No. 777 - YEAR-END SPECIAL COMMENTARY
 Key Issues in the Past Year and the Year Ahead

December 30, 2015

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A Heavily-Troubled 2015 Has Set Up 2016 for Disorders in the
Financial Markets, Systemic Stability and the U.S. Political Arena

Formal “New” Recession Recognition Is Likely Early in the New Year

Real S&P 500 Sales — Net of Stock-Buyback Distortions – 
 Showed No Post-2009 Recovery in the Economy, but Instead Showed
Low-Level Stagnation that Shifted Recently to Intensifying Downturn

Deepening U.S. Contraction Should Hit the U.S. Dollar Hard,
Where a Temporarily-Sidelined FOMC Touts an Economic Focus, and
Federal-Deficit, Systemic-Solvency and Treasury-Funding Issues Come to the Fore

Federal Reserve and Other Central Banks Have No Way Out as
Dangers from the Panic of 2008 Persist

Heavy Dollar Selling Should Generate Rallying Gold, Silver and Oil Prices

U.S. Electorate Likely Will Vote Its Pocketbook

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PLEASE NOTE: The next regular Commentary, scheduled for Wednesday, January 6th, will cover the November Trade Deficit and Construction Spending.  A subsequent Commentary on Friday, January 8th, will cover December Employment and Unemployment.

Due to the large size of this Special Commentary, it is avalable as a PDF only.