Isn't this amazing! We were told by the Liars, again and again and again, that the pro-Brexit vote was the End of the World. They even staged a one-day market meltdown to make their point (after they had driven up share prices in the two days before that).

Now we see U.S. markets hitting new, all-time, ultra-bubble highs, even as the Big Banks are now whining that they need $100's of BILLIONS more in "bail-out" (i.e. blackmail) payments.

In 2008, the bail-in blackmail started on this side of the Atlantic, with European banks joining in the blackmail orgy later on. Clearly, once the Next Crash is detonated, it will be the European tentacles of the One Bank which hold out their hands for welfare first -- and then the U.S. Big Banks will slip in their own extortion demands later.

Then we have the propaganda headline itself:

S&P 500 Rallies to a Record High as Earnings Come Into Focus

Not quite. We have U.S. equities being manipulated to new, all-time, ultra-bubble highs on the back of FALLING EARNINGS.

When the S&P 500 first hit 2130 back in May 2015, reported LTM earnings were $99.25 per share, and that was already down 6.4% from the cyclical high of $106 per share in September 2014. Thus, stocks were being valued at a nosebleed 21.5X in the face of falling earnings.

During the four quarters since then, reported LTM earnings have slumped by a further 12.3% to $87 per share. So that brings the “cap rate” to 24.5X earnings that have shrunk by 18% over the last six quarters. Wee!

The response of the banking liars, and politician liars, and media liars? Just look at the "strong U.S. jobs report." Rebutting this B.S. is even easier.

1) None of these jobs exist. Less and less people are working in the U.S. economy each month.

2) Even if the jobs were real, we have the Fed Liars promising to "raise interest rates" as soon as "the U.S. economy is strong enough". Thus if the jobs were real, and if the Fed-heads were telling the truth (lol!!!!!!), this "strong jobs report" would guarantee a near-term hike in U.S. interest rates, and (as we all know) that is TERRIBLE for stock market valuations -- particularly stock markets at all-time, ultra-bubble highs.

And let me say again, we were already told that Brexit was the End of the World for Western economies. How can we have already "recovered" from the End of the World...???

S&P 500 Rallies to a Record High as Earnings Come Into Focus

The S&P 500 rallied to a new intraday high on Monday as investors continued to cheer Friday's blowout jobs report and prepared for the beginning of the second-quarter earnings season.

The S&P 500 rose 0.4% in trading on Monday and surpassed the closing high set on May 21, 1995. The Dow Jones Industrial Average added 0.5%. The Nasdaq climbed 0.67%.