Authored by Raul Ilargi Meijer via The Automatic Earth blog,
I’ve seen a lot of videos and photos of the Catalonia attempt to hold a referendum today (Tyler has a “nice” series of them), and what struck me most of all, apart from the senseless violence police forces were seen to engage in, is the lack of violence on the side of protesters.
Fascism has been rearing its ugly head all weekend in Spain and has delighted investors to no end. S&P futures are heading up now, +3 in early trade. Over in Europe, the optimism born in Spanish law and order has become somewhat infectious, delighting traders there to no end, sending DAX futs higher by 0.45%.
Gleaning from the good news in Europe, Asian markets are soon gearing up to rip ahead.
The copper trade is improving, as we speak, up by more than 0.8%.
Though the results of today's referendum have yet to be announced, separatists in Catalonia are urging the government to declare independence from Spain, citing today's violent crackdown as the reason. In a rousing speech following the close of voting, Carles Puigdemont, the leader of the Catalan government, said his citizens have earned the right to form an independent state and that the results of the referendum, to be announced shortly, will be sent to the local parliament for ratification.
Submitted by John Mauldin of Mauldin Economics
Today we’ll continue to size up the bull market in governmental promises. As we do so, keep an old trader’s slogan in mind: “That which cannot go on forever, won’t.” Or we could say it differently: An unsustainable trend must eventually stop.
Live Feed:
http://www.rt.com/on-air/405139-demo-against-catalan-referendum/embed
The Spanish ambassador to UK, Carlos Bastarreche, has warned Catalan government’s move will have ‘serious implications’ for European stability...
Europe is watching “a slow-motion, low-cost coup d’etat” by the Catalan government.
“If the Catalan government succeed it will be a drama for Europe, starting with the UK, because it will mean that a region can disobey the rule of law.”