In this issue:US Elections: UpdateEurope: ImmigrantsEconomy: The Markets

UPDATE

Most of our efforts have been focused on the Republicans and specifically the fearsome Donald Trump. He is, for all practical purposes, the only game in town. However, lest we get beyond ourselves, we should also keep in mind that there are Democratic candidates as well. And for this we should be thankful and give them some time too.

It was, for quite a while, a one person race with Hillary dominating the headlines. She had it all going for her with her smarts and experience and the dues that she had paid. But it hasn’t taken off the way she had hoped and she has become more than vulnerable. The Democrats have a lot at stake and can’t afford to lose. This is especially so when we consider the fiasco of the mid-term elections. The country has decidedly turned towards the Republicans and this is something that can’t be denied. So called liberalism, too many, has become almost a four letter word. And we shouldn’t discount the Trump factor either. His potential election is frightening and his

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WEEKLY REPORTSeptember 15 - September 22 ⌘ Issue 37 / Volume 15

Bernie Sanders appears to be a good man and his candidacy has taken on more and more steam and people are flocking to him as a legitimate alternative to Hillary. But could he actually win?

Is the mainstream enough to actually carry home the bacon? Apparently there are many within the Democratic power that feel he is not high profile enough and, at the same time, too liberal to be the ultimate winner. And, unfortunately, we agree. For all of his good qualities and ideas, he probably wouldn’t win.

And then we come to current Vice President Joe Biden. More and more he has been pushed into the spotlight and is being pressured to run as an alternative to both of the other candidates. And that is what it has become- pressure. In a very emotional and honest interview, he bared his soul on live television during an interview on Stephen Colbert’s The Late Show. In a way rarely seen with politicians, he let us see how he felt. Instead of the usual platitudes, we were able to glimpse the truth. This man does not want to run. He is not ready for it and would not be able to give it the full energy that such a campaign would entail. He is after the recent personal tragedy of the loss of his son and his heart would not be in it.

We respect his choice and understand from where it comes. It is a pity because if he were to enter into the fray, he would probably blow Hillary away. He has served his time and he wants to step gracefully away. Let’s give him that. We have to accept the fact that the Democratic choices will be either Hillary or Bernie Sanders and live with it.

FOSTER ELLIOT WEEKLY

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STILL HAPPENING

The flow of immigrants has been causing waves for quite some time and it has become, at least for the time being, the single biggest issue concerning the European Union. Is there an end in sight or will it continue unabated? This is, of course, a major question, and it is actually hard to imagine it continuing at its current pace. We can well understand the concerns of the nations at the ports of arrival. After all, there is a huge difference between Italy and Greece and Norway. The latter is insulated and only effected in principle. They can say what they want but it certainly isn’t the same. The same applies to Hungary and the flow of immigrants that have constantly crossed their borders. They have not reacted graciously and their behavior has often been greeted with shock by the rest of the world. We aren’t impressed with them either and it becomes a reflection on all of us. We try to understand where they are coming from and we can imagine the inconvenience that this whole issue is causing. At the same time there is a better way to conduct yourself. Grace under pressure would be something that we might strive for. When we look at the various nations, we are struck by the differences in reception. Therefore, it is perfectly understandable how many of these immigrants would be wanting to go to countries like Germany where the reception is so much better. The bottom line is that we do have a crisis and we have to deal with it. Conditions have been created which entices many people to leave their native lands. Throughout history, this is certainly not unprecedented and it has always been dealt with. Europe is not alone. Granted it isn’t pretty but it will get better.

There is still time and winter is coming and the flow will slow. That being the case, we hope that some kind of consensus is reached and a better plan put into place. As far as we are concerned, we seek stability and peace. Don’t you?

END OF SUMMERIt has been an extremely long summer and we are glad it is ending. It has been so damn hot and in fact was just about the hottest summer on record. For those of us without air conditioning, we truly suffered. It does go to show that we should take climate change a lot more seriously before it is too late.In fact, we should take a lot of things more seriously. Sometimes there is no going back and we should be aware of this. We hate to compare years and events within a year but it doesn’t appear as though we are going forward. Europe is as tense as we can remember. This immigration crisis has brought into focus just how fragile our nerves are. And we should take a deep breath before we continue and look at what we have and what we are risking.

FOSTER ELLIOT WEEKLY

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We hate to be prophets of doom but this does pose a major threat to the balance that we have so carefully nurtured over the years. Compared to the Greek debt crisis, this is much more serious and should be treated accordingly. We refuse to speculate about what these changes may be but we would be remiss in our duties if we failed to mention the risk. We have said it many times and we hate to sound like a broken record but we are so proud about we have created here in Europe and we should try to maintain it at all costs. This is out of historical necessity and practicality as well. Let’s all take a deep breath and breathe slowly.

THE MARKETS

All things considered, it really was not a bad week. We made a recovery and perhaps are pointing in the right direction. The last month has been real hard and we have lost most of what we had made during the course of the year and are, in fact, in negative territory for the year. This is unfamiliar ground for us but it isn’t too late. There has been nervousness as a result of the slowing down of the Chinese economy. We also have the pressure of the Greek debt and perhaps a more aggressive Federal Reserve. All of these factors have weighed us down and if we had gone down even further this past week, we would have been real nervous. If we had breached the so called ‘support level’ of 16000, the downward momentum could easily have pushed it lower. Thankfully this didn’t turn out to be the case and we feel a bit more

more optimistic going into the current week. As for Gold, we still remain at a loss for words. A mere two weeks ago, we were almost ebullient and felt that it was really ready to push upward. Given all of the instability that we have been able to see around the world, we felt that people would push toward Gold once again. This didn’t turn out to be the case and once again the support level of 1100USD is being threatened. We are not selling and nor are we buying. We prefer caution and suggest the same. Good luck!

CONCLUSIONS FOR THE WEEK

Another week has ended as we move towards fall. The election process over in the states will continue to interest us and we will soon be reporting on the next debate with all of the eleven participants. (What a joke!) As long as the mass of immigration continues, it, too, will be on our minds. We plan to do a series of interviews with people around Europe about this very topic. In terms of anything else, we will, as always, remain flexible and look for something interesting. We may very well do something on China and its relationship to the world.Now we take the time to wish you all a great week. We wish you good health and even more importantly, we hope that you are able to make lots and lots of money!