At this time of year, I look both back and forwards. In looking back, I see that we are better off, overall, this year than we were a year ago, from a financial perspective. Looking toward next year, I believe we will be better off than we are today. That being said, some interesting things on the horizon could have a significant impact on financial matters. If the agreement with Iran goes through, it could mean significantly lower oil prices for Eastern and Western Europe. This would be good for their economies and also for world economies as discretionary income would grow. The new Fed Chairman, likely to be Janet Yellen, will bring a softening to monetary changes that will be enacted by the Fed during 2014. This should result in less shock to the financial system as the stimulus is discontinued, and should reduce the risk of a major market correction. The big unknown on the negative side is what Congress will do about the budget and deficit reduction. I am guessing that the Republicans will not want a repeat of October as we head into an election year. We will see.
Thanksgiving is my favorite holiday. I wish each of you peace, joy and the blessing of living in a country like the United States of America!Ed Mallon