* Global stock markets got beaten up overnight and the carnage continued here in the U.S. * Dow Jones down 350 points by closing bell - biggest point loss of the year * NASDAQ down 122 points * Possible Grexit sparked sell off in FOREX markets * Banks in Greece closing, sending masses to the ATM machines * Euro ended up closing near the highs of the day - nearly to $113 * The dollar was weak all day against the Yen and against the Swiss Franc * There was no safe haven move into the dollar - gold up * The dollar lost considerable ground against the euro * Another confirmation that the dollar's rally is over * My newsletter released today does a good job comparing the U.S. vs global markets * The U.S. did well against the international market from 1996 to 2000 * In 2008 the U.S markets went sideways and the markets I recommend skyrocketed * We have been in a period similar to '96 - 2000 and now we are about to see returns even greater than the 2008 gains in our markets * Regardless of the direction that Greece goes in this weekend's referendum, the dollar is going down against the euro * Puerto Rican governor finally admitted the obvious - repaying their debt is impossible * Puerto Rican debt is a fraction of the U.S. national debt * If it is mathematically impossible for Puerto Rico to pay their debt, why does anyone think the U.S. will be able to eventually pay off its debt? * The only way we can pretend to pay our debt is for the Fed to do it for us by creating inflation * This is yet another reason why the Fed is not going to raise rates in September * We continue to get recession-like economic data, despite the fact that the Fed is still optimistic * The Federal Reserve is looking for an excuse to not raise interest rates * Maybe the situation in Greece will provide that excuse * Maybe it will be the volatility in China * "External problems" are providing an excuse to not raise rates * It is important to point out that Puerto Rico would not be experiencing such insurmountable debt if it were not for U.S. policy. * Puerto Rican debt has seemed attractive with its high yield and triple-tax-exempt status * Zero interest rates from the Fed, on top of high yields, have caused the debt to seem safe, even though mathematically it cannot be paid * People may begin to wake up when they realize what's going on in Puerto Rico and that may become an even bigger problem than GreeceOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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