$1 Trillion-Plus Annual Budget Deficits As Far As The Eye Can See.

In this report, I cover the early market action from London on Tuesday, March 12th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.

Today I look briefly at how the Brexit saga is panning out and the volatility in the British pound or sterling as we approach another important vote in Parliament tonight. There is now hope that after a revised deal with the EU late yesterday that Parliament will approve PM May's deal to leave the EU.

I also look closely at the fiscal picture for the U.S. and in particular the U.S. Treasury as deficits look to be running wild even in a time of supposed goldilocks economic conditions. According to President Trump's latest budget proposals $1 trillion-plus budget deficits are here to stay and defense or war spending is set to benefit greatly.

My conclusion is that these budget proposals might create gridlock domestically but more importantly, it will send a message to the rest of the world that by using the dollar as the reserve currency and financing these deficits other countries' actually help finance the American military-industrial complex. In my view, it will speed up the search for dollar alternatives around the world.

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