European Union

It was supposed be a UK general election that solidified Conservative dominance, and boosted Brexit leverage. It ended up being the opposite, after British voters delivered a stinging rebuke to Prime Minister Theresa May and her ruling Conservative party, depriving her of a majority, resulting in a "hung parliament" and thrusting the country back into a new period of uncertainty as it prepares to depart from the European Union.

A quick recap of what happened overnight:

Authored by Paul Craig Roberts,

The military/security complex spent seven decades building its empire. The complex assassinated one American president (JFK) who threatened the empire and drove another (Richard Nixon) out of office. The complex does not tolerate the election of politicians in Europe who might not follow Washington’s line on foreign and economic policy.

Having told its employees "don't panic" over the weekend (at the crashing stock and bond prices of Spain's 6th largest bank), it appears investors are ignoring that message as Banco Popular's credit curve has inverted for the first time since 2012 in the biggest red flag yet that Spain's banking crisis is systemic and about to test the EU's bail-in laws.

Banco Popular Chairman Emilio Saracho sent a letter to staff assuring them the bank remains solvent after Friday's stock crash, courtesy of Expansion, google translated:

Washington’s Empire Is Not Unraveling

Paul Craig Roberts

The military/security complex spent seven decades building its empire. The complex assassinated one American president (JFK) who threatened the empire and drove another (Richard Nixon) out of office. The complex does not tolerate the election of politicians in Europe who might not follow Washington’s line on foreign and economic policy.

Commenting on the current state of the European experiment, George Soros warned the European Union has plunged it into an existential crisis as a result of "dysfunctional" institutions and austerity mandates, and will require the bloc to reinvent itself to survive. Speaking at the Brussels Economic Forum, the billionaire investor said the EU had "lost its momentum" as he urged policymakers to abandon hopes of "ever closer union" driven by a top-down approach from Brussels, a statement which will likely displease Germany.