Ross Powell is the founder of Survival 401k, a specialty financial services company that provides hard-asset based retirement account solutions and preparation recommendations. Please visit his website to explore the critical solutions that Ross offers. This article was originally published on US Daily Review: Italy, India, and Institutional Immolation
With 2016 almost in the history books, major developments in Italy and India have clarified and solidified several of the macro trends that have come to the forefront this year. This article is not intended to serve as a comprehensive review of these substantial situations, but it should serve as a primer and prism to help us understand what we should be focused on in geopolitical and financial terms as we move into 2017.
Italians recently voted on a referendum and by a wide margin rejected a sweeping spectrum of constitutional reforms. The obsolete media didn’t bother to inform Americans fully about this major decision, but it’s worth asking why the referendum should be significant in the first place. In normal times, this preservation of the status quo would typically be seen as inconsequential. However, we are not in normal times.
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Tonight we will be examining the implications of the Italian referendum from this past weekend as well as the progression of the war on cash in India. These two narratives provide a useful perspective from which to analyze the macro trends in geopolitics and finance that are currently reverberating around the globe.
Is the revolt against globalism over or is it just getting started? What is the real motive behind the banning of large bank notes? Who stands to benefit from recent developments? How will all of this play out over the coming months and years? What should we be watching for and what steps do we need to take?
Bring your questions to our open forum and join us for another lively meeting of The Amateur Society. We look forward to having you with us. Stay safe and God bless!
Today Italians voted against a basket of proposed changes to the structure of government in a constitutional referendum. Italian Prime Minister Matteo Renzi will resign after the loss after having staked his political career on the results. The same gambit led to the end of British Prime Minister David Cameron’s tenure earlier this year.
Long story short, the trend of populism and nationalism continues to march on. Expect follow through on this trend into 2017 and other elections around the Eurozone. The referendum results have damaged the Euro as doubts are renewed about the future of the political union in Europe and its currency.
The dominoes continue to fall. The defeats for globalism continue to mount. However, in this time of change and upheaval we must be prepared with truth, authenticity, and solutions in order to avoid repeating the mistakes made at various points of tumult and instability throughout history.
The focus from a financial perspective will be on the world’s oldest bank, Italian lender Monte dei Paschi. The latest of many rounds of bailouts and agreements is going to be viewed as being in jeopardy because of the referendum. Nothing in the results themselves are legally binding, but the perception is that the no vote represents a dismissal of the current course of policy in general and that everything – including the bailout of the beleaguered bank – is now in question.
Whether the geopolitical instability actually translates into financial volatility remains to be seen. If it’s business as usual, then the discrepancy between credit and equities will widen and the dip in the euro will give additional phantom strength to the dollar leading to a drop in the paper price of precious metals contracts. The status quo of actual events that create uncertainty and volatility leading to less volatility from the perspective of equities is likely still intact.
For more information, please see the detailed blow-by-blow over at Zero Hedge.