Europe has suffered many Islamist terrorist attacks in recent years, but before the assault on Charlie Hebdo, only two of them caused more than ten deaths: the Madrid train attack in May 2004 and the London tube and bus bombings 14 months later. Since then, and the beginning of the global ‘war on terror’, things have become exponentially worse…
Mission Accomplished?
QUESTION: Hi Marty,
Jeroen Dijsselbloem, Eurogroup President, has launched a storm of indignation as he insults half of Europe, illustrating the clash between the North and South. Dijsselbloem said of Southern Europe: “I can not spend all my money on liquor and women and then ask for your support.” This is how far politicians are disconnected from reality. Dijsselbloem will not accept any responsibility for the failed structure of the Euro and would never comprehend that converting all past debts to euros doubled the national debts of Southern Europe and acted like they were strip-mining their economies, sending unemployment among the youth to about 60%. No, all the problems with the euro are not that Southern Europe is spending all their money on booze and women.
Former Italian Prime Minister Matteo Renzi called on the Dutchman to resign on Wednesday. In the European Parliament, too, the Social Democrat’s statement crossed the party’s point of incomprehension. The attitude of the politicians in the North of those in the South has always been one of indignation. This was why they would not consolidate the debts of all members, because they told me back in 1998 it would appear to be a bailout for the lazy South. That is why they left each country with its own debt.
Today a closing above 20775 will signal that the Dow Jones Industrials is still holding firm. We see this period into May as consolidation. We have technical support at 20147 level and technical closing support at 20702. ONLY a weekly closing below 20000 would confirm a more sustainable correction into May. Otherwise, expect choppiness. The bulk of analysis still calls for a crash. This has been the biggest rally in history with the biggest amount of bearishness perhaps ever in history.
We can see this week in a turning point and we should begin to see more volatility ahead. But you can see a choppy trend over other week for right now. A closing today above 20640 will also signal the market is still withing support.
If gold closes March below 1243, this will warn that a correction into May is possible. This has been merely a 3 month reaction so there is still nothing to write home about just yet. Today, gold MUST close above 1245.50 to hold on to any gains.
The Euro has a Weekly Bullish Reversal at 10855. Only a closing above that level will signal strength. Otherwise, caution is still advisable. Our monthly timing models called for a bounce here into March. The next important turning point will be May
Hey the poor guy is a Demorat and he just lost a major election and that through out 30/40 years of trying to remake America into a Marxist state so give the poor guy a break … lol
The CIA went way to far …
COMMENT: Sir,
QUESTION: With the Netherlands voting against Wilders, do you think the tide is turning? Will Europe survive?
ANSWER: It may have been a huge sigh of relief for the global socialists/progressives with the loss of Geert Wilders on March 15th, but there is a clear undertone of rising discontent within Europe. Likewise, the AfD in Germany will most likely also not win. Nevertheless, Wilders was the extreme among politicians in Europe who was openly Islamophobic and EU-hating to the very far-right. Still, Geert Wilders and his Party for Freedom (PVV) have indeed still ushered in the dawn of a new populism in Europe, which is always against the establishment. That was in fact what swept FDR into office in 1933, Hitler in Germany also in 1933, and Mao also in 1933. Wilders may have been called “the Dutch Donald Trump” with a strong early lead in the polls, but at the last minute the current prime minister Mark Rutte came out ahead by a decent margin.
Populism is always seen as the great evil. That was how it was being portrayed by the mainstream media for the 1932 election won by FDR. Today, it is a return toward isolationism. The Americans were very against getting involved in both World War I and II. FDR went to Boston to promise their sons would NEVER go to Europe to defend the British. The Irish dominated Boston and they would not vote to send their boys to defend the British after the way they were treated.
American fled Europe because of all the political inflighting. They were isolationists and felt Europe should fend for itself. It was the politicians who lied and did whatever it took to maneuver the opinion to support their desire for war. We are merely returning to a period of isolationism after countless wars and attempts to create nation building so politicians can pound their chests.
By no means should we view the Dutch elections as this is the end of populism. It is just getting started because politicians have abused the people countless times. The loss of Wilders emboldens the EU politicians not to reform, but to make this far worse. Sure, the euro bounced. But this is nothing to write home about.
The important change in trend will come in May. The major turning-point appears to be 2018. Keep in mind that without change in leadership, Europe is doomed. They will only pursue the very same policies that have given rise to populism in the first place.
In Canada, I was in a discussion with a socialist politician. I was shocked at the response to their view of the economy that everything you earned belonged to the state and they decided how much you were allowed to keep. This same attitude is displayed by the Canadian Revenue Agency (CRA). They have cleaned up the way they say it softening the words and injecting a new term calling this a “sharing economy” and equating it to five key sectors of the sharing economy as being: “accommodation sharing, ride sharing, music and video streaming, online staffing, and peer/crowd funding.” The CRA is now selling socialism by relabeling this as a new “sharing economy” that assert “is becoming bigger part of the general economy, and that it is cooperating with industries, provinces, and territories on how tax systems and compliance is affected by such changes.”
This new “sharing economy” is Marxist socialism warmed over. The CRA says: “The sharing economy is a technologically fuelled way to consume and access property and services.” They added: “In this economy, communities pool, loan, and share their resources through networks of trust.”
You are not capable of being able to manage your own affairs and are way too stupid to understand what is the best way to spend money. Therefore, the CRA explains that the tax obligations for individuals or small businesses involved in the “sharing economy” means they MUST report ALL income earned through “such activities, as well as meet goods and services tax/harmonized sales tax requirements.”
Trump for the American Citizens not all the worlds Riff-Raff that don’t belong here!
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