Earlier this week, Saudi Arabia released budget numbers which showed that the kingdom ran a deficit in 2015 that amounted to some 15% of GDP. 

To be sure, that was far better than feared, but it’s still a disaster and reflects just how much damage Riyadh’s two wars are inflicting on the monarchy’s finances.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

I never liked the saying: “We are the 99%.” While admittedly catchy and effective as a slogan, I think it is ultimately divisive and counterproductive. The reason I say this is because the statement itself alienates much needed allies for no good reason.

 

Authorities in Belgium’s capital have decided to cancel the city’s annual New Year’s Eve festivities and fireworks because of the threat of terrorist attacks. The decision comes following the arrest of two people suspected of planning an attack over the holiday. RT reports: In a Wednesday meeting, Brussels’s mayor Yvan Mayeur and Belgian Interior Minister Jan Jambon took a joint decision to cancel Thursday evening’s festivities. “Together with the interior minister, we’ve decided to not have the celebrations on Thursday evening,” Mayeur told the state broadcaster RTBF Wednesday night.

Earlier today, we noted that while the market was surging last week, the smart money was selling. This comes at the same time as ICI reported major redemptions from both stock ($3.9 billion) and bond ($4.5 billion) mutual funds, even as corporate buybacks were decelerating, leading to the question of just who was buying stocks during the Santa rally of the past two weeks.

It's that time of year again. When hindsight is 20/20 and coulda/woulda/shoulda gives way to reality. With the US equity market barely able to keep its head above green water, a look around the world shows investors could have done a lot better (or not).

In fact, as Handelsblatt shows, the best investment in the world in 2015 would have been - drum roll please - Venezuelan stocks!

Note - these returns are from a EUR-denominated persepctive