Foxes in the Chicken House

by Bill Bonner
Acting Man

Turning Inward

U.S. stocks fell a little on Monday. After the excitement of Brexit, investors don’t seem to know what to do. Some believe the vote in Britain signals a “breaking up” pattern… a move toward Trumpism and away from globalization and financialization.

[…] If so, it may mean “walls” – turning inward and away from the go-go era of ever rising credit and central bank backstops for the capital markets. Others believe Brexit will have the opposite effect. The “Hillary Effect,” they say, causes policy makers to close ranks – and do “whatever it takes” to protect themselves.

What it takes, they believe, is more phony money.

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