Last July France approved a digital tax on American tech giants. To fight this, on December 3^rd President Trump pulled the tariff card and threatened 100% tariffs on French goods. With Italy, Turkey, Austria, Spain and Belgium are going in the same direction, is this a taste of what’s to come? Likely so since both Brazil and Argentina are also to feel the tariff whip on steel and aluminum over currency devaluations. Though I’m not sure those were planned, a market function or a combination of the two.

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Updating news on negative interest rates. Well, it’s happened, negative interest is now being passed down to depositors in Denmark and Germany. How will depositors react? How would you react?

Perhaps with anger, as wealth inequality triggers a growing global backlash. Are governments and central bankers scared? Yes they are and desperate governments do desperate things. This is a key reason you need moveable private wealth…gold and silver.

Slides and Links:

https://www.cnbc.com/2019/07/11/france-passes-digital-tax-on-us-tech-firms-despite-trade-threat.html

https://www.ft.com/content/1ad2ffbc-14f6-11ea-8d73-6303645ac406

https://www.reuters.com/article/us-denmark-cenbank/wealthy-danes-who-want-to-make-a-deposit-will-need-to-pay-up-idUSKBN1Y11SS

https://www.bloomberg.com/news/articles/2019-12-03/german-banks-open-floodgates-to-negative-rates-for-all-savers?srnd=fixed-income

https://www.wsj.com/articles/global-wave-of-protests-rattles-governments-11574438994

https://www.nytimes.com/aponline/2019/11/30/world/asia/ap-as-hong-kong-protests-the-latest.html