Those of you who have thought myconcerns about black swans and potential negative future valuationwere way over blown, should look carefully at the datanow. It is not just thecollapse of the equities markets, but also the junk bond market,factory orders, labor participation rate, retail sales, and theyield on the ten year. There is no good news in any of this. Therest of the world continues to deteriorate, and terrorism and warcontinue to ramp up across the planet. China has very seriousissues of economics, demographics, and corruption, and a vastexcess of unneeded industrial and residential capacity along with ahuge debt burden. They are not going to be able to fix all thoseissues in just a few strokes, and maybe not for several years.China is not going to be the growth engine, nor the fount ofinvestor capital of the world any longer. India is a hopeless messof corruption and bureaucracy, and will also not be a driver ofgrowth. Europe remains a problem in the banking sector, and withthe flood of refugees, they will see a continuation of terrorattacks, and sexual assault and crimes by these refugees who comefrom a Muslim culture alien to western values. Europe has a lot ofmajor problems that are not being addressed because Merkel isalmost as misdirected as Obama.

Now we have Iran being saved formeconomic collapse by Obama lifting sanctions, and handing them $150billion, and access to European markets and the financial system ofthe world. Just when Iran was running out of money, running out ofits ability to pour substantial funds into terror groups, and intosupporting anti western groups, and when its infrastructure wasseriously deteriorating, Obama bails them out to now be able tocause even more terror and disruption of the world order. This willgo down in history as one of the stupidest, and most disastrousagreements and diplomatic moves in history. And now he has alsobailed out Cuba just as they again allow Russia to reestablishintelligence and military assets on the island.