Greece is a Sideshow. U.S. is the Main Event – Ep.89

* It looks like there is going to be some kind of deal to avoid the "Grexit" * Greek's exit would be great for Europe, but it would not be politically attractive for either side * As long as Greece stays in the Eurozone, the Greek government can continue to blame Germany or Brussels for their problems * So-called austerity will continue without any haircut to the debt * The same is true for cuts to government spending * The Greek government may increase taxes and/or adjust the retirement age for pension, but no government spending cuts are on the table * Tax increases will provide more incentive for tax evasion or avoidance by leaving the country * All talks are re-arranging deck chairs on the Titanic - extend and pretend * The markets are higher - the euro down big * The market is anticipating more cheap money, which would be threatened by a Grexit * In an ideal world, if Greece were to leave the Eurozone and set themselves up as a bastion of free market capitalism, then they could come back strong * Given the electorate, this move is unlikely * Socialism only works in Greece as long as they have another country's money * The sell-off in gold based on the Fed's dovish statements last week * The Fed will only raise interest rates nominally in order to keep the market from balance sheet expansion stimulus into its calculations * Good news from housing numbers - a surge in the Northeast * Mortgage rates have been rising, although still low. Some buyers are worried about higher rates * Higher rates, however would price buyers out of the market * Monday Chicago Fed National Activity Index came in at -.17, continuing a downtrend consistent with a recession * May Durable Goods down 1.8% three times lower than expectations * X transportation met recently reduced expectations * Durable goods has missed for 5 out of the last 7 moths * Chicago PMI Manufacturing weaker than expected decrease to 53.4 - now at the lowest level since October 2013 * Manufacturing and production data sis weak - housing numbers are getting a boost from interest rate expectations * Home ownership rate continues to fall * Rents are risingOur Sponsors:* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com* Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai* Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com* Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy