Everyone has been focusing on the potential negatives to Britain for leaving the EU in their now infamous Brexit referendum decision, but up till now they have not much considered the downsides to the EU itself. This past week the painful truth regarding the severe budget shortfall the EU will soon experience when Britain stops contributing finally hit home. Scotland threatened to leave the United Kingdom if the country loses common market access to the EU. The Euro continued what is now being described as its inevitable march towards parity versus the U.S. Dollar. Scandinavia closed its last coin… Read More

The Dow Jones Industrial Average has had a tremendous year.  Up some 13% since the beginning of 2016, the Dow has recently been flirting with the impressive milestone of 20,000. But, will it pierce that level?  And, if it does, how long will it hold onto those gains?  A close look might suggest that the current rally has petered out.  In fact, there is evidence that it may actually have hit a near-term top.  Let’s take a closer look. The chart below shows the performance of the Dow Jones Industrial Average last week (the week ended December 16th) at one-minute… Read More

  New President-elect Donald Trump and his enthusiastic team have promised over a trillion dollars worth of direct government spending on the aging and failing national infrastructure of the United States over the next ten years. They must have discovered a new gold mine or super oil field somewhere in order to pay for this incredible spending spree bonanza, right? Actually, the correct answer is more troubling. President Trump the dealmaker's dealmaker will simply borrow the trillion dollars in cold hard cash and add it to the already $19.9 trillion in debt we can never hope to repay. That is up… Read More

  In the latest geopolitically rocking election revolt against the establishment everywhere, Italy's Prime Minister Matteo Renzi became the latest casualty of the mighty populist wave sweeping like an unstoppable tsunami across the developed nations. The referendum "no" vote on which he had staked his future garnered 59% in a 70% voter turnout. As a result of the pro-European Union prime minister's fall, long-term troubled and third largest Italian bank Monte dei Paschi di Sienna ultimately failed its desperate efforts to raise 5 billion euros of much needed capital to rebuild its devastated balance sheet. It has twice failed the European Central… Read More

  The verdict is out from yesterday's crucial Italian referendum. Prime Minister Matteo Renzi and his much-lauded political and constitutional reforms were officially repulsed. Now Italian President Sergio Mattarella must decide if he will call for new elections well ahead of the planned 2018 polls. If he does, the latest anti-establishment populist candidate Beppe Grillo and his 5 Star Movement will win the election and begin another more potentially damaging referendum on Euro membership that could have far reaching consequences for your investments. Five Star Movement is the establishment's worst nightmare. It is a dangerous marriage between EU-skeptic ideas and progressive… Read More