Global stock markets got beaten up overnight and the carnage continued here in the U.S.

Dow Jones down 350 points by closing bell - biggest point loss of the year

NASDAQ down 122 points

Possible Grexit sparked sell off in FOREX markets

Banks in Greece closing, sending masses to the ATM machines

Euro ended up closing near the highs of the day - nearly to $113

The dollar was weak all day against the Yen and against the Swiss Franc

There was no safe haven move into the dollar - gold up

The dollar lost considerable ground against the euro

Another confirmation that the dollar's rally is over

My newsletter released today does a good job comparing the U.S. vs global markets

The U.S. did well against the international market from 1996 to 2000

In 2008 the U.S markets went sideways and the markets I recommend skyrocketed

We have been in a period similar to '96 - 2000 and now we are about to see returns even greater than the 2008 gains in our markets

Regardless of the direction that Greece goes in this weekend's referendum, the dollar is going down against the euro

Puerto Rican governor finally admitted the obvious - repaying their debt is impossible

Puerto Rican debt is a fraction of the U.S. national debt

If it is mathematically impossible for Puerto Rico to pay their debt, why does anyone think the U.S. will be able to eventually pay off its debt?

The only way we can pretend to pay our debt is for the Fed to do it for us by creating inflation

This is yet another reason why the Fed is not going to raise rates in September

We continue to get recession-like economic data, despite the fact that the Fed is still optimistic

The Federal Reserve is looking for an excuse to not raise interest rates

Maybe the situation in Greece will provide that excuse

Maybe it will be the volatility in China

"External problems" are providing an excuse to not raise rates

It is important to point out that Puerto Rico would not be experiencing such insurmountable debt if it were not for U.S. policy.

Puerto Rican debt has seemed attractive with its high yield and triple-tax-exempt status

Zero interest rates from the Fed, on top of high yields, have caused the debt to seem safe, even though mathematically it cannot be paid

People may begin to wake up when they realize what's going on in Puerto Rico and that may become an even bigger problem than Greece