.

    “It’s not the federal government’s job to be subsidizing the states,” Mnuchin said.

    http://www.breitbart.com/news/trump-proposes-dramatic-tax-cuts-for-companies-big-and-small/

    There are a lot of ways to rein in states that rely on taxpayers from other states to survive.

    In other words, you want the illegals in your state - pay for them yourself.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Apr 28, 2017 10:38 am


    China seeks to "usher in a new era of globalisation" at Silk Road summit
    https://t.co/C8MUlq0EfN

    China says its Silk Road initiative is helping create ‘a new era of globalization' open to all, according to a draft communique for a summit next month on the project, as Beijing burnishes its free trade credentials amid protectionist forces elsewhere

    Leaders from 28 countries will attend the Belt and Road Forum in Beijing on May 14-15, an event orchestrated to promote Chinese President Xi Jinping's vision of expanding links between Asia, Africa and Europe underpinned by billions of dollars in infrastructure investment. Although only one Group of Seven leader is due to attend, the forum will be China's biggest diplomatic event of 2017. It offers Xi a chance to flesh out China's global leadership ambitions as U.S. President Donald Trump promotes "America First" and voters in some European nations turn against globalisation. The government is pulling out the stops to make it a success, offering soothing words about sharing the bounty of economic growth and promising inclusivity.

    Companies in some host countries complain they are being frozen out of major "One Belt, One Road" projects while China's state-owned firms grab the lion's share. Many Western countries also worry about a lack of detail and transparency in the project and are suspicious about China's broader political intentions behind the Silk Road.

    "Our joint endeavour to promote the Belt and Road Initiative provides new opportunities and impetus for international cooperation," said the draft communique, seen by Reuters but open to revisions.

    "It helps to usher in a new era of globalisation that is open, inclusive and beneficial to all."

    Diplomats briefed on China's thinking say Beijing hopes to make the summit an annual event.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Apr 28, 2017 10:41 am


    World Bank Group, China-led AIIB agree to deepen cooperation
    https://t.co/8Lg8MdldOk
    The World Bank Group and the China-led Asian Infrastructure Investment Bank said on Sunday they agreed to deepen their cooperation with a framework for knowledge sharing, staff exchanges, analytical work, development financing and country-level coordination.

    The memorandum of understanding signed at the World Bank and International Monetary Fund spring meetings in Washington comes a year after the two multilateral lenders established mechanisms for cost-sharing and co-financing of investment projects.

    Since then, the AIIB and the World Bank have co-financed five projects, supporting power generation in Pakistan, a natural gas pipeline in Azerbaijan, and projects in Indonesia to rebuild slums, improve dam safety and develop regional infrastructure.

    They said in a joint statement that they are discussing more projects to be co-financed in 2017 and 2018.

    "Signing this memorandum of understanding fits into our vision of a new kind of internationalism," AIIB President Jin Liqun said in a statement. "It deepens our relationship with the World Bank Group and sets up the mechanisms through which we can more easily collaborate and share information."

    A World Bank spokeswoman said the knowledge-sharing memorandum was similar to one that was in place during the AIIB's early development stages, but which ended when the Beijing-based institution was formally launched in January 2016.

    She said the new agreement does not specify financing amounts or targets, adding that those will be determined through meetings and consultations to discuss the banks' respective portfolios.

    The AIIB has been viewed as a rival to the Western-dominated World Bank and Asian Development Bank. The United States initially opposed its creation and is not a member, but many U.S. allies, including Canada, Britain, Germany, Australia and South Korea have joined.

    World Bank President Jim Yong Kim told Reuters on Thursday that he wants to push the Washington-based lender's business model towards harnessing more private capital for development finance.

    In a statement on Sunday, Kim said: "Collaboration between development institutions is essential to make the best use of scarce resources, crowd-in the private sector, and meet the rising aspirations of the people we serve."




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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Apr 28, 2017 4:54 pm


    https://www.youtube.com/watch?v=fmUFBVcp3Ms
    Greg Hunter-Weekly News Wrap-Up 4.28.17


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue May 02, 2017 10:41 am

    The Emerging Multipolar World – The US U-Turn in the Middle East with Saker
    https://solari.com/blog/the-emerging-multipolar-world-the-us-u-turn-in-the-middle-east-with-the-saker/

    Come, Watson, come!…The game is afoot. Not a word! Into your clothes and come!” ~ Sherlock Holmes in “The Adventure of the Abbey Grange”

    By Catherine Austin Fitts

    On April 3, 2017, Israel signed preliminary agreements for a pipeline to Europe, a potential competitor for the Nord Stream pipeline from Russia currently seeking European approvals for an expansion.

    The Financial Times described the agreements as follows:

    “Israel on Monday [April 3, 2017] formally signalled its ambition to become an exporter of energy to Europe, signing a preliminary agreement with Cyprus, Greece and Italy to pump natural natural gas across the Mediterranean via a planned $6bn-$7bn pipeline…. The [Israeli Energy] minister said he had discussed the plan and other Israeli energy projects with JPMorgan, Morgan Stanley, Goldman Sachs and other banks and that potential investor interest was enough to “pave the way for a very good and speedy project””

    On April 4, 2017, the very next day, Syrian President Assad allegedly attacked his own people with chemical weapons in what could only be described as an irrational act of political suicide if true. Retired Congressman Ron Paul gave the chances that Assad was responsible as “zero.”

    There were no reports on the impact on the cost of capital or terms and conditions of the $6 billion project financing in negotiation for the Israeli pipeline, or agreements for the proposed Qatar-Turkey pipeline, although the subsequent strengthening in prices in the US Treasury markets as a result of the US response was remarkable.

    US President Trump then executed a dazzling series of U-turns in campaign promises and administration policies at high speed with little explanation inspiring global commentators to quip, “Will the real Trump foreign policy please stand up?”

    On April 6, Trump ordered 59 Tomahawk missiles fired at Syria (pricetag = $94 million) while the US military moved a small number of additional troops into Syria without Congressional approval. The actions assured the alienation of the groups whose ground forces are defeating or are needed to defeat ISIS.

    The order to fire these missiles was given over chocolate cake during a large dinner in Palm Beach with the President, Secretary of State Rex Tillerson, numerous Cabinet officials and white house staff and Xi Jinping, President of China. This order was promoted as a move to demonstrate US resolve to deal with the North Korean nuclear program. The United States would no longer accuse China of currency manipulation and would offer sweeter trade terms if China makes North Korea toe the line.

    Trump then ordered a large bomb (pricetag = $314million) dropped on ISIS in Afghanistan, targeted at a cave systems built by the CIA for the groups that evolved into ISIS. At great expense, this bombing created media designed to look like the United States is doing something to rid the world of ISIS.

    For the first time since the US presidential election, the corporate media is cooing as if everything is suddenly right with the world again. The White House announced that visitor logs will not be made public during this current administration, returning immense leverage to the traditional Washington press corps.

    The attack continues on many members of the administration and media who were instrumental to a Trump victory and the MAGA strategy: Ailes, Flynn, Bannon, O’Reilly, Jones, Adams, Breitbart, Yiannopoulos, and Conway to name a few. Last week the US Department of Justice announced it is preparing an arrest warrant for Julian Assange of Wikileaks. The DNC staffer who was assassinated last year in Washington is, of course, not talking about where Wikileaks got its DNC documents.

    So what is happening? Is this pipeline politics and grand chessboard hegemony on the Silk Road? Or is something bigger afoot?

    Watch General Wesley Clark describe the memo from Secretary of Defense Donald Rumsfeld immediately after 9-11 to take out seven countries in five years:

    Focus on the list of countries to be taken out after 9-11: First Iraq, and then Syria, Lebanon, Libya, Somalia, Sudan and finally Iran. Recent events look like the plan, which to date has taken out two countries in sixteen years, has been resurrected. The estimated cost so far has been $6 trillion, or approximately 30% of official federal US government debt outstanding.

    The Saker joins me this Thursday for our quarterly Solari Report on the emerging multipolar world for an in-depth discussion about events in in the Middle East and North Korea and the drumbeats of war:

    Are we engaged in tensions between a series of nation states or are more powerful third parties at hand?

    Has Donald Trump sworn allegiance to reinvigorate the Neocon plan for a unipolar empire? And what does that portend for the new budget to be published next month? With the debt-growth model over and the US debt ceiling hit next Friday, April 28, where will the money come from to both rebuild America and continue the unipolar empire?

    Does a US military effort to bring all nations into the central banking system dovetail with an aggressive war on cash to centralize the global financial system into a one world currency under a totalitarian state?

    With falling margins on natural resources, multinational trade and financial speculation, is war necessary to maintain the western economies?

    How will Russia respond? Are we in danger of a nuclear confrontation?

    I asked the question in the 1st Quarter Wrap Up, “Can a new US administration maintain a prosperous economy without more debt, crime and war?” In April, we got the answer – a resounding No! This underscores the importance of greater transparency about global government budgets and policies. Whether to prevent WWIII or to understand our world, we need much better intelligence into the global geopolitical game.

    That’s why it is always a pleasure to have a professional military and intelligence analyst like the Saker join me on the Solari Report.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue May 02, 2017 5:42 pm

    May 2, 2017
    Sovereign Valley Farm, Chile


    By late 2014 I’d finally had enough.

    After so many run-ins with the bitter incompetence and bureaucratic indignity of the banking system, I decided once and for all that I would start my own bank.

    I probably should have had my head examined, but instead I called one of my attorneys to talk through the options.

    Had I known then what I know now, I think I still would have made the same decision… but in total honesty I was completely unprepared for the torrential XXXX storm I was about to enter.

    The deeper I went, the more overwhelming my discoveries of how shockingly inept, obsolete, and out of touch the industry is.

    It’s one thing to read about it in the headlines. It’s quite another to experience it first hand as an insider.

    Here’s a great example: you know how it seems commonplace these days to hear about banks getting hacked? Well, there’s a very good reason for that.

    Every bank runs on something called “core banking software”, which is sort of a central financial database that keeps track of all accounts and transactions.

    Anytime you deposit or withdraw funds, the core banking software updates its records.

    And whenever you log in to your bank’s website to check your account balance, the server relies on the core banking software for that information.

    Core banking software is the most critical component of any bank’s technological infrastructure.

    Yet ironically, the software that many of the most established banks use was originally written in either Fortran or COBOL, both 60-year old programming languages that date back to the late 1950s.

    Back then banks were very early adopters of technology and jumped on the chance to automate their core functions.

    As technology improved, banks continually patched and updated their systems.

    But they eventually ran into limitations in terms of how much they could modernize the software.

    In the software industry, developers recognize this limitation.

    That’s why from time to time they stop supporting obsolete versions of their applications and re-engineer new versions with the latest technology.

    But that didn’t happen across most of the banking sector. Instead, banks kept patching and upgrading outdated software.

    Simply put, the most important functions in the banking system are powered by decades-old technology.

    Perhaps nowhere is this more obvious than with domestic money transfers.

    Within the domestic US banking system, most banks rely on the ACH payment network to send and receive financial transactions.

    If your paycheck is direct deposited into your bank account, or mortgage payment automatically deducted, these typically use ACH.

    What’s completely bewildering is that ACH payments typically take 48 hours to clear.

    That’s completely insane given that any domestic bank transfer is simply an internal transfer from the sending bank’s account at the Federal Reserve to the receiving bank’s account at the Federal Reserve.

    It’s utterly astonishing that in 2017 such a simple transaction actually takes two days, as if they have to send a satchel full of cash cross-country via the Pony Express.

    But this is a reflection of the pitiful technology that underpins the banking system.

    It doesn’t get any better internationally either.

    If you’ve ever dealt with international financial transactions you may have heard of the SWIFT network.

    SWIFT is a worldwide banking network that links allows financial institutions to send and receive messages about wire transfers and payments.

    Anytime you send an international wire, it’s customary to enter the receiving bank’s “SWIFT code” as part of the wire details.

    SWIFT is absolutely critical to global banking and handles billions of transactions and messages each year.

    So you can imagine my surprise when I found out that SWIFT runs on Windows Vista an obsolete operating system that Microsoft no longer supports.

    When my bank received its SWIFT code, we were told that we had to have a computer running Vista in the office in order to connect to SWIFT.

    It was such an absurd exercise to find an obsolete computer running an obsolete operating system to connect to the supposedly most advanced and important international payment network in the world.

    Unsurprisingly, SWIFT has been hacked numerous times, both by the NSA as well as private hackers who have stolen a great deal of money from their victims.

    Last year a bunch of hackers famously penetrated the SWIFT network and stole over $100 million from the Bangladesh central bank.

    And that was nowhere near an isolated incident.

    This is the big hidden secret of banking: despite the shiny veneer of online banking, the institutions that literally control your money are run on outdated, inefficient, obsolete technology.

    But this technology issue only scratches the surface of how pointless and anachronistic modern banking is. More on that tomorrow.

    Until tomorrow,

    Simon Black
    Founder, SovereignMan.com



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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  orthodoxymoron on Tue May 02, 2017 6:56 pm




    https://en.wikipedia.org/wiki/Brexit Brexit is a commonly used term for the United Kingdom's planned withdrawal from the European Union.[1] Following the 2016 referendum vote to leave, the UK government started the withdrawal process on 29 March 2017, putting the UK on course to leave by April 2019.[2] The terms of withdrawal have not yet been negotiated and the UK remains a full member of the European Union.[3] Theresa May, the British Prime Minister, has announced 12 negotiating objectives and confirmed that the UK government would not seek permanent single market membership.[4] She has promised a Great Repeal Bill to repeal the European Communities Act and incorporate existing EU laws into UK domestic law.[5] The UK joined the European Communities (EC), the EU's predecessor, in 1973, confirming its membership in a 1975 referendum. In the 1970s and 1980s, withdrawal from the European Economic Community (EEC) was advocated mainly by Labour Party and trade union figures. From the 1990s, withdrawal from the EU was advocated mainly by the newly founded Referendum Party, the UK Independence Party (UKIP) and by an increasing number of Conservatives.

    Brexit (like its early variant, Brixit)[6] is a portmanteau of "British" and "exit". It was derived by analogy from Grexit, referring to a hypothetical withdrawal of Greece from the eurozone (and possibly also the EU).[7] The term Brexit may have first been used in reference to a possible UK withdrawal from the EU by Peter Wilding in a Euractiv blog post on 15 May 2012.[8][9] The terms "hard Brexit" and "soft Brexit" are much used unofficially,[10] and are understood to describe the prospective relationship between the UK and the EU after withdrawal, ranging from hard, that could involve the UK trading with the EU like any other non-EU-member country under World Trade Organization rules but with no obligation to accept free movement of people, to soft, that might involve retaining membership of the EU single market for goods and services and at least some free movement of people, according to European Economic Area rules.[11]

    Since 1977 both pro- and anti-European views have had majority support, with dramatic swings between the two camps.[12] In the United Kingdom European Communities membership referendum of 1975, two-thirds of British voters favoured continued membership. The highest ever rejection of membership was in 1980, the first full year of Prime Minister Margaret Thatcher's term of office, with 65% opposed to and 26% in favour of membership.[12] After Thatcher had negotiated a rebate of British membership payments in 1984, those favouring the EC maintained a lead in the opinion polls, except during 2000, as Prime Minister Tony Blair aimed for closer EU integration including adoption of the euro currency, and around 2011, as immigration into the United Kingdom became increasingly noticeable.[12] As late as December 2015 there was, according to ComRes, a clear majority in favour of remaining in the EU, albeit with a warning that voter intentions would be considerably influenced by the outcome of Prime Minister David Cameron's ongoing EU reform negotiations, especially with regards to the two issues of "safeguards for non-Eurozone member states" and "immigration".[13] The following events are relevant.

    The UK was not a signatory to the Treaty of Rome which created the then European Communities, including the European Economic Community (EEC), in 1957 and the UK's applications in 1963 and 1967 were vetoed by the President of France, Charles de Gaulle, who said that "a number of aspects of Britain's economy, from working practices to agriculture" had "made Britain incompatible with Europe" and that Britain harboured a "deep-seated hostility" to any pan-European project.[14] Once de Gaulle had relinquished the French presidency in 1969, the UK made a third and successful application for membership. The question of sovereignty had been discussed at the time in an official Foreign and Commonwealth Office document (FCO 30/1048) that became open to the public in January 2002 under the rules for availability after thirty years. It listed among "Areas of policy in which parliamentary freedom to legislate will be affected by entry into the European Communities": Customs duties, Agriculture, Free movement of labour, services and capital, Transport, and Social Security for migrant workers. The document concluded (paragraph 26) that it was advisable to put the considerations of influence and power before those of formal sovereignty.[15] The Treaty of Accession was signed in January 1972 by the prime minister Edward Heath, leader of the Conservative party.[16] Parliament's European Communities Act 1972 was enacted on 17 October and the UK's instrument of ratification was deposited the next day (18 October),[17] letting the United Kingdom's membership of the EEC, or "Common Market", come into effect on 1 January 1973.[18]

    In 1975, the United Kingdom held its first ever national referendum on whether the UK should remain in the European Communities. The opposition Labour Party, led by Harold Wilson, contested the October 1974 general election with a commitment to renegotiate Britain's terms of membership of the EEC and then hold a referendum on whether to remain in the EEC on the new terms.[19] All of the major political parties and mainstream press supported continuing membership of the EC. However, there were significant divides within the ruling Labour party, with a 1974 one-day party conference voting 2:1 in favour of withdrawal and seven of 23 cabinet ministers opposed to EC membership,[20] with Harold Wilson suspending the constitutional convention of Cabinet collective responsibility to allow those ministers to publicly campaign against the government.

    On 5 June 1975, the electorate were asked to vote yes or no on the question: "Do you think the UK should stay in the European Community (Common Market)?" Every administrative county and region in the UK returned majority "Yes" votes, apart from the Shetland Islands and the Outer Hebrides. With a turnout of just under 65%, the outcome of the vote was 67.2% in favour of staying in, and the United Kingdom remained a member of the EC.[21] Support for the UK to leave the EC in 1975, in the data, appears unrelated to the support for Leave in the 2016 referendum.[22]

    In 1979 the United Kingdom opted out of the newly formed European Exchange Rate Mechanism (ERM) which was the precursor to the creation of the euro. The opposition Labour Party campaigned in the 1983 general election on a commitment to withdraw from the EEC without a referendum.[23] It was heavily defeated as the Conservative government of Margaret Thatcher was re-elected. The Labour Party subsequently changed its policy.[23] In 1985 the United Kingdom ratified the Single European Act, the first major revision to the Treaty of Rome without a referendum with the full support HM Government of Margaret Thatcher. In October 1990 – despite the deep reservations of Prime Minister Margaret Thatcher but under pressure from her senior ministers – the United Kingdom joined the ERM with the pound sterling pegged to the deutschmark.

    In November 1990 Thatcher resigned as Prime Minister amid internal divisions within the Conservative Party arising partly from her increasingly Eurosceptic views. In September 1992 the United Kingdom was forced to withdraw from the ERM after the pound sterling came under pressure from currency speculators (an episode known as Black Wednesday). The resulting cost to UK taxpayers was estimated to be in excess of £3 billion.[24][25] As a result of the Maastricht Treaty, the European Communities became the European Union on 1 November 1993.[26] The new name reflected the evolution of the organisation from an economic union into a political union.[27] As a result of the Lisbon Treaty, which entered into force on 1 December 2009, the Maastricht Treaty is now known, in updated form as, the Treaty on European Union (2007) or TEU, and the Treaty of Rome is now known, in updated form, as the Treaty on the Functioning of the European Union (2007) or TFEU. The Referendum Party was formed in 1994 by Sir James Goldsmith to contest the 1997 general election on a platform of providing a referendum on the UK's membership of the EU.[28] It fielded candidates in 547 constituencies at that election and won 810,860 votes, 2.6% of total votes cast.[29] It failed to win a single parliamentary seat as its vote was spread out across the country, losing its deposit (funded by Goldsmith) in 505 constituencies.[29]

    The UK Independence Party (UKIP), a Eurosceptic political party, was also formed, in 1993. It achieved third place in the UK during the 2004 European elections, second place in the 2009 European elections and first place in the 2014 European elections, with 27.5% of the total vote. This was the first time since the 1910 general election that any party other than the Labour or Conservative parties had taken the largest share of the vote in a nationwide election.[30] UKIP's electoral success in the 2014 European election has been documented as the strongest correlate of the support for the leave campaign in the 2016 referendum.[31] In 2014, UKIP won two by-elections, triggered when the sitting Conservative MPs defected to UKIP and then resigned. These were their first elected MPs. At the 2015 general election UKIP took 12.6% of the total vote and held one of the two seats won in 2014.[32]

    In a statistical analysis published in April 2016, Professor John Curtice (Strathclyde University), has defined Euroscepticism as the wish to sever or reduce the powers of the EU, and conversely Europhilia as the desire to preserve or increase the powers of the EU. According to this definition, the British Social Attitudes (BSA) surveys show an increase in euroscepticism from 38% (1993) to 65% (2015). Euroscepticism should however not be confused with the wish to leave the EU: the BSA survey for the period July–November 2015 shows that 60% backed the option "continue as an EU member", and only 30% backed the option to "withdraw".[33]

    In 2012, Prime Minister David Cameron rejected calls for a referendum on the UK's EU membership, but suggested the possibility of a future referendum to gauge public support.[34][35] According to the BBC, "The prime minister acknowledged the need to ensure the UK's position within the European Union had 'the full-hearted support of the British people' but they needed to show 'tactical and strategic patience'."[36] Under pressure from many of his MPs and from the rise of UKIP, in January 2013, Cameron announced that a Conservative government would hold an in–out referendum on EU membership before the end of 2017, on a renegotiated package, if elected in 2015.[37] The Conservative Party unexpectedly won the 2015 general election with a majority. Soon afterwards the European Union Referendum Act 2015 was introduced into Parliament to enable the referendum. Cameron favoured remaining in a reformed European Union and sought to renegotiate on four key points: protection of the single market for non-eurozone countries, reduction of "red tape", exempting Britain from "ever-closer union", and restricting EU immigration.[38]

    The outcome of the renegotiations was announced in February 2016. Some limits to in-work benefits for new EU immigrants were agreed, but before they could be applied, a country such as the UK would have to get permission from the European Commission and then from the European Council.[39] In a speech to the House of Commons on 22 February 2016, Cameron announced a referendum date of 23 June 2016 and commented on the renegotiation settlement.[40] Cameron spoke of an intention to trigger the Article 50 process immediately following a leave vote and of the "two-year time period to negotiate the arrangements for exit."[41]

    The official campaign group for leaving the EU was Vote Leave[42] after a contest for the designation with Leave.EU.[43][44] A "Vote Leave" poster in Omagh saying "We send the EU £50 million every day. Let's spend it on our NHS instead." The official campaign to stay in the EU, chaired by Stuart Rose, was known as Britain Stronger in Europe, or informally as Remain. Other campaigns supporting remaining in the EU included Conservatives In,[45] Labour in for Britain,[46] #INtogether (Liberal Democrats),[47] Greens for a Better Europe,[48] Scientists for EU,[49] Environmentalists For Europe,[50] Universities for Europe[51] and Another Europe is Possible.[52]

    The result was announced on the morning of 24 June: 51.9% voted in favour of leaving the European Union and 48.1% voted in favour of remaining a member of the European Union.[53][54] Comprehensive results are available from the UK Electoral Commission Referendum Results site. A petition calling for a second referendum attracted more than four million signatures,[55][56] but was rejected by the government on 9 July.[57]

    After the result was declared, Cameron announced that he would resign by October.[59] He stood down on 13 July 2016, with Theresa May becoming Prime Minister after a leadership contest. George Osborne was replaced as Chancellor of the Exchequer by Philip Hammond, former Mayor of London Boris Johnson was appointed Secretary of State for Foreign and Commonwealth Affairs, and David Davis became Secretary of State for Exiting the European Union. Labour leader Jeremy Corbyn lost a vote of confidence among his parliamentary party and a leadership challenge was launched, while on 4 July, Nigel Farage announced his resignation as head of UKIP.[60]

    Outside the UK many Eurosceptic leaders celebrated and expected others to follow the UK example. The right-wing Dutch populist Geert Wilders said that the Netherlands should follow Britain's example and hold a referendum on whether the Netherlands should stay in the European Union.[61] However, opinion polls in the fortnight following the British referendum show that the immediate reaction in the Netherlands and other European countries was a decline in support for Eurosceptic movements.[62]

    A week after the referendum, Gordon Brown, a former Labour Prime Minister who had signed the Lisbon Treaty in 2007, warned of a danger that in the next decade the country would be refighting the referendum. He wrote that remainers were feeling they must be pessimists to prove that Brexit is unmanageable without catastrophe, while leavers optimistically claim economic risks are exaggerated.[63]

    The previous Labour Prime Minister, Tony Blair, in October 2016 called for a second referendum, a decision through parliament or a general election to decide finally if Britain should leave the EU.[64] Former leader of the Conservative Prime Minister John Major argued in November 2016 that parliament will have to ratify whatever deal is negotiated and then, depending on the deal there could be a case for a second referendum.[65]

    Withdrawal from the European Union is governed by Article 50 of the Treaty on European Union. Under the Article 50 invocation procedure a member notifies the European Council and there is a negotiation period of up to two years, after which the treaties cease to apply – although a leaving agreement may be agreed,[66] although aspects such as trade may be difficult to negotiate until the UK has left the EU.[67]

    Although the 2016 referendum act did not expressly require Article 50 to be invoked,[68] the UK government stated that they would expect a leave vote to be followed by withdrawal[69][70] despite government refusal to make contingency plans.[71] Following the referendum result Cameron resigned and said that it would be for the incoming Prime Minister to invoke Article 50.[72][73]

    The Supreme Court ruled in the Miller case in January 2017 that the government needed parliamentary approval to trigger Article 50.[74][75] After the House of Commons overwhelmingly voted, on 1 February 2017, for the government's bill authorising the prime minister to invoke Article 50,[76] the bill passed into law as the European Union (Notification of Withdrawal) Act 2017. Theresa May signed the letter invoking Article 50 on 28 March 2017, which was delivered on 29 March by Tim Barrow, the UK's ambassador to the EU, to Donald Tusk.[77][78][79]

    In October 2016, Theresa May promised a "Great Repeal Bill", which would repeal the European Communities Act 1972 and restate in UK law all enactments previously in force under EU law. This bill will be introduced in the May 2017 parliamentary session and enacted before or during the Article 50 negotiations; it would not come into force until the date of exit. It would smooth the transition by ensuring that all laws remain in force until specifically repealed.[80] Such a bill could raise constitutional issues regarding the devolution settlements with the UK nations, particularly in Scotland.[81]

    A report published in March 2017 by the Institute for Government commented that, in addition to the Great Repeal Bill, primary and secondary legislation will be needed to cover the gaps in policy areas such as customs, immigration and agriculture.[82] The report also commented that the role of the devolved legislatures was unclear, and could cause problems, and as many as fifteen new additional Brexit Bills may be required, which would involve strict prioritisation and limiting Parliamentary time for in-depth examination of new legislation.[83] The House of Lords continued to publish a series of reports on Brexit related subjects including:

    Brexit: the options for trade
    Brexit: UK-Irish relations
    Brexit: future UK-EU security and police cooperation
    Brexit: fisheries
    Brexit: environment and climate change
    Brexit: the Crown Dependencies
    Brexit: justice for families, individuals and businesses?
    Brexit: trade in non- financial services

    Replying to questions at a parliamentary committee about Parliament's involvement in voting on the outcome of the negotiations with the EU, the Prime Minister said that "delivering on the vote of the British people to leave the European Union" was her priority. The opposition shadow Brexit secretary, Keir Starmer, commented that the government did not want a vote at the beginning of the process, to trigger Article 50, nor a vote at the end.[84] The period for negotiation began on 29 March 2017 when the letter notifying withdrawal, signed by the United Kingdom's prime minister at 10 Downing Street, Westminster, was handed to the president of the European Council in Brussels. Following the United Kingdom's notification under Article 50, draft guidelines for the negotiations were sent to EU delegations (of the 27 other member states) (EU27). The draft was prepared by the President of the European Council. It states that the guidelines define the framework for negotiations under Article 50 and set out the overall positions and principles that the Union will pursue throughout the negotiation. It states that in the negotiations the Union's overall objective will be to preserve its interests, those of its Member States, its citizens and its businesses, and that, in the best interest of both sides, the Union will be constructive throughout and strive to find an agreement. As part of the withdrawal negotiation there could be a proposal by EU27 for the UK to pay a "divorce bill", reportedly of up to £52bn, although a report of the European Union Committee of the House of Lords published on 4 March 2017 states that if there is no post-Brexit deal at the end of the two-year negotiating period, the UK could withdraw without payment.[85] Negotiations are likely to be delayed until after the United Kingdom general election which takes place on 8 June 2017.

    Immigration was cited as the second most important reason for those voting to Leave. However, forecasts indicate that immigration flows to the UK will remain relatively high after Brexit.[86] Theresa May believes that if immigration stops there will be no negotiation between the UK and the EU.[clarification needed][87] Several thousand British citizens resident in other EU countries have after the referendum applied for citizenship where they live, since they fear losing the right to work there.[88]

    During the referendum, the economic arguments were a major area of debate. Remainers, including the UK treasury, argued that being in the EU has a strong positive effect on trade and as a result the UK's trade would be worse off if it left the EU.[89][90] Supporters of withdrawal from the EU have argued that the cessation of net contributions to the EU would allow for some cuts to taxes or increases in government spending.[91]

    After the referendum the Institute for Fiscal Studies published a report funded by the Economic and Social Research Council which warned that Britain would lose up to £70 billion in reduced economic growth if it didn't retain Single Market membership with new trade deals unable to make up the difference.[92] One of these areas is financial services, which are helped by EU-wide "passporting" for financial products, which the Financial Times estimates indirectly accounts for up to 71,000 jobs and 10 billion pounds of tax annually[93] and there are concerns that banks may relocate outside the UK.[94]

    On 5 January 2017, Andy Haldane, the Chief Economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England, admitted that forecasts predicting an economic downturn due to the referendum were inaccurate and noted strong market performance after the referendum,[95][96][97] although some have pointed to prices rising faster than wages.[98]

    The UK received more from the EU for research than it contributed[99] with universities getting a large proportion of their research income from the EU.[100] All funding for net beneficiaries from the EU, including universities, was guaranteed by the government in August 2016.[101] Before the funding announcement, a newspaper investigation reported that research projects were reluctant to employ British researchers due to uncertainties over funding.[102] Currently the UK is part of the European Research Area and the UK is likely to wish to remain an associated member.[103]

    Before the referendum, leading figures with a range of opinions regarding Scottish independence suggested that in the event the UK as a whole voted to leave the EU but Scotland as a whole voted to remain, a second Scottish independence referendum might be precipitated.[104][105][106] In response to the result, on 24 June 2016, the Scottish Government said officials would begin planning for a second independence referendum.[107] On 28 March 2017, the Scottish Parliament voted 69–59 on Motion S5M-04710, in favour of holding a second referendum on Scottish independence. [108]

    The UK's post Brexit relationship with the remaining EU members could take several forms. A research paper presented to the UK Parliament in July 2013 proposed a number of alternatives to membership which would continue to allow access to the EU internal market. These include remaining in the European Economic Area,[109] negotiating deep bilateral agreements on the Swiss model[110] or exit from the EU without EEA membership or a trade agreement under the WTO Option. There may be an interim deal between the time the UK leaves the EU and when the final relationship comes in force.

    The Republic of Ireland, Northern Ireland and the United Kingdom as a whole share, since the 1920s, a Common Travel Area without border controls. According to statements by Theresa May and Enda Kenny, it is intended to maintain this arrangement.[111] After Brexit, in order to prevent illegal migration across the open Northern Irish border into the United Kingdom, the Irish and British governments suggested in October 2016 a plan whereby British border controls would be applied to Irish ports and airports. This would prevent a "hard border" arising between the Republic of Ireland and Northern Ireland.[112] However, this agreement was never official and was met by opposition from political parties in the Republic of Ireland[113] and there is still great uncertainty in relation to a 'hard border' between the Republic and Northern Ireland.[114] On 23 March 2017 it was confirmed British Immigration officials would not be allowed to use Irish ports and airports in order to combat immigration concerns following Brexit.[115] A referendum for the reunification of Ireland was suggested by Sinn Féin leader Martin McGuinness immediately after the UK EU referendum results were announced.[116] Creating a border control system between Ireland and Northern Ireland could jeopardise the Good Friday Agreement established in 1998.[117] In April 2017 the European Council agreed that, in the event of Irish reunification, Northern Ireland would rejoin the EU.[118]

    The President of the Regional Council of Hauts-de-France, Xavier Bertrand, stated in February 2016 that "If Britain leaves Europe, right away the border will leave Calais and go to Dover. We will not continue to guard the border for Britain if it's no longer in the European Union," indicating that the juxtaposed controls would end with a leave vote. French Finance Minister Emmanuel Macron also suggested the agreement would be "threatened" by a leave vote.[119] These claims have been disputed, as the Le Touquet 2003 treaty enabling juxtaposed controls was not an EU treaty, and would not be legally void upon leaving.[120]

    After the Brexit vote, Xavier Bertrand asked François Hollande to renegotiate the Touquet agreement,[121] which can be terminated by either party with two years' notice.[122] Hollande rejected the suggestion, and said: "Calling into question the Touquet deal on the pretext that Britain has voted for Brexit and will have to start negotiations to leave the Union doesn't make sense." Bernard Cazeneuve, the French Interior Minister, confirmed there would be "no changes to the accord". He said: "The border at Calais is closed and will remain so."[123]

    During the campaign leading up to the referendum[124] the Chief Minister of Gibraltar warned that Brexit posed a threat to Gibraltar's safety.[125] Gibraltar overwhelmingly voted to remain in the EU. After the result Spain's Foreign Minister renewed calls for joint Spanish–British control of the peninsula.[126] These calls were strongly rebuffed by Gibraltar's Chief Minister[127] and questions were raised over the future of free-flowing traffic at the Gibraltar–Spain border.[128] The British government states it will only negotiate on the sovereignty of Gibraltar with the consent of its people.[129]

    Shortly after the referendum, the German parliament published an analysis on the consequences of a Brexit on the EU and specifically on the economic and political situation of Germany.[130] According to this, Britain is, after the United States and France, the third most important export market for German products. In total Germany exports goods and services to Britain worth about €120 billion annually, which is about 8% of German exports, with Germany achieving a trade surplus with Britain worth €36.3 billion (2014). Should there be a "hard Brexit", exports would be subject to WTO customs and tariffs. The trade weighted average tariff is 2.4%, but the tariff on automobiles, for instance, is 9.7%, so trade in automobiles would be particularly affected; this would also affect German automobile manufacturers with production plants in the United Kingdom. In total, 750,000 jobs in Germany depend upon export to Britain, while on the British side about three million jobs depend on export to the EU. The study emphasises however that the predictions on the economic effects of a Brexit are subject to significant uncertainty. According to the Lisbon Treaty (2009), EU Council decisions made by qualified majority voting can only be blocked if at least 4 members of the Council form a blocking minority. This rule was originally developed to prevent the three most populous members (Germany, France, Britain) from dominating the EU Council.[131] However, after a Brexit of the economically liberal British, the Germans and like-minded northern European countries (the Dutch, Scandinavians and Balts) would lose an ally and therefore also their blocking minority.[132] Without this blocking minority, other EU states could overrule Germany and its allies in questions of EU budget discipline or the recruitment of German banks to guarantee deposits in troubled southern European banks.[133]

    With Brexit the EU would lose its second-largest economy, the country with the third-largest population and the financial centre of the world.[134] Furthermore, the EU would lose its second-largest net contributor to the EU budget (2015: Germany €14.3 billion, United Kingdom €11.5 billion, France €5.5 billion).[135] Thus, the departure of Britain would result in an additional financial burden for the remaining net contributors unless the budget is reduced accordingly: Germany for example would have to pay an additional €4.5 billion for 2019 and again for 2020.[citation needed] In addition the UK would no longer be a shareholder in the European Investment Bank, in which only EU members can participate. Britain's share amounts to 16%, €39.2 billion (2013), which Britain would withdraw unless there is an EU treaty change.[136] After a Brexit, the EU would lose its strongest military power,[137][138] one of its two members that possess nuclear weapons and are permanent members of the United Nations Security Council.

    A report by Tim Oliver of the German Institute for International and Security Affairs expanded analysis of what a British withdrawal could mean for the EU: the report argues a UK withdrawal "has the potential to fundamentally change the EU and European integration. On the one hand, a withdrawal could tip the EU towards protectionism, exacerbate existing divisions, or unleash centrifugal forces leading to the EU's unravelling. Alternatively, the EU could free itself of its most awkward member, making the EU easier to lead and more effective."[139] Some authors also highlight the qualitative change in the nature of the EU membership after Brexit: "What the UK case has clearly shown in our view is that for the Union to be sustainable, membership needs to entail constant caretaking as far as individual members' contributions to the common good are concerned, with both rights and obligations."[140]

    As of 15 November 2016 the President of the European Parliament is considering moves to exclude British MEPs from key committee positions ahead of the exit talks. The President has written to the head of the conference of committee chairs asking him to gather information on how Britain's imminent departure will impact various EU documents passing through the parliament's committees. Among the issues that should be considered, the letter states, are the possible impact of the British departure on the legislative files currently under discussion in various committees, the impact if the files are not concluded before Britain leaves, and whether any of the files are likely to feature in the EU-UK withdrawal agreement.[141]

    Various EU leaders have said that they will not start any negotiation before the UK formally invokes Article 50. Jean-Claude Juncker ordered all members of the EU Commission not to engage in any kind of contact with UK parties regarding Brexit.[142] In October 2016, he stated that he was agitated that the British had not developed a sense of community with Europeans during 40 years of membership; Juncker denied that Brexit was a warning for the EU, envisaged developing an EU defence policy without the British after Brexit, and rejected a suggestion that the EC should negotiate in such a way that Britain would be able to hold a second referendum.[143] On 5 November 2016, Juncker reacted to reports of some European businesses seeking to make agreements with the British government, and warned: "I am telling them [companies] that they should not interfere in the debate, as they will find that I will block their path."[144] Juncker stated in February 2017 that the UK would be expected to pay outstanding commitments to EU projects and pensions as part of the withdrawal process, suggesting such bills would be "very hefty."[145] On 29 June, European Council president Donald Tusk told the UK that they would not be allowed access to the European Single Market unless they accepted its four freedoms of movement for goods, capital, services, and people.[146]

    German foreign secretary Frank-Walter Steinmeier met Britain's foreign secretary Boris Johnson on 4 November 2016; Johnson stressed the importance of British-German relationships, whereas Steinmeier responded that the German view was that the UK should have voted to stay in the EU and that the German priority now was to preserve the remaining union of 27 members. There could be no negotiations before the UK formally gives notice. A long delay before beginning negotiations would be detrimental. Britain could not keep the advantages of the common market but at the same time cancel the "less pleasant rules".[147] The First Minister of Scotland, Nicola Sturgeon, stated that Scotland might refuse consent for legislation required to leave the EU,[148] though some lawyers argue that Scotland cannot block Brexit.[149]

    Newly appointed prime minister Theresa May made clear that negotiations with the EU required a "UK-wide approach". On 15 July 2016, she said: "I have already said that I won't be triggering article 50 until I think that we have a UK approach and objectives for negotiations – I think it is important that we establish that before we trigger article 50."[150] According to The Daily Telegraph, the Department for Exiting the European Union spent over £250,000 on legal advice from top Government lawyers in two months and has plans to recruit more people. Nick Clegg said the figures showed the Civil Service was unprepared for the very complex negotiations ahead.[151]

    In the wake of the United Kingdom's vote to leave the European Union, the Department for International Trade (DIT) for striking and extending trade agreements between the UK and non-EU states was created by Prime Minister Theresa May, shortly after she took office on 13 July 2016.[152] It employs about 200 trade negotiators[153] and is overseen by the Secretary of State for International Trade, currently Liam Fox.

    On 17 January 2017, Prime Minister Theresa May, announced a series of 12 negotiating objectives in a speech at Lancaster House. These consist of an end to European Court of Justice jurisdiction, withdrawal from the single market with a "comprehensive free-trade agreement" replacing this, a new customs agreement excluding the common external tariff and common commercial policy, an end to free movement of people, co-operation in crime and terrorism, collaboration in areas of science and technology, engagement with devolved administrations, maintaining the Common Travel Area with Ireland, and preserving existing workers' rights.[154]

    The Government has stated its intention to "secure the specific interests of Scotland, Wales and Northern Ireland, as well as those of all parts of England". Through the Joint Ministerial Committee on EU Negotiations (JMC(EN)), the Government intends to involve the views of the Scottish Parliament, the Welsh Assembly and the Northern Ireland Assembly in the process of negotiating the UK's exit from the EU. For instance, at the January 2017 meeting of the JMC(EN), the Scottish Government's proposal to remain in the European Economic Area was considered.[155]

    Nicola Sturgeon on behalf of the Scottish National Party made increasing calls during March 2017 for a second Scottish independence referendum to be held in 2018 whilst Opinion polling on Scottish independence indicated a majority did not want independence, stating that an independent Scotland would seek full membership of the European Union.[156] EU negotiator Guy Verhofstadt, the European parliament's chief negotiator has said that: "All British citizens today have also EU citizenship. That means a number of things: the possibility to participate in the European elections, the freedom of travel without problem inside the union. We need to have an arrangement in which this arrangement can continue for those citizens who on an individual basis are requesting it." The suggestion being an “associate citizenship”.[157]

    An EU meeting to discuss Brexit has been called for 29 April, Donald Tusk stating that the "priority would be giving "clarity" to EU residents, business and member states about the talks ahead". Michel Barnier, European Chief Negotiator for Brexit, has called for talks to be completed by October 2018 to give time for any agreement to be ratified before the UK leaves in March 2019.[158]

    Sinn Féin has called for a referendum to create a united Ireland following the Northern Ireland majority decision (56% to 44%) to vote no to Brexit and 2 March election for the Northern Ireland Assembly where Sinn Féin increased the number of their seats.[159]







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    Carol
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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed May 03, 2017 12:06 pm

    Frontrunning: May 3
    by Tyler Durden
    May 3, 2017 8:03 AM
    Links for articles below at http://www.zerohedge.com/news/2017-05-03/frontrunning-may-3


       Fed Rate Rise Unlikely, but Possible June Move in Focus (WSJ)
       GOP Health-Bill Woes Signal Centrists’ Rise (WSJ)
       As U.S. and China find common ground on North Korea, is Russia the wild card? (Reuters)
       North Korea says American was detained for 'attempted subversion' (Reuters)
       SEC Probes Solar Companies Over Customer Cancellations (WSJ)
       Slumping Car Sales Are Latest Data to Rattle Bets on Growth (WSJ)
       Putin Meets Erdogan as Russia Pursues Syria Diplomacy Blitz (BBG)
       Macron and Le Pen to square off in French pre-election TV showdown (Reuters)
       Trump aide lays out 'disruptive' approach on eve of Mideast talks (Reuters)
       JPMorgan to Move Hundreds of Staff to Three EU Offices on Brexit (BBG)
       On Serbian airwaves, a battle for heart of Balkans (Reuters)
       China to Start Security Checks on Technology Companies in June (WSJ)
       One Sign That the Retail Industry Isn’t Dead Yet (Bloomberg)
       China's Silk Road push in Thailand may founder on Mekong River row (Reuters)
       U.S. senators seek Venezuela sanctions (Reuters)
       China to step up crackdown on illegal forex deals in 2017 (Reuters)
       Buffett to face big crowd as Berkshire grows bigger (Reuters)
       NSA collected Americans' phone records despite law change: report (Reuters)
       Strong demand at Taco Bell drives Yum Brands' profit beat (Reuters)
       Uber in U.S. court reckoning on possible shutdown of self-driving program (Reuters)

    Overnight Media Digest
    WSJ

    - Lawmakers on Tuesday warned U.S. airlines they faced more regulation if they didn't follow through with pledges to improve customer service following the widespread outcry over the treatment of a United Continental Holdings Inc passenger last month. on.wsj.com/2oW5gtG
    Related Video Resilience Ep9 | Alex Aleksandrovski of Wooter

    - Apple Inc extended its rebound in the latest quarter with rising profit and revenue, but reported tepid iPhone demand that adds pressure on the technology giant to deliver a hit with its new 10th-anniversary handset later this year. on.wsj.com/2oWbZE4

    - North America was the only region where Mondelez International Inc comparable sales fell in the first quarter, as food makers struggle with a turn by U.S. consumers toward fresher foods. on.wsj.com/2oW4Kfu

    - Aetna Inc will again scale back its presence in the Affordable Care Act exchanges in 2018, saying it expects losses on the business this year despite sharply reduced enrollment in its individual plans. on.wsj.com/2oWlHXc

    - Etsy Inc is replacing its chief executive and cutting about 8 percent of its workforce after the online marketplace reported a first-quarter loss and what it described as "a challenging February." on.wsj.com/2oWcoGA

    FT

    - Gold miner Avocet Mining's shares have been suspended after it failed to meet a deadline to publish its annual accounts. It's biggest shareholder is Elliott Associates.

    - Vladimir Putin and Donald Trump talked paths towards Syria's peace, in a second interaction between both the presidents since Trump took office in January.

    - EU has raised the opening demand for Britain's Brexit bill to be a payment of up to 100 billion euros ($109.32 billion). EU negotiators revised initial calculations to maximise the liabilities Britain is asked to cover.

    - KKR blocked Barclays from winning new mandates at the U.S. private equity group in protest on how the bank's CEO Jes Staley took his brother-in-law's dispute over a failed Brazilian deal.

    NYT

    - Apple Inc said Tuesday that the number of iPhones sold globally fell 1 percent in the first calendar quarter, compared with the same period a year ago, although revenue rose to $52.9 billion as more customers bought the supersized, more expensive iPhone 7 Plus. nyti.ms/2p7gU0W

    - Dr. Mario Molina, chief executive of the California health insurance company founded by his father, was abruptly removed from his position at Molina Healthcare Inc, according to an announcement by the company on Tuesday. His brother, John, the company's chief financial officer, was also immediately replaced. nyti.ms/2p7aoY9

    - Facing new corporate demands and political pressure from a Trump administration that wants to curb immigrant work visas, Infosys Ltd, one of India's leading tech outsourcing companies, said Tuesday that it will hire up to 10,000 Americans to serve its clients in the United States. nyti.ms/2p6OyUR

    - The head of President Trump's re-election campaign accused CNN of "censorship" on Tuesday afternoon after the broadcast network refused to run the group's latest advertisement. nyti.ms/2p7gfg0

    - With two days left before an 11-day recess and no vote scheduled, House Republican leaders worked on Tuesday to win votes one at a time for their latest bill to repeal the Affordable Care Act after an influential Republican voice on health care came out against the measure. nyti.ms/2p7bHGB

    Canada

    THE GLOBE AND MAIL


    ** Mortgage lender Home Capital Group Inc delayed the release of financial results on Tuesday as the company recruits new board members in a bid to restore its credibility, stem the bleeding of deposits and find a potential buyer or investor. tgam.ca/2pEQUer

    ** British Columbia Liberal Leader Christy Clark wants to slap a hefty carbon levy on exports of thermal coal from British Columbian ports, a move that would devastate producers in both the United States and Alberta while sparking a rift over interprovincial trade. tgam.ca/2pEABhI

    ** Defence Minister Harjit Sajjan, under pressure to deliver a new purchasing plan for big-ticket military goods, is preparing to lower expectations for the amount of cash available by blaming the former Conservative government for leaving the Canadian Armed Forces with a budget shortfall. tgam.ca/2pEwvpP

    NATIONAL POST

    ** Negotiators and senior trade officials from 11 Pacific Rim nations gathered in Toronto Tuesday to discuss whether it's possible to salvage the Trans-Pacific Partnership. bit.ly/2pEAVwW

    ** WestJet Airlines is expanding its international reach with the purchase of at least 10 Dreamliner aircraft from Boeing Co part of a larger strategy that will see the Calgary-based airline look for growth in both ultra-low-cost and longer-haul segments. bit.ly/2pExiam

    Britain

    The Times

    * ITV bought a majority holding in World Productions, the company behind the popular BBC series "Line of Duty," for an undisclosed sum. bit.ly/2oVqI2f

    * Kohlberg Kravis Roberts, the private equity giant, has expressed anger at Barclays' CEO Jes Staley's alleged behaviour relating to a battle it is waging against Jorge Nitzan, the brother of Staley's wife. bit.ly/2oVAFwC

    The Guardian

    * It will take an extra 15 billion pounds ($19.41 billion) of spending cuts or tax rises to eliminate the budget deficit by the time of the 2022 election, the Institute for Fiscal Studies said as it laid bare the damaging legacy of the financial crisis on UK living standards and public finances. bit.ly/2oVfNp0

    * Alitalia has filed for administration for the second time in a decade, a move that could see the troubled Italian national carrier restructured, sold or finally wound up. bit.ly/2oVdyCt

    The Telegraph

    * The London Stock Exchange has fired back at Brussels' proposal to restrict London's ability to host euro-clearing, warning that any restriction on the clearing of Euro swaps would "damage European issuers, savers, investors, pension funds and intermediaries." bit.ly/2oVzaP5

    * Morgan Stanley has sold Affinity Water for 1.6 billion pounds to a consortium of investors including FTSE 250 investor HICL Infrastructure and German insurance giant Allianz. bit.ly/2oVujNJ

    Sky News

    * Some 300 jobs are to be created and many more safeguarded in a 100 million pounds deal to sell part of Tata Steel's operations in the UK. bit.ly/2oVkIWY

    * Staff at Ineos' petrochemical plant in Grangemouth have been evacuated due to a gas leak that police have described as a "major incident." Ineos confirmed the leak at the petrochemical plant on Twitter, adding: "Our on-site responders are continuing to manage the incident with support from the emergency services." bit.ly/2oVhvqq

    The Independent

    * Banks stung their customers with a combined 300 million pounds in unarranged overdraft fees last year, often for going only a few pounds over their agreed limit, according to research by price comparison service uSwitch. ind.pn/2oVlxPO

    * More than half of university students are now forced to pay more than 100 pounds per week for accommodation as rents have soared in recent years, accommodation search engine University Cribs found. ind.pn/2oVfFGp


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri May 05, 2017 1:44 pm


    https://www.youtube.com/watch?v=8r7cCSAITeA
    Greg Hunter-Weekly News Wrap-Up 5.5.17
    Greg Hunter from USAWatchdog.com gives his take on the week's most important
    stories in the Weekly News Wrap-up.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  orthodoxymoron on Fri May 05, 2017 3:29 pm

    I've been wasting a lot of time thinking about Theoretical Politics and Religion in a Twenty-Second Century Context, but what if the Solar System were One Big Business, with Church and State incorporated into this One Big Business, with Two Co-CEO's doubling as King and Queen of the Solar System??!! How's THAT for the basis of some wild Science-Fiction??!! What if the Bottom-Line is the Bottom-Line throughout the Universe??!! The Church teaches "The Love of Money is the Root of All Evil" but they sure want your Money!! The State is supposed to work for US, but they sure want your Money!! The Nazi, Mason, and Jesuit Billionaires Shall Inherit the Earth?? What if the Entire-Universe is One HUGE Star-War??!! Now I'm going to calm-down and listen to another exciting-episode of The Sherry Shriner Show!! Sherry claims that Russia and China own and run the United States!! Did I get that right?? The Orgone-Warriors Shall Inherit the Earth?? What the Puck??

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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri May 05, 2017 8:00 pm


    https://www.youtube.com/watch?v=94sp4uW0QIw
    Insider: We Are Headed To An Inhuman Civilization
    Published on May 3, 2017
    Alex Jones talks with Catherine Austin Fitts about Donald Trump's presidency
    as well as how society is degenerating.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Mon May 08, 2017 10:38 am

    Frontrunning: May 8
    by Tyler Durden
    May 8, 2017 7:50 AM
    Links at: http://www.zerohedge.com/news/2017-05-08/frontrunning-may-8

    Macron victory reshapes European politics (Reuters)
    Macron Vows to Heal France’s Divisions After Victory Over Le Pen (BBG)
    Macron’s Style Choices – CEO or Chairman? (BBG)
    Euro gives up gains as investors look to post-election France (Guardian)
    China's April trade growth slows as commodities, electronics demand cools (Reuters)
    Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018 (BBG)
    Germany's SPD goes back to drawing board after state poll drubbing (Reuters)
    Merkel Gains Momentum in German State Vote (BBG)
    Ex-Obama administration officials to testify in Trump-Russia probe (Reuters)
    What We Know About Congress’s Russia Investigations (BBG)
    Obama Urges Congress to Show ‘Courage’ on Health Care (BBG)
    A Reverse-Trump Tax Plan Delivers an Economic Miracle in Sweden (BBG)
    U.S. reviews Syria safe zones but warns 'devil's in the details' (Reuters)
    Syria will abide by 'de-escalation' plan: foreign minister (Reuters)
    'Brexit boom' gives Britain record 134 billionaires, fuelling inequality fears (Guardian)
    JD.com Posts First Profit as Chinese Online Shopping Surges (BBG)
    Appeals court set to hear arguments on Trump's revised travel ban (Reuters)
    Hedge Funds Bail Just Before OPEC-Driven Oil Rally Vanishes (BBG)
    Iran warns will hit militant 'safe havens' inside Pakistan (Reuters)
    Tycoons From China Plant Money Management Flags on Wall Street (BBG)
    German companies plan European online personal data firm (Reuters)
    Australia to hold new inquiry into 'Big Four' banks (Reuters)
    U.K. Consumer Spending Weakens With Sharp Slowdown in April (BBG)
    U.K. House Prices Post First Quarterly Decline Since 2012 (BBG)
    Rush to get bailout deal to Parliament with eye on QE (Kathimerini)
    Sinclair Broadcast nears deal for Tribune Media (Reuters)
    Coach to buy rival Kate Spade for $2.4 billion (Reuters)
    Straight Path gets higher offer from unnamed bidder (Reuters)
    Akzo's Third Snub of PPG Raises Prospect of Hostile Approach (BBG)
    How Zombie Companies Stop Productivity Growth (BBG)

    Overnight Media Digest

    WSJ


    - Emmanuel Macron was elected president of France Sunday in a victory for a political newcomer who campaigned on promises to reform France's heavily regulated economy and fight a tide of nationalism sweeping the European Union. (on.wsj.com/2ppIOFu)

    - TV station giant Sinclair Broadcast Group Inc is close to a deal to acquire Tribune Media Co for close to $4 billion, a person familiar with the matter said. (on.wsj.com/2ppIvKQ)

    - New York property developer Kushner Cos, owned by the family of Trump administration senior adviser Jared Kushner, launched a weekend marketing campaign for a New Jersey development, targeting major Chinese cities for wealthy individuals to invest a combined $150 million for the chance to secure U.S. immigration rights. (on.wsj.com/2ppGzSF)

    - Comcast Corp and Charter Communications Inc are striking a wireless partnership, people familiar with the matter said, as the cable giants look to get a piece of the cutthroat business. (on.wsj.com/2pps7Ku)

    - President Donald Trump is preparing to turn to the nomination of a slate of conservatives for judgeships to the lower federal courts. Trump as soon as Monday will announce a batch of picks for 10 judicial posts, including five nominees for the powerful federal appeals courts, according to a person familiar with the matter. on.wsj.com/2ppE038

    - Eighty-two of the nearly 300 Chibok schoolgirls seized three years ago by Boko Haram were freed on Sunday in exchange for detained members of the militant group, the biggest breakthrough in the effort to recover the insurgency's most-famous captives. on.wsj.com/2ppzmSx

    FT

    3G Capital, the buyout group behind Kraft Heinz Co, has ruled out making hostile bids following the failure of its $143 billion Unilever offer, saying it will seek only friendly deals in future.

    Akzo Nobel NV, the Dutch paints and coatings group, is set to reject a takeover offer by its U.S. rival PPG Industries Inc as soon as early this week, according to people close to the process.

    Tenet Healthcare Corp is putting Aspen Healthcare, one of Britain's biggest private hospital providers, up for sale.

    Sinclair Broadcast Group Inc is nearing a deal to acquire Tribune Media Co for just under $44 a share, according to people familiar with the matter, valuing Tribune at about $3.8 billion.

    NYT

    - Sinclair Broadcast Group is nearing a deal to buy Tribune Media for about $44 a share, and the deal is expected to be announced as soon as Monday morning. nyti.ms/2ppFz10

    - The Environmental Protection Agency dismissed five members of a major scientific review board. E.P.A. administrator spokesman Scott Pruitt said he would consider replacing the scientists with industry representatives whose pollution the agency is supposed to regulate. nyti.ms/2ppp6K9

    - President Trump is set to announce a slate of 10 nominations to the lower federal courts on Monday. There are more than more than 120 openings on the lower federal courts to be filled. nyti.ms/2ppN6wN

    - Emmanuel Macron won France's presidential election on Sunday, defeating the staunch nationalist Marine Le Pen after voters firmly rejected her far-right message and backed his call for centrist change. nyti.ms/2ppqXyB

    Canada

    THE GLOBE AND MAIL


    ** British Columbia Liberal Christy Clark, on the eve of a provincial election that will determine whether she remains Premier, is seizing on U.S. criticism of her retaliatory trade threats to pressure for a softwood deal as a validation of her tactics. tgam.ca/2pmcjrc

    NATIONAL POST

    ** The chairman of the board of the Registered Deposit Brokers Association is guiding clients away from putting money in Home Capital Group Inc's Guaranteed Investment Certificates (GICs) until the embattled mortgage lender's problems "sort themselves out." bit.ly/2pmk0h9

    ** Justin Trudeau's Liberals have only passed 17 government bills since coming into office — a weak legislative showing compared to previous majority governments, including Stephen Harper's. bit.ly/2pmx5qE

    Britain

    The Times


    The combined profits of British Gas, EDF Energy, Eon, Npower and Scottish Power, five of the Big Six suppliers, rose by 7.8 percent to almost 1.1 billion pounds in 2016, analysis of company accounts by Lazarus Research shows. bit.ly/2poJbAh

    Lloyds Banking Group Plc is planning to hand the reins to its finance director if the bank's chief executive quits for another job. George Culmer, who has been at Lloyds since 2012, could replace António Horta-Osório as chief executive temporarily while the lender searches for a permanent leader, some shareholders and advisers believe. bit.ly/2poVDjB

    The Guardian

    Chief Executive of Siemens UK, Juergen Maier, believes new technologies including robotics, artificial intelligence and additive manufacturing, or 3D printing, can deliver greater productivity and create more highly paid jobs. bit.ly/2poSOyQ

    John McDonnell hinted that a Labour government would introduce tax rises on those paying the top rate of tax – at 150,000 pounds and above – and that Labour's biggest tax increases would be reserved for the richest. bit.ly/2poZtJu

    The Telegraph

    French and European markets are set for a strong week as the French election results saw Emmanuel Macron succeed in his bid for the presidency. This pushed the euro up against the dollar as investors welcome the pro-EU economic reformer into the Elysee Palace. bit.ly/2pp0am6

    The boss of BT Group Plc's multibillion-pound television and sport business has resigned, in the latest in a wave of senior media departures. bit.ly/2poK8Zz

    Sky News

    Both Gavin Patterson and Tony Chanmugam, who stepped down as the telecoms giant's finance chief last year, will each forfeit hundreds of thousands of pounds due to have been paid in deferred share awards in 2018 and 2019, Sky News has learnt. bit.ly/2poBLNl

    Sky News has learnt that Natalie Ceeney, whose previous roles include running the Financial Ombudsman Service‎ (FOS), is to become the new chairman of Innovate Finance. bit.ly/2poXDZ2

    The Independent

    The supermarket chain Co-op has announced it will reduce its landfill waste by introducing a new recyclable packaging for its pizzas. ind.pn/2pp7NZG

    Why Charles Gave Expects "Total Mayhem" In France Even If Macron Is Elected | Zero Hedge
    Macron's "Victory For The World" Sparks $300 Million Panic-Dump In Gold Futures | Zero Hedge
    Paul Craig Roberts Warns American Democracy Is "A Dead Man Walking" | Zero Hedge
    Peak Gold, Silver On Small Finite Planet With Near Infinite Currency | Zero Hedge
    Macron Victory Leads To "Risk Macr-Off" In Europe, Poor China Trade Data Doesn't Help | Zero Hedge

    The Environmental Protection Agency dismissed five members of a major scientific review board. E.P.A. administrator spokesman Scott Pruitt said he would consider replacing the scientists with industry representatives whose pollution the agency is supposed to regulate.
    I have to pay people to pollute?
    http://www.washingtontimes.com/news/2016/aug/7/epa-corrupting-an-indepen...

    States where Obamanomics left the middle class behind the most    
    https://www.msn.com/en-us/money/markets/states-where-the-middle-class-is...


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed May 10, 2017 3:47 pm


    Catherine Austin Fitts-They're Trying to Centralize Control
    Greg Hunter
    Published on May 9, 2017

    Financial expert Catherine Austin Fitts says the elite are trying to shrink the pie to centralize control. It doesn't have to be that way. There are lots of ways to grow the pie, and one way is with new technology.
    https://www.youtube.com/watch?v=Pc_Ofg3gGHE


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed May 10, 2017 3:59 pm

    Chase Warns Mid-size Banks of Fed Deposit Drain
    http://www.dsnews.com/daily-dose/05-09-2017/chase-warns-mid-size-banks-fed-deposit-drain


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri May 12, 2017 11:03 am


    https://www.youtube.com/watch?v=brrMybhbEJ4
    Greg Hunter-Weekly News Wrap-Up 5.12.17
    Published on May 11, 2017
    Greg Hunter of USAWatchdog.com looks at the week's top stories in the Weekly News Wrap-Up.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Mon May 15, 2017 11:16 am


    Dr. Jim Willie Worldwide Collapse Has Begun! (45:24)
    https://www.youtube.com/watch?v=rPXs6Y0WsMA


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Wed May 24, 2017 3:25 pm


    https://www.youtube.com/watch?v=JrvoKHzFzHA

    CATHERINE AUSTIN FITTS - BLACK BUDGET WARS & CENTRAL BANK PANIC! DARK JOURNALIST _ 40 minutes that come highly recommended by the 'real' Jack Ryan, Dr. Steve Piczenek.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sun Jun 18, 2017 10:36 am


    https://www.youtube.com/watch?v=uSi_dnfijBg
    The Fed is Working Against Trump, 1673
    Start at 1:28 minute mark. This will affect the housing market.


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Mon Jun 19, 2017 10:19 am

    "We Are Still In Crisis Mode" - Trader Warns Fed 'Normalization' Will Expose Markets To Political Chaos
    http://www.zerohedge.com/news/2017-06-19/we-are-still-crisis-mode-trader-warns-fed-normalization-will-expose-markets-politica

    So as the week begins...

    Global equities are higher, fueled by Emmanuel Macron’s big win in France’s National Assembly election.
    The euro is virtually flat versus most major currencies as the election results were well anticipated by the markets.
    Can both explanations really be true? Yes, they sure can. Bloomberg's Richard Breslow explains...

    What we are seeing in the markets today is where asset prices want to go in the absence of new news. Simultaneously, the path of least resistance and infliction of most pain. Call it what you want, but the screens scream happy. It’s summertime, and investors are impelled to keep taking advantage of everything that’s worked so well from policies targeting happy financial conditions.

    Sure, the Fed is talking tough. And a lot of other central banks are trying it on for size. “See, that didn’t hurt too bad, did it?” But traders are betting it will all be manana. That no one setting policy will let the applecart be upset and they will so over-communicate that there is in fact no risk. Risk isn’t being underpriced at all. It accurately reflects a sober, and sobering, reflection of ongoing central bank reaction functions.

    Which means while we have periodic, real and contrived upsets, they are ultimately dismissed and faded. A discussion of when to buy often begins even before the sell- off. This means that when things do get out of hand, traders will react to it in a clumsy and leaden fashion. And the inevitable cause is going to be something central bank- derived, because it’s the only reality check on carry that they too will be slow to react to.

    It’s unlikely to have anything to do with the rather healthy and measured tightening we are going to see. But everyone pushing peripheral spreads toward “risk, what risk?” levels should consider what it might mean when quantitative easing is gradually removed. Unless you actually believe that the ECB will finally abandon the Capital Key and the Macron election will inspire Germany to start writing insurance on Europe-wide debt and financial institutions.

    Ultimately, there can’t be normalization without exposing markets to the same concerns as the citizenry at large. The divide in levels of being appalled by goings-on is dangerous and as much a fuel of populism as other, more obvious causes.

    It won’t be cured by a couple of disaster-avoiding moments in European elections.

    Lack of market-priced implied volatility is a sign of distress, not calm. It means that, quite wittingly, we are still in crisis mode.

    Even if Breslow is marginally correct - which he is - political, monetary, geopolitical, fiscal, and economic uncertainty remain entirely un-priced-in by this market...



    And while Yellen and Dudley remain convinced they can unwind the Fed balance sheet with no ill effects, we suspect this 'forecast' will be just as accurate as their growth and inflation guesses have been for the last two decades.




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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Mon Jun 19, 2017 10:24 am

    Frontrunning: June 19
    Links at: http://www.zerohedge.com/news/2017-06-19/frontrunning-june-19


    UK PM May says attack on Muslims near mosque is 'sickening' (Reuters)
    Macron Under Pressure to Deliver as French Turnout Plummets (BBG)
    Market Volatility Has Vanished Around the World (WSJ)
    Real victory will be in 5 years, says Macron camp after election win (Reuters)
    Brexit Talks Kick Off in Brussels as May Urged to Soften Stance (BBG)
    As Brexit Talks Begin, EU’s Chief Negotiator Wants to Remove Uncertainties (WSJ)
    U.S., Japan Probe Deadly Ship Collision That Left Seven Dead (WSJ)
    With Whole Foods in the Cart, Amazon Now Faces the Hard Part (WSJ)
    Kushner Plans Trip to Middle East (WSJ)
    Boeing launches new jet as Macron opens Paris show (Reuters)
    Top Tech Executives Head to White House (WSJ)
    Vote for Goldman: Bankers Try to Ride an Anti-Trump Wave (BBG)
    Who Can Challenge the Google-Facebook ‘Duopoly’? (WSJ)
    Moody’s Cuts Ratings on Australia’s Banks on Housing Concern (BBG)
    Activist Investor Takes 4.3% Stake in Hudson’s Bay (WSJ)
    In Hamptons House, a Link to Manafort and Jared Kushner’s Dad (BBG)
    Less Stressful Tests Could Boost U.S. Bank Payouts $30 Billion (BBG)
    White House Intends to Tap GOP Staffer for FDIC Chair (WSJ)
    U.S. Drillers Are Hammering OPEC’s Plans (BBG)
    Oil’s Gloomy Summer Triggers Hedge Fund Doubts on Gasoline (BBG)
    Why Some Cyberattacks in Health Care Go Unreported (WSJ)
    Funds With $14 Trillion Have More Room for Emerging Bonds (BBG)
    Media Companies Are Getting Sick of Facebook (BBG)

    Overnight Media Digest

    WSJ


    - Boeing Co's commercial airplane boss sees big market potential for a new jetliner the company has been studying but still wants more time before committing billions of dollars to the project. on.wsj.com/2rLJMMP

    - Activist investor Land & Buildings Investment Management LLC, which has accumulated a stake of roughly 4.3 percent in Hudson's Bay Co, said in a letter that is expected to be delivered to the company's board Monday that its real estate is worth four times the stock price. on.wsj.com/2rM3vvU

    - A small autonomous-cars company Cruise Automation owned by General Motors Co is getting into the high-definition mapping business, a move that could help the Detroit auto giant compete with Google and others in the race to develop self-driving vehicles. on.wsj.com/2rLOvxT

    FT

    UK Financial Conduct Authority is searching for its next chairman after the agency's inaugural chairman, John Griffith-Jones, confirmed he would step down when his term expires next March.

    Chancellor Philip Hammond said on Sunday that the government had "heard a message last week in the general election" — in which the Labour party made unexpected gains with their manifesto that promised to end tough fiscal policies.

    J Sainsbury Plc entered into exclusive discussions to buy Nisa for 130 million pounds ($166.05 million) after the convenience store operator considered buyout offers from multiple bidders.

    NYT

    - YouTube has struggled for years with videos that promote offensive viewpoints but do not necessarily violate the company's guidelines for removal. Now it is taking a new approach: Bury them. nyti.ms/2rLtN1n

    - Mattress maker Casper plans to announce as soon as Monday that it has raised $170 million. The investment is being led by Target, which on Sunday began selling Casper mattresses, pillows, sheets and more in its stores and on its website. nyti.ms/2rL7ybU

    - Representatives of Jared Kushner, President Trump's son-in-law and senior adviser, have quietly contacted high-powered criminal lawyers about potentially representing him in the wide-ranging investigation into Russia's influence on the 2016 election, according to three people briefed on the matter. nyti.ms/2rLu1p8

    Canada

    THE GLOBE AND MAIL


    ** Land and Buildings Investment Management of Stamford has built a stake of almost 4.5 percent in Hudson's Bay Co and is sending a letter to the retailer seeking a restructuring to take it private or redevelop its real estate assets. tgam.ca/2sJPrbi

    ** Canada could lead a regional effort to address the crisis in Venezuela, according to sources with knowledge of the diplomatic efforts in the South American country. tgam.ca/2sJxYj9

    NATIONAL POST

    ** Senator Fabian Manning and his wife are suing the House of Commons, the public works department and the Canadian government after the senator slipped on a spill in the Centre Block cafeteria. bit.ly/2sJVMDB

    ** A panel representing environmentalists, oil companies, aboriginal communities and municipalities has managed to achieve consensus on a set of recommendations to the Alberta government on how to ration greenhouse gas emissions from the oilsands. bit.ly/2sJQ7gU

    Britain

    The Times


    The founding chairman of the Financial Conduct Authority, John Griffith-Jones, is to step down and will not stand for a second term after a four-year stint during which he was criticised over bungled reports. bit.ly/2sgjtlr

    Co-op Bank could announce a deal this week that would lead to the struggling lender's hedge fund owners and the Co-operative Group Ltd agreeing a 700 million pounds ($894.04 million) bailout package, averting a wind down that would leave millions of customers and thousands of pensioners facing uncertainty. bit.ly/2sgltKn

    The Guardian

    Barclays Plc and a number of its former executives are expected to learn this week whether the Serious Fraud Office intends to bring criminal charges in relation to emergency fundraising at the height of the financial crisis. bit.ly/2sg4GXQ

    Lloyds Banking Group Plc is expected to extend the deadline for making compensation offers to victims of the HBOS Reading fraud, as it emerged only one of 64 affected customers has received compensation. bit.ly/2sgrneo

    The Telegraph

    The corner shop group Nisa is poised to sign an exclusivity agreement with the supermarket giant J Sainsbury Plc which will temporarily bar the mutually owned group from courting other buyers. bit.ly/2sga6C5

    A rescue bid from Sanjeev Gupta's Liberty Industries group which will guarantee jobs at struggling steel business Caparo Merchant Bar could be announced as soon as Monday. bit.ly/2sgk7zn

    Sky News

    Blackstone Group Lp is buying British flexible office provider The Office Group in a deal will value the privately owned landlord of corporate clients such as Facebook and Santander UK at 500 million pounds, according to insiders. bit.ly/2sgwwDp

    The Independent

    Prime Minister Theresa May's post-Brexit plan to slash immigration will have a devastating "double whammy" impact on the British economy, according to the most detailed study of EU nationals to date. ind.pn/2sgfhSP


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

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