American Hockey team Deals Loss to Russyan Team

   In a stunning upset, American hockey players slammed the Russyan team in a strong 3-2 victory.  The Russyan team walked into the match fully expecting a win against their American opponents.  However, the scrappy boys from North America had other ideas.
     When the match ended, the victory went to the Stars and Stripes.  Now, most Russyan players think their future will be in the gulag in Siberia.  Nobody likes a loser, especially Russyans, despite their own problems with losing and using drugs to ramp up performances on the world stage.   Well, now they have lost in hockey, an area they formerly stood alone around the world.  Now, they must be content with the brand: L-O-S-E-R.

Vermont Finds Russyan Malware

      A Vermont electric utility company announced that company employees have found Russyan malware on a computer used to monitor company activity.  The utility claims that the malware did not affect the operation of their grid connections; but only was found on an employee's computer.  An investigation is underway to find how this malware, or spyware, was planted on the computer.
More to follow.

Turks Release WSJ Reporter

      In its continuing campaign against the media, Turkish thugs kidnapped an American reporter working for the Wall Street Journal.   The thugs confined the reporter without conveniences or contact with representatives of family or State Dept. officials.  This is one more sign that president Cowchip Erdogan is doing his best to be identified as a ruthless dictator bent on maintaining power at all costs.  Typical.  And people wonder why Islam is under worldwide scrutiny.
     More than a few such examples provide sufficient evidence that suspicions are justified in finding that followers of Islam have an agenda contrary to the rest of the civilized world.

Obama Sends Christmas Message to Kremlin

     Dear Vladimir Vladimirovich Putin,
      Greetings to you and your extended Russyan family, such as it is.  The holiday season is in full swing here and there, as the case may be.  As you know, my days as POTUS  are numbered, down to a few weeks or so.  So, as part of my ongoing efforts to bring peace and joy to the world, I've decided to impose sanctions on you and your country for various and sundry issues, all of which have been explained by the NY Times and other publications here and abroad.   Most of the agents who have been named to be repatriated to the Steppes you know well, without exception.   We've tolerated them as a gesture of our magnanimous attitude toward all foreigners, no matter their origin.   Now, things are different.  Your behavior has been deviant from the recent past, but not out of character, generally.   As a result, we are sending this message in the form of expulsion with other attachments, most of which will be secret, and applied secretly over time.  My successor, Mr. Trump, may have other plans, but those are unknown.  Good luck with him, and good luck with that.
        I hope you enjoy the rest of the season.   Peace be with you,
My best,
B.O.

Winter Holiday: Welcome Visitors

      The crowds have arrived on the West Shore.  Parking lots are full, lines are forming as we write, and the weather is excellent.  It is the stuff of dreams.  Locals always keep their fingers crossed as we approach Christmas, and this year, 2016, our collective luck has held: folks can make the drive w/o the perils of a storm.   Reservations were kept and guests arrived full of enthusiasm and good spirits.
Have fun, and drive safely.

Brazil-Odebrecht-Corruption-Latin America

      Just when you thought it was safe to go into the water........And now this.  Well, sports fans and other game watchers, Wilma is gone and Lula has been indicted.   The "Car Wash" investigation marches on in South America's largest economy or what's left of it.   Looks like the DOJ has done some excellent work regarding bribery in the neighborhood of Brazil.  The construction giant Odebrecht has been exposed for what it really is: a money machine for the leadership of many countries in Latin America, or more to the point, a cash cow for the leadership of the company and the political machines of those countries with which it has contracts, or what appear to be contracts.
      Over the last 10 years, the company has paid bribes to the tune of $800 millions, as in $800 million.   Hmmm. Sounds corrupt to me.   Now, Mr. Marcelo Odebrecht has admitted wrong doing, ie., paying bribes, in a plea deal so that he doesn't spend his life in jail.   A subsidiary, Braskem, a petrochemical giant, has also been implicated and will pay.   Where does it all end?  Nobody knows, but if one is to "drain the swamp", one has to dig deep into the muck before there's any possibility of making the drainage work.   The legal beagles of the DOJ know their business and have put the sunlight on the vast network of corruption which has helped to ruin many economic ventures in public infrastructure: huge projects that are never completed, projects that have huge cost overruns, and private individuals enrich themselves at the expense of taxpayers and local governments.
      It is ugly, but it gives the rest of us hope that the future just might improve for millions of citizens who wish an end to the stigma of corruption in their midst.

Ministers Arrive: Hold Last Meeting of 2016

      High Sierra weather held fine and most of our ministers were able to make the mid-holiday gathering in Tahoma.   The gathering in downtown Tahoma was a festive affair in keeping with the season.   Our meeting gave the crew a chance to catch up on all forms of information since media is making news everywhere(tweets, blogs, snaps, TED's, etc).
      Our Minister of Aviation captured much attention as she discussed the aviation scene with its two large, fatal crashes(Russya and Colombia).   Russyan aviation officials have grounded all Sukhoi aircraft of the model that crashed.   Investigators have identified metal fatigue in the structural frame as a component contributing to the crash.  In Colombia, officials have detained the owners of the charter airline involved with the fatal crash that killed a Brazilian football/soccer club.   The plane ran out of fuel before the crash.   Flight controllers are also being investigated.   Not a good week in aviation.
More reports to follow
      The Minister of Aviation also discussed the new Walter Extra plane that is powered by an electric engine.   It set a climb record for a plane its size and weight using a new battery-powered electric motor.  Very impressive.
      The Minister of Manufacturing reported on the progress of the project in SoCal that is creating the largest hydraulic press in the USA: a monster that will be capable of pressing metal with 60,000 tons of direct pressure.  That's correct: 60K tons.  Components for the actual machine are being made near Cologne, Germany.  Completion is scheduled for early 2018.

Bankers Christmas: 2016

Jes Staley-See You in Court

       Well folks, if you follow the banking sector of finance, you've been busy this week keeping abreast of developments.  Many of the largest institutions announced settlements with the DOJ over their misdeeds related to the financial crisis of 2008 brought on by their involvement with mortgage-backed securities that weren't worth anything at all.  Here's the list:

Bank	Announced	Total Fine (billions)	Consumer Relief (billions)
Credit Suisse	December 2016	$5.3	$2.8
Douche Bank	December 2016	$7.2	$4.1
Bank of America	August 2014	$16.7	$7.0
Citigroup	July 2014	$7.0	$2.5
J.P. Mogran	November 2013	$13.0	$4.0
Goldman Sachs	April 2016	$5.1	$1.8

     Who's conspicuously absent?   Why, that would be your friends at the UK's 2nd largest bank, Barclays.   And why is this happening?   Well, the Barclay's chief, Jes Staley, the former American banker, has decided to push back against DOJ demands.  He's going to court.   Can you imagine the chutzpah of this buffoon?  He thinks it's business as usual among bankers and regulators.  Typical American.  His thinking is out of step with his peers.   He will get a smack down and the Barclay's board will dump his butt for somebody less aggressive in the present situation.  Ahh, bankers.  Gotta lov'em.   There's no end to their conniving and lack of concern for their customers.  The reason: too much money.   They really have no concept of what their role is in any one economy.
More later.

Italian Police Eliminate Tunisian Terrorist

     Italian Federal Police got into a shootout with wanted terrorist who was being sought by authorities across Europe.   The armed murderer was discovered near the northern city of Milan.  After being surrounded he decided that a shoot out would serve his wishes of suicide best.  Italian police decided that he was not worth saving and proceeded to send him on without further adieu.   Final details will emerge after police finish their investigation into the incident.  Germans who were seeking this man are pleased that the search has ended and the man will no longer pose a threat anymore, anywhere.
      The Italians are familiar with the man after he was held in a local prison for 4 years after he set a fire in a refugee camp upon his arrival almost 5 years ago.  The disaffected young man displayed a shocking disregard for human life while hiding under the tunic of Islam.   Security officials admit there might be as many as 500 of his type among recently arrived asylum seekers and refugees.   Angela Merkel and other European leaders have their work cut out for them as they attempt to calm the rattled populations of the Continent.

Minister Arrives in Tahoma

      Our Minister of Latin American Affairs has landed in Tahoma for a brief stay.  He will provide information on the latest developments down south.  Among the many topics will be the situation in Venezuela where the country sits on the edge of complete economic collapse as a result of gross mismanagement by President Maduro and his incompetent staff.  Also the situation in Brazil will be explained in depth as that country deals with post impeachment issues related to former Presidents Wilma Rousseff, and Luis Ignacio Lula di Silva who was recently indicted.   The situation in Colombia will be examined and reported on as the peace settlement with FARC rebels moves ahead.
Lots to talk  about over these Christmas holidays.   More to follow soon.
     A little bit of snow has fallen in 24 hours and more may be added over the weekend.
Drive safely; remain calm.

Ponzi Scheme: Again

       Platinum partners: has a nice ring to it.   If it's made of platinum, it must be good.  So, the DOJ arrested the founder of Platinum Partners Hedge Fund and charged him with running a Ponzi Scheme, the largest since the notorious Ponzi of Ponzi Fundsters, Bernie Madoff, made off with about $8 billions of other peoples money.   With all the regulations out there concerning investments and oversight, it would be hard to pull this off.  But, no, it is still possible to accomplish.   But, we are talking only a billion dollars.
       On Monday, 6 partners were arrested and charged with faking the firm's investment performance.  Mark Nordlicht, the chief investment officer was among the 6 held.   Investigatrs were also looking into the relationship between them and Murray Huberfeld and Israel Englander, head of $34 billion hedge fund Millennium Management.  Also being investigated is Beechwood Re,  a Bermuda reinsurer, two thirds of which is owned by---------Platinum Partners.
      So, some high fliers have had their wings clipped, again.   Mr. Nordlicht was an investment manager with another well known Wall St. firm until he decided he was smarter than the company he worked for.  Oh, well.  High finance-not without pitfalls for some players and investors.  Seems like there are more risks in management than in investment vehicles.
      We'll have to see how many of these fraudsters go to jail.  Mr. Nordlicht will probably get 20 years as a starter.  maybe he and Bernie can talk of the "good old" days together at their new home.

Russyan Ambassador Assassinated in Ankara

       Diplomats around the world cringed at the news of the murder of one of their own in Turkey yesterday.   Russyan Ambassador to Turkey, Andrey Karlov, was murdered by an off duty Turkish policeman as he spoke at an art gallery opening in Ankara.  The murderer was then given his wish as he was eliminated by security officers.
      Allegedly, the Turk shouted statements regarding Russyan actions in Syria and in particular, Aleppo.   Reports indicate the man was an Islamist.
    We extend condolences  to Mr. Karlov's family.

Trump in 2000

Recognize Anybody?

      What was going on in the early months of the year 2000 with Mr. Trump?  Well, sports fans, let me direct you to a fine book by a fine reporter. Fly Fishing with Darth Vader, by Matt Labash.(Simon & Schuster, 2010.)  As a reporter, Mr. Labash got around America.  He interviewed many a noted citizen and many a notorious citizen.  Included among the "personalities" found in the collection are Roger Stone, Marion Barry, Al Sharpton, the late Christopher Hitchens, Dick Cheney,  George South(who?), and best of all: Donald Trump.  Yes, the president-elect.  He found time to roll through a hapless campaign for president as a 3rd Party candidate: the Reform Party candidate.  Huh?  Yes, sports fans, the Donald, eh, the president-elect, had focused his brief attention on the White House as far back as 2000.   Remarkable?  Well, maybe not.
      Reading this chapter, in light of the results of the November election, puts the information in an entirely new light.  At the time, his now wife and future first lady, were only going steady.  She the Slovenian beauty with the long legs and distinct accent.   His children were not evident, no doubt focusing on career work and private lives removed from media attention.  The excerpts of conversations, quips, and anecdotes sounds as though they were spoken last week, not 16 years ago.  I'm sad to report: nothing has changed with Mr. Trump.  He was the Donald then, and he is still The Donald.
     The chapter on the Donald is entitled 'Trump on the Stump".  It starts on pg. 233.  It covers only 8 pages, and that's enough.  You'll learn more than you want to about Mr. Trump, Whoopie Goldberg, and Melania.   I recommend reading it.  I'm sure it's available as folks dust off the cover of this timely reportage from 16 years ago(pub. in 2010).
Enjoy.

Mr. Putin Vis-a Vis Mr. Abe

     So, the Black Belt judoka goes to the No. 1 judo studio in japan, a guest pf Prime Minister Abe.  Mr. Putin is on a short state visit, only 2 days, hardly enough time to drink a cup of jasmine tea or sake, as the case may be.  The discussion focused on trade; really?  Maybe it was more about fishing rights; or maybe more about trading with China, the dragon just south of Siberia and a little west of the Home Islands.  Or, as some pundits wrote, the issue of the Northern territories was broached.  (Northern territories is the japanese reference to the southern 4 Kurile Islands which were seixed and occupied by Russyan troops at the very end of WW II, a distinct breech of Allied agreements of the time.   However, Russyan has made it known that they consider the islands part of the Russyan mainline.  Good luck convincing the former KGB officer that these islands should revert to Japanese control.
      Apparently, no formal agreements were achieved during their brief discussions; but the meeting did punctuate a message to China that Russya will be a question no matter how China views the relationship now and in the future.  Interestingly, a Chinese naval vessel, shadowing a US research vessel in international waters, seized a submersible data collector(drone) and refused to return the machine to its rightful owners.  So, here we have a small, but significant effort by the Chinese government to tell the world that they are playing a new position on the global field.  Maybe they are smarting from Obama's imposition of significant tariffs on Chinese-made steel products, or the likely hood of new tariffs on Chinese -made aluminum products(even though they are shipped through Vietnam and Mexico).
      But, it's great to see to world leaders conversing over tea and almond cakes.  Maybe they exchanged gifts: Sony TV for Russyan sable fur coat.  Nice.

Obama Outs Putin

   In a widely spread announcement, President Obama stated that it is "highly likely" that Russyan President Putin gave the go ahead to cyberattacks on various US political entities in hopes of affecting the outcome of the November election.
      He stated that a response will happen at a time and place of US choosing, but it is appropriate to notify the international media that Russya is not what it seems to be.  This comes on the heels of US Secretary of State John kerry's statements this week that the destruction of property in Syria by Ruusyan-backed forces amounts to violation of all international laws and is nothing more than the wholesale murder of civilians by the Assad Regime.   Innocent civilians are being targeted and terrorized as a matter of policy and strategy despite criticism from international organizations(EU, UN, NATO, etc.).
     Sadly, the Russyan population are being misinformed by Kremlinistas who continue to point fingers at the West.  The citizens of Russya are again being victimized by their own leaders as they are fed a constant stream of lies and falsehoods coming from the bowels of Moskova.
     It's business as usual for the Kremlin, as it tries to sway public opinion away from the nefarious dees perpetrated on the world scene(Ukraine, Crimea, Syria, Lithuania, USA).
      Happy Christmas

Snow in Tahoma

      Skiers: man your skis; and women, too.  The big snow has arrived.  Slopes are getting a new blanket as we speak.  This bodes well for Christmas week, when many skiers are involved in family events elsewhere.  Smart skiers are already waxing the boards for good powder, which is being added by the minute.
      Resorts have bulked up with staff in anticipation of big crowds.  Of course, an untimely weather event could upset any plans but, we are hopeful, given the snow on the ground and weather forecasts this week and next week.
Be safe, change your tires.

Wells Fargo: Again

      Well, sports fans, Wells Fargo has been called on the carpet again.   Among other things required by the Dodd-Frank Financial stability rule book, banks that are "Too Big to Fail"(are systemic threats due to size) must provide proof of their ability to remain solvent in the event of downturn(severe) in the economy.   This means that banks have to have more capital on hand(liquid assets) to maintain stability in crisis.
       Banks don't like this requirement one bit.   They want as much capital working as possible, which means more profits (maybe).   So, the COC(Comptroller of the Currency) exams these large banks to see if they are meeting levels necessary.  Upon a recent review, Wells Fargo failed the "test".  Not so good.  This clearly demonstrates institutional pushback or a 'thumbing of the nose' to the COC.    Not too long ago, Wells was given a $185 million slap on the wrist for some other shenanigans(opening accounts for customers they didn't order or want).  This week, it was also revealed that Prudential Insurance was selling policies through Wells without authorization or request.   Customers complained; whistle blowers were fired, and headlines were printed.  Something has gone wrong in corporate America and it starts with banks/bankers.  Their thinking about money has been corrupted.  They've had it too good too long.   Witness the reaction to the Fed's increase of interest rates yesterday:  banks raised their prime rate the day before:Wednesday, Dec. 14.  And interest paid on deposits: stays the same-almost zero.  The banks think this is good business.  Makes sense if your idea of profit is profit at any cost, damn the neighborhood and retail customers.   Modern corporate banking has abandoned customers who have collectively become numbers in a data base, not someone whose hand you must shake or who you might have to provide a loan or who might have a financial setback requiring a loan rate reset.
      Banking has become an arm of government with the usual results: bureaucratic inertia protected by volumes of laws and regulations even the bureaucrats don't understand.
     The President-elect says he knows more about finance than anybody.  Might this knowledge be put to good use for the customers who have been shouldering the load of the financial climb back to solvency?   Time will tell; but until we see banks pay real interest on deposits, nothing much will flow to Mom and Pop.

New Government to Begin in ---------Italy

Surprise, surprise.   President Matarella of Italy announced that he will request the Foreign Minister of Italy to form a new government to take over from Matteo Renzi who resigned as Prime Minister on Friday last.  This will hardly cause a ripple in the country as this will be government number 68 of the post war era.  Mr. Renzi was not able to convince voters that a structural change in the composition of the Parliament would benefit the entire population.  His message was drowned out by populists of the 5 Star Party and he was also opposed by old Slick Dog Berlesconi.
      Consequently, the media will jump in on the merry-go-round as the all-to- familiar drill plays out until the next election cycle of 2017.   Has anybody mentioned the costs?
      It's a sad state of affairs given the precarious situation among Italian banks, many of which are teetering on the brink of dissolution.   The residents of Siena in Tuscany are especially distressed as their namesake bank is identified as the worst in Europe.  Who received all the loans given out by the local bankers?  What businesses failed, leading to the bad loans?   Let's follow the $$$$$/EEEEEuro.
More on this later.
    Good luck to all our Italian brothers and sisters, as they have their morning espresso and contemplate a dismal Christmas season.

Minister Gets Wet in South Atlantic

     So, our indefatigable Minister of Latin American Affairs continues his "dive" into Latin American culture.  He decided, some months ago, to join a group of friends in a little open water event on the coast near Sao Paolo.  The event was an open water race that covered a course about 2 kilometers long.   Conditions were supposed to be good: calm waters, little to no swells, and negligible tidal action.  Well, then there's race day and reality: windy, choppy waters, and some tidal action.  Oh, well.  We're here-let's go for it.  Splash.
      47 minutes later, our Minister emerged from the drink: tired, happy, content with his place among the other 1500 swimmers.   Quite a show.    He lamented his lack of placement, but recognized his own lack of training time over the last 6 weeks due to his busy schedule and demands for things Tahoma.
    Now he has pledged to improve next time.  In April, 2017, there's another contest.  He promises to be in better condition.
    Bravo, Mr. Minister.
(fotos to follow).

From Kaliningrad to Kamchatka: a Pall

      President Obama's house organ, the new York TIMES, splashed the front page with a very sad story, very sad story: Russyan doping affected 1,000 athletes.  Are there 1000 athletes who speak Russyan?  W.A.D.A. has made a case for this announcement.   In a just released report, the anti-drugging watchdog agency claims that the problem was more widespread than originally thought.   Hmmmm.  What does this mean?   Table salt has been named in one area as an additive; and Nescafe' in another.   Both additives were used to mask urine samples taken from athletes.   The Russyan response: "This is more evidence of the hatred of Russya by the West".  Hmmmm.   How can this be so: most Americans(Westerners in general) have never heard of Russya, nor do they care.
     Could this be symptomatic of cultural bias?   Could this illustrate mental illness?  Could this indicate "mind control" or "brainwashing", two delightful F.S.B. methods?   What is still going on in the Donbass Region of Ukraine:  Nativity Scenes?  Perhaps the Kremlinistas will stop their focus on Cuba and get down to business.  The price of oil and OPEC meetings.   The rest is fluff.

Dancing at the Kremlin

       Reports are ricocheting off the walls that there's been lots of celebrating in Moskova(Kremlin).  Now the late news has included several facts that may be related:
1)  the Euro touched a low against the dollar not seen in 14 years
2) the Kremlinistas announced that part of  Rosneft(state oil conglomerate) has been sold for $18 billion(pocket change for the favored few of Mr. Putin's insiders
3) President -elect Trump has called on the CEO of Exxon to take a place in his administration.  He's an FOP-friend of Putin
4. The price of oil has jumped to $50/barrel, signaling a resurgence of prices favorable to the No.1 export product of the Kremlinistas
5.  Swiss bankers are bemoaning the loss of deposits from clients around the world, indicating less confidence in its system of private banking(money laundering)
6.  Syria is about to kick rebel forces out of Aleppo, once and for all; thereby removing a glaring PR problem for Mr. Putin
7. Magnus Carlsen kicked the Russyan bootie at the World Chess Championship.
Whoopsie.
       So, it appears everything is coming up roses as another severe winter begins to tighten its grip on the former USSR.
     Wheeeeeeeeeeeeeeeeeeeeeeeeee.

John Glenn, American, 1921-2016, R.I.P.

     John Glenn, a former astronaut and U.S. Senator from the State of Ohio, passed away today.  After serving as a fighter pilot in WW II and again in the Korean War,   he was assigned to the new N.A.S.A. program for astronauts: those specially trained individuals who had the "right stuff".  Among other firsts, he was the first American to orbit the earth, a timely event that restored America's position in the space race.
      He also set a record for the fastest transcontinental flight, flying West to East in just over 3 hours.  His early career as a pilot was for the marines in WW II.   After the war, he transitioned into jet aircraft flying combat missions against North Korea, shooting down 3 MIG fighters.  On several missions, his wingman was the fabled American athlete, Ted Williams, who had been recalled to the Marines.  He, too, had transitioned into jet fighters.   On one occasion, Ted's aircraft was hit by enemy fire and he was able to struggle for control and returned to the landing field where he made a wheels-up landing without sustaining any serious injuries.   John Glenn called Ted Williams the greatest pilot he ever flew with and one of the best ever.
       As a Senator, he represented the people of Ohio for 24 years as one of the most respected members of the chamber.   At one point, he entered the race for the White House but did not advance beyond a primary.
       Upon retirement, he continued his effort to speak on behalf of efforts to explore the edge of outer space.   In 1998, N.A.S.A. invited him to go up with the space shuttle on a mission-at age 77!  It was a successful mission and helped researchers look into issues of aging in space.
     He lived a full life; defended his country and served the people of the world.

Klay Thompson, Golden State Warrior

      It was a big night for one of the Splash Brothers of Warriors.  Klay Thompson had a big night, scoring 60 points in 29 minutes.  He sat the 4th quarter, basking in the acclaim of all fans in attendance.   He seemed to be able to hit from anywhere anytime.   Almost all his shots went in.  His teammates fed the hot hand and he did not let them down, nailing one basket after another.
     It was a great night for Klay, the warriors, and the local fans. 

Pearl Harbor: 75 Years Later

      Japanese Prime Minister Abe is making his first visit to Hawaii to take part in memorial services to be held at Pearl Harbor, the scene of the surprise attack on the US Navy on Sunday morning, December 7th, 1941.
      It was the shock that brought America into WW II which had been raging in Europe and Asia for over 2 years.   Russia was fighting for its life against the Nazis after the invasion of that country in September, 1941.  France was already under the Nazi jack boot, and Great Britain was up against the wall.   It wouldn't take America too long to respond, given the storm clouds brewing over the world for several years.  The Japanese had been running amok in China for years, massacring innocent civilians on the whims of the soldiers.  Now the Imperial Navy stepped on a hornets nest and woke the Sleeping Giant.  Now, they would pay.  The tide began to turn at the Battle of Midway six months later in what was the first fleet action that did not include a face off of warships:  air power delivered the margins of victory with US Navy aircraft sinking 3 of 4 Japanese aircraft carriers at the cost of 1.
     The Japanese would be on the defensive for the rest of the war as the superior power of the US Navy  and almost unlimited resources spelled doom for the Imperial Navy.
      Few survivors are still living, but a few of the youngest cohort of participants will join veterans' groups to commemorate the attack and pay homage to those who lost their lives.  Over half the casualties died inside the hull of the battleship USS Arizona, which rests on the harbor bottom where it remains to this day.   Bunker fuel continues to seep to the surface in the vicinity of the hull, a subtle reminder of the sunken tomb.   Most of the other ships damaged and sunk were eventually re-floated and refitted to join the battle before the war ended.

Boxing Medal From USS Oklahoma found in effects of Mayor's Relative

                     It's a reminder of another era; no doubt, pre- WWII.
      We remember and we'll never forget Pearl Harbor.

Ciao, Signor Renzi

      Voters in Italy sent a message to Rome:  enough of the rhetoric-we want results, as long as they include more of the same assurances.  Mr. Renzi has vowed to resign.  His next move is to notify President Mattarella his timetable for his exit.  The economy of Italy will be the first to feel the effects of the election.   Banks will have to gear up for a further decline in the value of the Euro as it nears parity with the dollar, last seen almost 14 years ago.   For a number of years, the Euro traded below par with the $.  However, international bankers both here and in Europe decided that the Euro was a stronger currency.  That view will have to be revised.
     An interim government will be formed at the behest of the president.  The new, temporary Prime Minister will then announce a date for a new election.  Then, the fun begins again for Italians, those besieged voters who only hope for stability.  The Members of the EU staff in Brussels will try to parse the election results and how it will ultimately affect the EU.  Nobody knows, but many are in fear of more "Brexit"-type moves.   Could this be the end of the EU?  Possible.  But, cooler heads may prevail, especially in France and Germany.  Angela Merkel in Germany will have her work cut for her over the next few months.  Good Luck, Angela.