If you have a burning question you’ve wanted to ask me for awhile – or one that’s gotten buried in a long comment thread on Sure Money – comment below to leave it where I can see it.
As usual, I’ll choose the best and most insightful questions to answer.
Watch for that article next week.
And comment below to leave your question now.
Italian voters resoundingly rejected constitutional reforms proposed by Italian Prime Minister Matteo Renzi on December 4, leading Mr. Renzi to announce his resignation. Roughly 60% of Italians voted “no,” higher than the polls projected and ending efforts to overhaul Italy’s profoundly dysfunctional governance structure. Italy’s economy hasn’t grown in a decade. Voters decided to follow a path that will likely bring the populist 5 Star Movement, which campaigned against Mr. Renzi and his agenda, into power with a platform that includes a non-binding referendum on Italy’s EU membership, an end to EU-mandated government spending limits, and income guarantees for all citizens (of course, like all populist and progressive movements, it doesn’t offer a realistic pro-growth agenda). Polls suggest that 5 Star has roughly the same level of support as Mr. Renzi’s Democratic Party if parliamentary elections were held today.
Coming a few months after Brexit and less than a month after Donald Trump’s election, the Italian vote is the latest indication that voters’ patience with the status quo has run out.
The worm has turned. We’re seeing a massive backlash against the establishment.
So far, that hasn’t translated into market instability – in fact, equity markets rallied after the vote, something that many people, myself included, did not expect. But long-term, we’re looking at a very different story.
Here’s what’s going to happen – and how to profit.
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