UK Establishment Loses The Mainstream Media: “Why I Am Voting To Leave The EU”

With polls indicating "Leave" leading in the EU Referendum, one well-known mainstream media personality has come out against the establishment. As The Telegraph's Ambrose Evans-Pritchard explains "at its heart, the Brexit vote is about the supremacy of Parliament. All else is noise," adding "that is why I am voting to leave the EU."

With sadness and tortured by doubts, I will cast my vote as an ordinary citizen for withdrawal from the European Union.

Let there be no illusion about the trauma of Brexit. Anybody who claims that Britain can lightly disengage after 43 years enmeshed in EU affairs is a charlatan or a dreamer, or has little contact with the realities of global finance and geopolitics.

Stripped of distractions, it comes down to an elemental choice: whether to restore the full self-government of this nation, or to continue living under a higher supranational regime, ruled by a European Council that we do not elect in any meaningful sense, and that the British people can never remove, even when it persists in error.

For some of us – and we do not take our cue from the Leave campaign – it has nothing to do with payments into the EU budget. Whatever the sum, it is economically trivial, worth unfettered access to a giant market.

We are deciding whether to be guided by a Commission with quasi-executive powers that operates more like the priesthood of the 13th Century papacy than a modern civil service; and whether to submit to a European Court of Justice (ECJ) that claims sweeping supremacy, with no right of appeal.

It is whether you think the nation states of Europe are the only authentic fora of democracy, be it in this country, Sweden, the Netherlands, or France – where Nicholas Sarkozy has launched his presidential bid with an invocation of King Clovis and 1,500 years of Frankish unity.

My Europhile Greek friend Yanis Varoufakis and I both agree on one central point, that today's EU is a deformed halfway house that nobody ever wanted. His solution is a great leap forward towards a United States of Europe with a genuine parliament holding an elected president to account. Though even he doubts his dream. "There is a virtue in heroic failure" he said.

I do not think this is remotely possible, or would be desirable if it were, but it is not on offer anyway. Six years into the eurozone crisis and there is no a flicker of fiscal union: no eurobonds, no Hamiltonian redemption fund, no pooling of debt, and no budget transfers. The banking union belies its name. Germany and the creditor states have dug in their heels.

Where we concur is that the EU as constructed is not only corrosive but ultimately dangerous, and that is the phase we have now reached as governing authority crumbles across Europe.

The Project bleeds the lifeblood of the national institutions, but fails to replace them with anything lovable or legitimate at a European level. It draws away charisma, and destroys it. This is how democracies die.

"They are slowly drained of what makes them democratic, by a gradual process of internal decay and mounting indifference, until one suddenly notices that they have become something different, like the republican constitutions of Athens or Rome, or the Italian city-states of the Renaissance," says Lord Sumption of our Supreme Court.

It is a quarter century since I co-wrote the leader for this newspaper on the Maastricht summit. We warned that Europe's elites were embarking on a reckless experiment, piling Mount Pelion upon Mount Ossa with a vandal's disregard for the cohesion of their ancient polities.

We reluctantly supported John Major's strategy of compromise, hoping that later events would "check the extremists and put the EC on a sane and realistic path."

This did not happen, as Europe's Donald Tusk confessed two weeks ago, rebuking the elites for seeking a “utopia without nation states" and over-reaching on every front.

“Obsessed with the idea of instant and total integration, we failed to notice that the citizens of Europe do not share our Euro-enthusiasm,” he said.

If there were more Tusks at the helm, one might still give the EU Project the benefit of the doubt. Hard experience – and five years at the coal face in Brussels – tells me others would seize triumphantly on a British decision to remain, deeming it submission from fear. They would pocket the vote. Besides, too much has happened that cannot be forgiven. 

The EU crossed a fatal line when it smuggled through the Treaty of Lisbon, by executive cabal, after the text had already been rejected by French and Dutch voters in its earlier guise. It is one thing to advance the Project by stealth and the Monnet method, it is another to call a plebiscite and then to override the outcome.

Need I remind readers that our own government gave a "cast iron guarantee" to hold a referendum, but retreated claiming that Lisbon was tidying up exercise?  It was no such thing. As we warned then, it created a European supreme court with jurisdiction over all areas of EU policy, with a legally-binding Charter of Fundamental Rights that opens the door to anything.

Need I add too, that Britain's opt-out from the Charter under Protocol 30  – described as "absolutely clear" by Tony Blair on the floor of the Commons – has since been swept aside by the ECJ.

It is heartening that our judges have begun to resist Europe's imperial court, threatening to defy any decision that clashes with the Magna Carta, the Bill of Rights, or the core texts of our inherited constitution. But this raises as many questions as it answers.

Nobody has ever been held to account for the design faults and hubris of the euro, or for the monetary and fiscal contraction that turned recession into depression, and led to levels of youth unemployment across a large arc of Europe that nobody would have thought possible or tolerable in a modern civilized society. The only people that are ever blamed are the victims.

There has been no truth and reconciliation commission for the greatest economic crime of modern times. We do not know who exactly was responsible for anything because power was exercised through a shadowy interplay of elites in Berlin, Frankfurt, Brussels, and Paris, and still is. Everything is deniable. All slips through the crack of oversight.

Nor have those in charge learned the lessons of EMU failure. The burden of adjustment still falls on South, without offsetting expansion in the North. It is a formula for deflation and hysteresis. That way lies yet another Lost Decade.

Has there ever been a proper airing of how the elected leaders of Greece and Italy were forced out of power and replaced by EU technocrats, perhaps not by coups d'etat in a strict legal sense but certainly by skulduggery?

On what authority did the European Central Bank write secret letters to the leaders of Spain and Italy in 2011 ordering detailed changes to labour and social law, and fiscal policy, holding a gun to their head on bond purchases?

What is so striking about these episodes is not that EU officials took such drastic decisions in the white heat of crisis, but that it was allowed to pass so easily. The EU's missionary press corps turned a blind eye. The European Parliament closed ranks, the reflex of a nomenklatura.

While you could say that the euro is nothing to do with us, it obviously goes to the character of the EU: how it exercises power, and how far it will go in extremis.

You can certainly argue from realpolitik that monetary union is so flawed it will lurch from crisis to crisis until it ruptures,  in the next global downturn or the one after that, and will therefore compel the European elites to abandon their grand plans, so why not bide our time. But this is to rely on conjecture.

You can equally argue that the high watermark of EU integration has passed: the Project is in irreversible decay.  We are a long way from the triumphalism of the millennium, when the EU was replicating the structures of the US federal government, with an EU intelligence cell and military staff in Brussels led by nine generals, and plans for a Euro-army of 100,000 troops, 400 aircraft and 100 ships to project global power.

You can argue too that the accession of thirteen new countries since 2004 – mostly from Eastern Europe – has changed the chemistry of the EU beyond recognition, making it ever less plausible to think of a centralized, close-knit, political union. Yet retreat is not the declared position of the Five Presidents' Report, the chief blueprint for where they want the EU Project to go. Far from it.

In any case, even if we do not go forward, we may not go backwards either. By design it is almost impossible to repeal the 170,000 pages of the Acquis. Jean Monnet constructed the EU in such way that conquered ground can never be ceded back, as if were the battleground of Verdun.

We are trapped in a 'bad equilibrium', leaving us in permanent friction with Brussels. It is like walking forever with a stone in your shoe. 

But if we opt to leave, let us not delude ourselves. Personally, I think the economics of Brexit are neutral, and possibly a net plus over 20 years if executed with skill. But it is nothing more than an anthropological guess, just as the Treasury is guessing with its cherry-picked variables.

We are compelled to make our choice at a treacherous moment, when our current account deficit has reached 7pc of GDP, the worst in peace-time since records began in 1772 under George III. 

We require constant inflows of foreign capital to keep the game going, and are therefore vulnerable to a sterling crisis if foreigners lose confidence.

I am willing to take the calculated risk that our floating currency would act as a benign shock absorber – as devaluation did in 1931, 1992, and 2008 – but it could be a very rough ride. As Standard & Poor's warned this week, debts of UK-based entities due over the next 12 months amount to 755pc of external receipts, the highest of 131 rated sovereign states. Does it matter? We may find out.

The Leave campaign has offered no convincing plan for our future trading ties or the viability of the City. It has ruled out a fall-back to the European Economic Area, the "Norwegian" model that would preserve – if secured – access to the EU customs union and preserve the "passporting" rights of the City.

The EEA would be a temporary haven while we sorted out our global trading ties, the first step of a gradual extraction. The Leavers have not embraced this safe exit – or rather, less dangerous exit – because it would mean abandoning all else that they have pledged so promiscuously, chiefly the instant control of EU migrant flows.

By this fourberie they have muddied the water, conflating constitutional issues and with the politics of immigration. We risk a Parliamentary crisis and shrieks of betrayal if the Commons – discerning the national will – imposes the EEA option on a post-Brexit government, as it may have to do.

We leave Ireland in the lurch, at risk of an economic shock that it did nothing to provoke. Those Leavers who chatter cavalierly of resiling from the (non-EU) European Convention of Human Rights should be aware that the Good Friday peace accords are anchored in that document, and if they do not understand why it matters that just 12pc of Ulster Catholics support Brexit, they are not listening to Sinn Fein.

However unfair it may seem, the whole Western world deems Brexit to be an act of strategic vandalism at a time when Pax Americana is cracking and the liberal democracies are under civilizational threat.

Without rehearsing well-known risks, we have a Jihadi cauldron across much of the Levant and North Africa; Vladimir Putin's Russia has ripped up the post-War rule book and is testing Nato every day in the Baltics; China's construction of airfields along international shipping routes off the Philippines is leading to a superpower showdown with the US.

The Leave campaign was caught off guard when Barack Obama swept into London to make it the US view brutally clear, followed by Japan's Shinzo Abe, and a troop of world leaders. You do not unpick the web of interlocking global ties lightly.

One hopes that Brexiteers now understand what they face, and therefore what they must do to uphold British credibility if they win. We must be an even better ally. But by the same token, the people of this country have every right to take this one chance to issue their verdict on four decades of EU conduct.

To those American friends who ask why we cavil at compromises with Europe when we "pool sovereignty" – an inaccurate term – with scores of bodies from NATO to the United Nations, the answer is that the EU is not remotely comparable in scale, ideology, or intent to anything else on this planet.

Remainers invoke Edmund Burke and the doctrine of settled practice, but settled is the one thing the EU has not been in its irrepressible itch for treaties and its accretion of power, and Burke is a double-edged sword. 

He backed the American Revolution, not to create something dangerously daring and new, but rather to restore lost liberties and self-government, the settled practice of an earlier age. Americans of all people should understand why a nation may wish to assert its independence.

This is my decision. It may go against my own interest, since I hope to live out part of my remaining years in France –  though countless Britons lived there contentedly in 19th Century before we ever had such a thing as the European Union, and no doubt will continue to do so long after it is gone.

I urge nobody to follow my example. It ill behoves anyone over 50 to exhort an outcome too vehemently. Let the youth decide. It is they who must live with  the consequences.

*  *  *


via Tyler Durden

If the British Vote for Brexit, Will They Get the Greek Treatment?

Screen Shot 2016-06-13 at 10.49.31 AM

A year ago, the citizens of Greece were offered a referendum on whether or not to accept the troika’s “bailout” conditions. The people voted NO, but it mattered not. The bailout proceeded as planned.

As I observed in the post, Greeks Flock to Grassroots Alternative Currencies in Affront to Euro Debt Slavery:

Hundreds of millions of people throughout the Western world are being forced to admit an obvious, yet uncomfortable reality. Democracy is dead. Your vote and your voice doesn’t matter. Not at all.

No group of people understand this as intimately as the Greeks. They voted for one thing, got something else, and in the process were unceremoniously reminded of their political irrelevance. The Greeks are now in a position to show the rest of us how it’s done. Communities need to take matters into their own hands and tackle challenges at the grassroots level. Nowhere is this more impactful and necessary than in the monetary realm, and some Greeks are already leading the charge.

So the Greeks learned the hard way that there’s no such thing as democracy within the European Union. Will the British be taught the same lesson?

continue reading

from Liberty Blitzkrieg

Garbage Buries France As Labor Strikes Continue

Euro 2016 is underway in France and while the transportation strikes have been difficult to deal with, one problem is starting to come to the forefront: garbage.

Among the strikes that have taken place by workers, perhaps the one that’s been least talked about – until now – is that of the garbage collectors. A days old garbage strike is causing garbage to line the streets of Paris, just as millions of visitors are expected to visit for the Euro tournament.

Due to embarrassment, and the fact that business has been lost, locals are growing increasingly frustrated the NYT reports.

“We’ve seen everything. First the attacks, then the floods, and now this.” said Julien Collard, who helps his father run a restaurant, Cafe de la Tourelle, adding “It’s disgusting. It stinks, and it brings rats. People see this, and they walk away.

“This, all this, it’s not good for tourists. We’ve got a lovely country here. But this is how we welcome people? And then, when the tourists get drunk, they’ll start messing with it.” said Omar Anraui, who was looking at the overflowing garbage cans from a bar down the street from Collard’s cafe.

Not all of Paris is covered in garbage however, half the city’s 20 districts are served by private companies that continue to collect the trash, and Paris’s City Hall on Friday announced the deployment of additional garbage trucks, promising the rest of the city would be cleaned up soon. Locals and tourists alike have a lot riding on that promise, because CGT leader Philippe Martinez said the strikes will continue, and the demonstration that is being called for Tuesday will be “enormous.”

We started with demonstrations, we did one, two, three, four. They didn’t listen to us. At a certain point the workers got mad and went on strike.” said Martinez.

There appears to be no end in site for the standoff between the government and the protesting workers. Prime Minister Manuel Valls (the one who originally helped president Hollande slam through labor reforms using an article of the constitution that allowed the government to bypass parliament, kicking off this entire debacle in the first place) said “I want these strikes to end as quickly as possible.” While ironically pointing out “There’s a debate in the union movement between those who are interested in dialogue, and those who are not. There is also a debate in French socialism. How do we reform in this country? Can a minority block? Reform is possible. It’s a question of political will.

As Carole Cossart, who works at an art gallery near the cafe puts it: “This isn’t exactly the best way to welcome the Euro, is it?” – no, sadly it is not, and given that there is no resolution in sight, the smell of garbage and transportation delays will inevitably continue. But for now, at least as a short-term relief for the people of France, France won its starting match over Romania.

via Tyler Durden

Live Feed: FBI Statement On Orlando Shooting

FBI director James Comey is delivering a live statement on the Orlando shooting.

Among the key statements, Comey says that the probe is a terror investigation, as we know, and that there are strong indications of radicalization of the Orlando shooter. But most importatnly, Comey said that there is “no indication Orlando attack was a plot directed from outside of the U.S.”, and also there was no hint of external radicalization, because Obama would not be happy with the implication that radical Islam may be involved, implicitly confirming what Trump has said.

Watch it live below:

via Tyler Durden

Orlando Gunman Reportedly Scouted Disney World As Potential Target

Despite being investigated by the FBI twice before Sunday’s tragedy in 2013 and 2014, Orlando gunman Omar Mateen managed to legally buy weapons and scout various venues for his attack before the weekend’s disaster at Pulse nightclub. Perhaps even more worrisome is that he recently scouted Walt Disney World as a potential target, a federal law enforcement source tells People magazine.

Omar Mateen and his wife, Noor Zahi Salman, visited Walt Disney World in April, the source says.


Salman told federal authorities on Sunday that her husband had more recently been “scouting Downtown Disney and Pulse [nightclub] for attacks.”


Unlike the four Disney World theme parks, Downtown Disney, which was recently renamed Disney Springs, doesn’t have security and bag check before entry.


Metal detectors have been installed outside Magic Kingdom, Hollywood Studios, Animal Kingdom and Epcot since 2015 and guests are selected at random for screening.

Representatives for Walt Disney World did not immediately return phone calls seeking comment.

via Tyler Durden

Niger Delta Avengers Reject Calls To End Oil Attacks, Warn May Start “Taking Lives”

The always amusing, if quite violent, Niger Delta Avengers (profiled here for the first time one month ago), who as we some sarcastically said “hold the price of oil in their hands”, only to realize this was all too real, alongside ever louder questions of just who is funding this brand new splinter group (not to mention its chatty Twitter account and its GoDaddy-hosted website), has again refused to sit down and negotiate a resumption in oil production, much to the chagrin of virtually other Nigerian miliants.  And, in a just issued a press “statement” on its website, it explains that it sees no need to sit down with the government for “any proposed dialogue and last peace talk.”

As the website notes, the NDA needs “conducive atmosphere” to commit to dialogue for the following reason, grammar mistakes all as per the original:

We want the federal government to commit members states of the multi national Oil Corporations to commit independent mediators to this proposed dialogue; we believed that it is only such environment that will engender genuine dialogue that will be aimed at setting up a framework for achieving the short, medium and long term demands of the Niger delta to de-escalating this conflict and bring about a lasting peace.

The NDA also repeats warning to oil companies not to repair pipelines, oil and gas facilities damaged by attacks. We can only assume this is the demand of the NDA’s unknown financial backer, who stands to gain much more from keeping Nigeria oil output as low as possible.

Note the rookie, “made in Hollywood” error of the following NDA photo.

This statement follows a Sunday please by Ex-Niger Delta fighters asking the militants to talk with the Nigerian government. Indeed, as Nigeria’s Vanguard reported overnight, “there is a noticeable crack in the camp of the militant groups bombing oil installations in the Niger Delta degenerated, yesterday, as one of them, Reformed Egbesu Boys of Niger Delta, unilaterally declared cessation of hostilities. Meanwhile, Movement for the Emancipation of the Niger Delta, MEND, last night, raised a seven-man provisional team, tagged Aaron Team 2, to negotiate with the Federal Government just as it charged the Niger Delta Avengers to drop its defiant posture and embrace dialogue. This came as traditional rulers from Niger Delta, under the aegis of the South-South Monarchs Forum, have scheduled a meeting in Uyo next week to discuss ways of finding solutions to the increasing spate of destruction of oil and gas assets in the region.”

The Joint Revolutionary Council, JRC, of the Joint Niger Delta Liberation Force, JNDLF, had, Friday, indicated it had accepted the window created by the Federal Government for dialogue, but the Niger Delta Avengers, NDA, maintained that it was not part of the negotiations. Vanguard learned, yesterday, that government negotiators had penetrated many of the militant groups and many would likely declare cessation of hostilities during the week and embrace dialogue with government.


Many of the militants were furious that some powerful forces have hijacked the struggle to the detriment of the region and were merely using them as bargaining tool. The Reformed Egbesu Boys of Niger Delta is at loggerheads with the NDA and JNDLF over their positions.

In short, everyone but the NDA seems motivated to get some deal done. We wonder how long before some enterprising journalist uncovers just who the NDA is a front for, and who is so determined to crush Nigeria’s economy, which is reeling as a result of lost oil export revenue, just to keep the price of oil artificially high by a few extra dollars as a result of the ongoing nIgeria disruption.

Meanwhile, here is the full Niger Delta Avenger statement, in which the militant group warns it may turn quite deadly as well in coming days, warning “we may review our earlier stance of not taking lives.”


The high command of the Niger Delta Avengers (NDA) is using this medium to restate that there are no new items to put on the table for dialogue, we only want a genuine attitude and conducive atmosphere that will make us commit to any proposed dialogue and last peace talk. We want the federal government to commit members states of the multi national Oil Corporations to commit independent mediators to this proposed dialogue; we believed that it is only such environment that will engender genuine dialogue that will be aimed at setting up a framework for achieving the short, medium and long term demands of the Niger delta to de-escalating this conflict and bring about a lasting peace.


The NDA high command is restating our commitment to attack the interest of oil corporation and international refineries operators that bring in vessels to the Niger delta territory to buy our oil that every successive government have refused to used and reapply the proceeds towards any development in the region since 1958. If they refuse be heed to our advice will result to sinking of two their mother vessel as an examples to others They should not undertake any repair of pipeline, oil and gas facilities that is damaged or attacked by our forces during this period of “Operation Red Economy” until and/or after the dialogue.


We are using medium to warn and condemn the activities of all brands of social media agitators being peddled around by some politicians to promote their criminal ways in affairs of the Niger Delta. This genuine spirit behind our struggle for the Niger Delta cannot be derailed on the basis of connivance by politician, traditional rulers, settled ex- agitators and criminals moving around to fill their pockets.


The issues of the Niger delta are as old and as new as the days of Pa. Dappa Biriye, Major Jasper Isaac Adaka Boro, to Ken Saro Wiwa and the government of President Musa Yar’ Adua. We are warning this government of President muhammadu Buhari, not to turn the essence of genuine peace talk and dialogue to political jamboree that is prevailing now where all manner of social media agitators and criminals have being sponsored by the job seeking corrupt political class to safe faces before the government of the day.


Finally, if need be we may review our earlier stance of not taking lives. We are going to redirect and reactivate all our activities if the government, oil companies and their services firms don’t heed to these modest warnings of not carrying out any repairs works   and suspend the buying of crude oil from our region as we await the right atmosphere that will engender genuine dialogue “ We Want a peace with Honour not a Peace of our time”


Brig. Gen Mudoch Agbinibo

We can only wonder which distressed sovereign oil exporter or corporate oil producer was instrumental in the drafting of this “statement.”

via Tyler Durden

Bloomberg Needs to Find a Morning Anchor (Video)

By EconMatters

With Stephanie Ruhle leaving Bloomberg Morning for MSNBC; although she had been mailing it in for months, she was at least serviceable, the lack of a competent morning female lead at Bloomberg is quite apparent.

If Bloomberg is not going to get a market oriented lead then I might suggest Yvonne Man out of Hong Kong as she is classy, doesn`t ask “airhead” questions that are so out of left field to be cringe worthy in nature, and speaks well with adequate presence on air.

But personally I would like to see the Networks raid some I-Banks for a female lead who can bring something to the table from a “boots on the ground” perspective. Who knows how to pivot from the basic news story of the day, and ask the pertinent questions that stem from said market event for the analysts to expound upon to add that next level analysis and market insight.



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via EconMatters

Stocks, Bond Yields, & Cable Tumble After ICM ‘Brexit’ Poll Swings Dramatically To “Leave”

In May, ICM’s poll showed a 10-point lead for “remain” in the UK’s EU referendum. This morning, after rumors spread of a big “remain” poll, sending GBP higher, ICM just released the details of their latest poll showing a massive swing to 50% leave, 45% remain. Cable and S&P Futures are tumbling…


And bonds are ripping..

May ICM poll:

  • Online Poll: 43% Remain, 47% Leave
  • Phone Poll: 47% Remain, 39% Leave

And the latest from ICM:

  • Online Poll: 44 remain, 49% Leave
  • Phone Poll: 45% remain; 50% Leave

According to Twitter:

So a swing in phone polls from -8 to +5 in a month! So much for Project Fear…

via Tyler Durden

Deutsche Bank Tumbles Near Record Lows As Yield Curve Crashes

Despite major jawboning and bond-buying by The ECB, Deutsche Bank’s “see it’s not Lehman after all” dead-cat-bounce has officially died as the giant German bank’s stock collapses back near record lows.

With Europe’s bond curve crushed (and 10Y Bunds trading 1.1bps today), it’s beginning to look a lot like Lehman again…


Furthermore The ECB is out in full jawboning mode…


Yeah so cutting rates even more negative wil probably help right?

via Tyler Durden

Gartman: “The World Is Finally Awakening To The Fact That World War III Has Begun In Earnest”

We have no idea how to even comment on this latest observation by “world-renowned”, if allegedly dead now that oil is again well above $44, commodity expert Dennis Gartman, who in his latest letter writes that World War III “has begun in earnest:”

SHARE PRICES, GLOBALLY, HAVE FALLEN PRECIPITOUSLY as all ten of the markets comprising our International Index have fallen and as one can see from the “red” in the price matrix below, 7 of the 10 markets in our Index have fallen by more than 1% and 5 of those 7 have fallen by more than 2% and 2 of those 5 have fallen by more than 3%. We have not seen a day such as this in more than a year and as our good, and very wise, friend, Mr. Doug Kass, reminds us, “Risk happens fast.”


Why now? Perhaps the markets are indeed concerned that the Federal Reserve Bank may pass on raising rates at its meetings this week, but will be moved to raise rates at a later time.


Or perhaps the markets are concerned that global economic growth does indeed seem to be waning and that a global recession lurks around the economic corner?


Or perhaps the world is concerned about the vote in the UK next week which is swiftly moving toward the UK leaving the European Union and thus the likelihood of other members of the Union at the periphery choosing to follow London’s lead.


Or perhaps the world is finally awakening to the fact that World War III has begun in earnest; that the Islamic World and the Judeo-Christian world are now truly at war in the aftermath of the murders in Orlando over the weekend. We are of the latter school of thought. We are convinced now that even the Obama Administration can no longer avoid the facts of the age; that Islam and the West are at enmity one with the other and in this light equity investment is wholly ill-advised. Add to that the concerns about the Fed. Add to that the concerns about global recession. Add to that the concerns about the UK and the European Union and one has the makings of serious equity market weakness.

We do know what to say about Gartman’s next statement however: it may explain the early ramp in stocks as algos read that Dennis is now once again “net short.”

We ended last week in our retirement account here at TGL modestly net short of the market in general, for we exited our long position in energy soon after the opening on Friday while we added to our short position via a derivatives position at precisely the same time.

For some it takes days to rotate their entire portfolio. Others, like Gartman, continue to manage it instantly.

via Tyler Durden