Tag Archives: Italy


Deficit, Fed, Post-Midterms

Author: David R. Kotok, Post Date: November 7, 2018
Market Commentary - Cumberland Advisors - Deficit, Fed, Post-Midterms

For the next few years, the increased debt financing of the United States will not be a problem for markets. That will remain the case as long as the US dollar is the unchallenged world reserve currency, as it has been for decades. When you survey the world and look at other countries’ economic systems and current situations, the US emerges as the best or, if you are a hand-wringing detractor, the least troubled.

Italy Update: Still a Concern for Investors

Author: William Witherell, Ph.D., Post Date: October 31, 2018
Cumberland Advisors Market Commentary - Bill Witherell, Ph.D.

The Italian drama continues, with the European bond markets demonstrating great resilience despite the risks presented by the Italian government’s proposed fiscal policy stance, which has been rejected by the European Commission (EC). Earlier, after receiving Italy’s draft budget, the EC had asked Italy to explain why the government decided not to comply with European […]

Big day in Fed Land

Author: , Post Date: October 25, 2018

Cumberland’s David Kotok emails on Clarida’s speech: “He is a prominent figure in the market community. He is known as thoughtful and a centrist. While I believe he doesn’t personally like Trump’s Fed bashing, I do not expect Clarida to refer to it. “He knows he is speaking for worldwide consumption and he knows these words he offers in his first speech can either inflame markets or calm them. I expect his remarks to be well received and carefully crafted. That is exactly what is needed given the President’s unseemly Fed bashing rhetoric.”

Another Italian Drama – Why It Matters

Author: William Witherell, Ph.D., Post Date: October 3, 2018
Cumberland Advisors Market Commentary - Bill Witherell, Ph.D.

Government deficit out of control, irresponsible government policies, tumbling bond prices and bank share prices, threat of rating-agency downgrades, political instability – we have seen similar Italian dramas in the past that, in the end, did not lead to serious financial market contagion. Nevertheless, there are reasons to be concerned that this time the impact […]

Italy ETFs: Political Heat Singes Stock and Bond Investors

Author: , Post Date: May 30, 2018
Cumberland Advisors William Bill Witherell Ph.D.

“Monday there was first relief in European governments and in financial markets that a populist government in Italy had been prevented, but this reaction soon was overtaken by the fear that the populist parties could emerge strengthened by these events if there is a new election. The drama thus continues.”

Dance of Fireflies

Author: David R. Kotok, Post Date: August 22, 2012
Cumberland Advisors Market Commentary

The modern Greek odyssey continues with a dance of fireflies. This particular version is dedicated to a different Homer. We are speaking of the late Sidney Homer and his treatise on interest rates. His book, A History of Interest Rates, graces libraries around the world. Homer’s great contribution to the history of finance and economics […]