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This chart is more of the same on the global inflation report front for the month of December. As commodities were getting crushed, and the Euro’s currency “re-flated”, producer prices tanked. This European report (see chart) was the largest month over month decline in 27 years! Don’t expect to see the same in January.

This, of course, paves the way for the Europeans to continue to cut interest rates. Sans le inflation, Monsieur Sarkozy will be pounding the political free drums. That’s a bet you can lever up long on!

Keith R. McCullough
CEO & Chief Investment Officer