United States

One year ago, the CBO forecasted that the  Fiscal 2017 US deficit (for the year ended September 30), would be in the mid-$500 billion range. It was not meant to be, however, and on Friday the Treasury reported that with outlays of $341 billion in the last month of the fiscal year, offset by $349 billion in receipts, the full year deficit grew to a nice, round and very memorable $666 billion in fiscal 2017, up $80 billion or 14% from fiscal 2016. The government ran an $8 billion surplus in September, much smaller than the $33 billion surplus in September 2016.

Russian President Vladimir Putin has not yet formally declared his intention to seek another term as leader of Russia, but many observers noted that a sweeping speech he gave at the Valdai Discussion Club in Sochi this week served as a template for his campaign ahead of the March election.

In a new interview with host Jesse Ventura at RT, former presidential candidate and House of Representatives Member Ron Paul discusses the harm imposed on the American economy by the succession of US wars over the last few decades, from the Korean War onward, that drain money away from prosperity-building activities in America.

“Just think if all the money we have spent overseas since World War II ended, if that money had been left in this country to let wealth grow,” proposes Paul.

 

Gold Up 74% Since Last Market Peak 10 Years Ago

Global stocks hit new all time highs overnight, with US stock-index futures, Asian and European stocks all rising overnight after the Senate adopted a fiscal 2018 budget resolution, paving the way for Trump's $1.5 trillion in tax cuts, while news that "dove" Jay Powell may be the next Fed chair added to the risk-on sentiment.