Posted originally on May 23, 2025 by Martin Armstrong
President Donald Trump shocked the world once again by presenting South Africa’s president with evidence of the long-denied white farmer genocide. During his first term, Trump first alerted the world to the situation in South Africa, but was largely ignored. The South African government called his claims “misinformation,” yet the government has been considering a bill to redistribute land on racial lines. South Africa and the Western liberal news media refuse to acknowledge the ongoing slaughter and elimination of white farmers.
South African President Cyril Ramaphosa met with US President Donald Trump at the White House. When Ramaphosa told reporters that Trump had refused to listen to the voices of South Africans, Trump asked his staff to lower the lights and began playing a video compilation of direct evidence. One clip showed Economic Freedom Fighters (EEF) Party leader Julius Malema singing “KILL THE BOER, KILL THE WHITE FARMER!” alongside a stadium of 90,000 supporters.
South Africa’s human rights court deemed the song permissible and not a hate crime. While the EEF is an opposition party for the ruling Democratic Alliance (DA), President Ramaphosa failed to comment after the rally. Trump demanded that Malema be arrested and explained that such an event would not be allowed in the US—or elsewhere, for that matter.
The African National Congress (ANC) came to power under Nelson Mandela in 1994 and implemented a series of racially-based policies under Black Economic Empowerment (BEE) and Broad-Based Black Economic Empowerment (BBBEE). White state workers in every sector were immediately fired and forced to reapply for their jobs, but few were rehired. Land was taken from white farmers and redistributed to address “historical dispossession.”
“After apartheid, our electricity provided the world’s cheapest energy; freight trains carried our ore (from the mines) to the ports; there was a good passenger network for workers. The ANC wrecked it with looting, corruption, and a plethora of racist policies,” noted South African commentator Andrew Kenny. A fifth of whites fled the nation since the ANC took over. The party failed to actually help black South Africans and only redistributed wealth to the very top. The World Bank believes that around 42% of the population is unemployed, while others, like Malema, live lives of luxury.
Newsweek reported in 2018 that a white farmer was murdered every five days. Yet again, Ramaphosa failed to condemn the attacks. There are countless articles explaining horrific and gruesome attacks on white landowners in South Africa, but no one in the government has even acknowledged that it is happening.
Trump cut all financial aid to South Africa through an executive order he signed in February. In addition to the white farmer genocide, the nation has supported both Hamas and Iran. Every news agency is condemning Trump for claiming that there is a white farmer “genocide” occurring in South Africa, and is, in fact, downplaying the murders. “Attacks where there may be evidence of racial or political motives (i.e. slogans written on the wall at a scene of a crime, or words spoken by the attacker according to the victim), are exceedingly rare and make up only a few percent of the cases recorded,” a spokesperson said Afrikaners, as published by PBS and countless other organizations.
South Africa’s President Cyril Ramaphosa reported that the meeting with Trump was excellent and he’s eager to negotiate a minerals deal. The US remains the nation’s second-largest trade partner, after all. Quite interesting to see the same people who cry “human rights” and “racism” at every turn dismissing and downplaying the farmer genocide.
China’s BYD beat out Tesla for the first time this April to become the top EV vehicle brand sold in Europe. BYD only outpaced Tesla by 100 vehicles, but the 7,231 cars that made their way to Europe show that tariffs are not deterring European consumer demand.
Sales for BYD’s battery-powered vehicles soared 170% overall in April YoY. In comparison, all other electric vehicles collectively saw a 17% increase in sales over the same period. I’ve mentioned numerous times that China simply has the ability to produce cheaper vehicles that are often better quality than what is made in the EU or the US. BYD car sales rose 300% in Europe this past April on an annual basis, and the company expects the trend to continue.
China has pumped over $230 billion into its growing EV sector since 2009. Batteries account for around 40% of the total cost of EVs, and companies like BYD can maintain low prices if they own the supply chain to create these batteries from the raw materials to the finished packs. BYD has announced that its newest line will cost as little as $9,555, a price no other EV manufacturer has been able to provide.
This October, BYD will begin manufacturing vehicles at its new EV factory in Szeged, Hungary. The Atto 3 BEV SUV will be the primary focus, but will later expand to include the Atto 2 BEV SUV-B and potentially the Dolphin model. The company plans to produce around 150,000 vehicles at this facility in the first year of operation, but believes it will later double production to 300,000 as it expects demand to grow. Naturally, a facility in Hungary will allow the company to bypass tariffs.
Volkswagen still reigns supreme in Europe, but will now face stiff competition. The company sold 150,000 EVs in Q1 2025, marking an 113% annual uptick. Sales in March surpassed 240,891 units, allowing VW to overpower Tesla in the European market for the first time. The German manufacturer sold 216,800 vehicles worldwide in Q1, or a 59% uptick YoY.
BYD is continuing its European expansion with a new $1 billion investment in western Turkey. The plant will be fully operational in 2026, and is expected to produce 150,000 units in year one. This is another strategic entry point into the European market. Turkey exempted BYD from recent tariffs on Chinese gas and hybrid vehicles that would have marked up the price by 50% on top of a 10% customs duty. Turkey is aiming to increase auto manufacturing in general and has set aside $30bn for high-tech sectors, allocating $5 billion of that package for EV production.
Tesla sales in Europe have taken a major hit, declining 46.2% this April on an annual basis. Tesla sales in Germany fell 45.9% to 885 units, the UK experienced a 62% decline, Denmark saw sales fall 67%, the Netherlands plunged 74%, Portugal dropped 33%, Sweden fell 81%, and France plunged 59% compared to April last year. Although EV sales in general are up in the EU, Tesla is losing its competitive edge as other manufacturers can produce lower-cost vehicles. Additionally, people simply hate CEO Elon Musk as we saw Tesla vehicles vandalized in what those on the far left hoped would be a political movement.
Volkswagen is a leader in Europe’s EV transition, and the EU is relying on German manufacturing. However, China’s EV market is larger and rapidly expanding. Volkswagen cannot compete within China for vehicle sales, but is still fighting to maintain its top spot as Europe’s main EV supplier.
Posted originally on May 23, 2025 by Martin Armstrong
Various polls show Donald Trump’s approval rating is rising, with some polls such as InsiderAdvantage/Trafalgar calculating an approval as high as 55%. “These results are not a surprise,” InsiderAdvantage pollster Matt Towery wrote. “Other pollsters who accurately polled election cycles where President Trump’s name appeared on the ballot have been showing his approval ratings moving into the fifty-percent-plus range.”
The same poll posted an approval rating of 46% in April when tariff talks spooked the markets, with a disapproval rating of 44%. The same poll conducted in March showed Trump’s approval sitting at 50%, with disapproval at 45%. Other polls are showing similar results. RealClearPolitics conducted a poll of all polls, estimating Trump’s overall approval rating is 47.1%, with a disapproval rating of 49.1%.
The Harvard University Center for American Political Studies (CAPS)/Harris poll for May found that 51% of voters believe the American economy is “strong.” Around 47% of respondents approved of Trump, with 48% disapproving. This is the first time in four years that the American public has felt strength in the domestic economy.
Unlike the last administration, the American people are actively watching as the president fulfills his campaign promises, from deporting illegal migrants to cutting taxes and attracting foreign investments. Trump is a highly active president who is engaging with the public on a daily basis. The nation is no longer questioning who is in charge.
It all comes down to confidence. Trump’s optimism about the United States’ future trajectory is trickling down to the public.
Posted originally on May 22, 2025 by Martin Armstrong
QUESTION: Marty, I want to express my gratitude for hosting your conference in London last year in May. You said then that this might be the last time you see London. I remember when you lived in Cornwall Gardens. Do you think you will ever have a European conference again?
EH
ANSWER: I will only return to London if Nigel Farage becomes PM. I am doing this report on how countries separate and collapse. It is very much a sign of the times. Britain under Starmer has gone simply mad. He intends to take you to war with Russia. He and Macron think that they can defeat Russia, get the $75 trillion in natural assets, and then the glory of the British Empire will rise again, while Macron views that France will lead Europe, which is why my sources in France call him the “Petite Napoleon.”
I do not think I could dare set foot in Britain. Starmer would imprison me for something I said at that conference or 10 years before. Maybe you should apply for political asylum in the USA, as suggested here by the former police officer. It would be interesting to see Trump’s response. During Vietnam, some Americans fled to Canada to avoid the draft. In Europe, they are going up to age 60. My staff in Germany has confirmed a personal friend who is 60, was told to report for duty.
Posted originally on May 22, 2025 by Martin Armstrong
US Treasury Secretary Scott Bessent rebuked Moody’s lowered rating of US credit from AAA to AA1. “First of all, I think that Moody’s is a lagging indicator, and I think that’s what everyone thinks of credit agencies,” Bessent said. “Larry Summers and I don’t agree on everything, but he’s said that when they downgraded the U.S. in 2011. So it’s a lagging indicator.”
The US Treasury Secretary must maintain that the nation’s economy is in sound health. Former Treasury Secretary Janet Yellen voiced similar sentiments last year when Fitch downgraded the US credit, calling the move “arbitrary.” “I strongly disagree with Fitch’s decision. The change announced today is arbitrary and based on outdated data,” Yellen insisted. She then went on to insist the federal government had the funds to back two wars in Ukraine and Palestine, as there is no spending limit for governments.
In 2011, Standard & Poor cut its rating also after a debt ceiling crisis caused by politicians. The global markets felt the impact of that news. Fitch has been warning of a possible downgrade since May 2023, due to the massive debt burden and political mismanagement. The White House continued its spending spree and our politicians could not agree on a limit for the debt ceiling. The warnings were there.
The difference this time is that Moody’s has not downgraded US credit since 1917. The issue is not consumer confidence in the US or even investor confidence. The primary concern is CONFIDENCE in the system itself that has clearly been failing. Over 70% of US debt is short-term, and Washington has been unable to pass or adhere to a budget. The Democrats are saying that this is reason to collect more tax revenue, while the Republicans aim to curb government spending. Both fail to realize that they are too late either way, and the system itself must change because the problem cannot be fixed with the same line of thinking that created this disaster in the first place.
Capital is not going to flee the US because of Moody’s downgrade. Where else would it go?
Ratings agencies are indeed reactionary rather than proactive. The debt crisis has been looming for a long time. The Economic Confidence Model turns again in late 2026, and we are watching the beginning of the end for government debt as a trustworthy asset class.
Posted originally on May 22, 2025 by Martin Armstrong
The “No Tax on Tips Act” passed in the Senate after a unanimous vote. At last, the Senate can agree upon one item. The legislation permits a tax deduction worth up to $25,000 for tips for workers earning under $160,000 as of 2025, with the figure expected to increase over the years along with inflation. The bill comes with a major caveat.
The measure only applies to cash tips. It is well-known that service workers often underreport or fail to report their cash earnings. There is a high probability that this measure is to ensure that workers properly report their earnings to the IRS to ensure the government can track every passing penny.
The Treasury Inspector General for Tax Administration (TIGTA) conducted a study in 2018 that found 52% of overall tips went unreported, costing the IRS an estimated $44 billion annually. The study found that personal services and food services workers—those who rely on cash tips—were most likely to in incompliance. These are the workers who are often paid under minimum wage and derive the majority of their income from tipping culture. The IRS believes that tips account for 10% of the total individual income tax underreporting gap.
The previous law required tips above $20 per month to be reported. Failure to report could equate to a 50% penalty of Social Security and Medicare taxes owed on the underreported tips. Yet, it is extremely rare for the IRS to actually hunt down individuals who fail to report. The same TIGTA report found that only 34 tip examinations were completed in FY2026, although the IRS believed 15,000 employers withheld $6.3 billion in tip income from the government. From 2013 to 2027, the IRS only completed 262 tip examinations and those mainly occurred on a voluntary basis.
Ride-share workers and others in the service industry who have gone digital will not benefit from this legislation. Tipping culture in America has crept up throughout the years, with the average tip amount coming in at 20%. Americans are asked to tip on everything with the introduction of POS monitors that often ask for a tip when service was not provided.
A recent survey found that up to90% of Americans feel tipping culture is “out of control,” with 66% holding a negative view of the tip system. Around 83% would like to see a man on mandatory service fees. Three in five Americans (60%) believe employers have shifted the responsibility of employee compensation onto the customer. Still, only 25% of Americans felt that tips should be taxes. Tipping culture is quite different outside America where employees are paid living wages. Every European I know who has visited the States was shocked to see how much they were expected to add to their final bill.
Overall, the new legislation is not exactly a ban on taxed tips. The legislation would have banned taxes on all tips if they were truly concerned with service workers struggling with the cost of living. The Trump Administration has still failed to uphold its promise to remove taxes on overtime pay. Governments are consistently on a hunt for taxation, and this measure will simply allow the government to accurately track cash in circulation.
Posted originally on May 21, 2025 by Martin Armstrong
President Donald Trump completed a successful tour of the Middle East that resulted in foreign investments surmounting to over $3.2 trillion. President Trump believes that $10 trillion in capital will flow to US, a staggering amount of money, equal to over half of the DIJA’s entire market cap. The $10 trillion figure remains aspirational rather than set in stone. American manufacturing declined under the last administration, but we are looking at a sharp uptick over the next few years.
The White House separately publicly disclosed $5.1 trillion in US investments, $2.1 trillion of which were derived from corporate investments and the rest from foreign capital. This falls short of Trump’s $10 trillion figure but still marks an impressive injection of capital into the US economy.
Technology is at the forefront, with investments pouring into Artificial Intelligence (AI). DataVolt, Humain, and G42, and other Middle Eastern sovereign wealth funds plan to assist in funding AI development in the USA. The United Arab Emirates (UAE) pledged $1.4 trillion into US tech, AI, industry, and space. Saudi Arabia is also investing in American AI, along with energy, defense, and infrastructure, all to the tune of $600 billion. Qatar is sending $1.2 trillion to the US for developments in tech, infrastructure, and defense.
Japan has pledged to boost US investments by $1 trillion. However, $787.3 billion had been allotted for US investments back in 2023, and new capital from Japan should increase by $216.7 billion, which is still an impressive posting.
SoftBank, Oracle, and OpenAI are planning to invest $500 billion in American AI projects over the next four years, with an immediate investment of $100 billion. Now, $500 billion is an incredible amount that equates to 2% of US GDP.
NVIDIA alone is also planning a $500 billion investment in AI infrastructure. The company has moved its operations from Taiwan to the US to avoid tariffs and will begin manufacturing US AI supercomputers domestically.
Apple CEO Tim Cook stated that his corporation will spend “more than $500bn in the US over the next four years.” A new manufacturing plant is opening in Houston in 2026 and will be dedicated to AI projects. The company’s US Advanced Manufacturing Fund will double from $5 billion to $10 billion and provide thousands of new jobs.
IBM has also notably announced investment into US AI. The company plans to insert $150 billion into the US over the next five years. Over $30 billion will be spend on research and development on domestic manufacturing for quantum computers.
Taiwan Semiconductor Manufacturing has also pledged $100 billion into US manufacturing. Also noteworthy, Roche ($50b), Bristol Myers Squibb ($40bn), and Johnson & Johnson ($55bn) plan to invest heavily in US biotech and pharmaceuticals.
American manufacturing is finally coming back to life after years of stagnation followed by a contraction. Capital is surging into the US at a rapid pace, although not as rapidly as some are suggesting. I have seen articles claiming that $10 trillion will magically appear in the US over the next 60-90 days but that is simply not how trade functions. US manufacturing should see an uptick, with an emphasis on AI development.
Posted originally on May 21, 2025 by Martin Armstrong
BREAKING: Hillary Clinton slams President Trump for insisting that Americans have more kids, arguing that is what immigrants are for. pic.twitter.com/7j1UeK92as
Hillary Clinton infamously blamed women for failing to secure the presidency. Clinton felt entitled to the female vote, but more women voted for Donald Trump than for Hillary Clinton. Instead of acknowledging that women are permitted to hold independent ideas and beliefs, she continually bashes women at every opportunity for not aligning with her views.
“They left me because they just couldn’t take a risk on me, because as a woman, I’m supposed to be perfect. They were willing to take a risk on Trump, who had a long list of, let’s call them flaws, to illustrate his imperfection, because he was a man, and they could envision a man as president and commander in chief,” Clinton said of her 2016 election fail.
In fact, Rodham–or Clinton, as she prefers her married name– believes that Republican women are unfit to lead. “Well, first of all, don’t be a handmaiden to the patriarchy, which kind of eliminates every woman on the other side of the aisle, except for very few,” Clinton said when asked if she had advice for a potential future woman president. “The Handmaid’s Tale” by Margaret Atwood has been a popular portrayal of the far left who believe that allowing individual states to vote for abortion, a motion that was implemented by the US Supreme Court and not the president, is akin to a dystopian society where women are silenced and forced to reproduce.
Clinton said that there are a few conservative women, notably those who have attacked Trump, such as Liz Cheney, who are the rare exception. She then perpetuated the lie that is the Project 2025:
“It’s all in there—the return to the nuclear family, the return to being a Christian nation, return to producing a lot of children, which is sort of odd since the people who produce a lot of children are immigrants.”
Take that all in. Hillary was horrified that voters would like America to return to its roots, believing it would be an absolute tragedy if women had the CHOICE whether to work or raise a family, unlike today, where the economy simply does not allow one income to comfortably support a household in most situations. Children should be placed in expensive child care, run by the state, and parents should continue focusing on churning out taxable wages, and allow the system to raise the next generation.
Project 2025 has been debunked, but repopulation theory is alive and well. Hillary admits that immigrants here “legally and undocumented” produce “larger than normal—American standard—families.” The left in America and Europe are aggressively pushing mass migration not out of compassion, but out of desperation and control. When you destroy the economic incentive for families to grow through taxation, inflation, and debt—you kill natural reproduction. The West has done exactly that. Financial constraints are the number one reason that young adults are refraining from having children.
The left believes migrants will be engineered into dependency, relying on government welfare and therefore voting for the party that promises perpetual handouts. This is why lawmakers want to prohibit voter ID checks. It is why states are spending their funds on countless social programs for noncitizens. Traditional Western culture is conservative in nature. Replacing the population with people who do not adhere to the traditional Judeo-Christian ideology changes the dynamics of the population at large.
The traditional nuclear family does not revere the government. Friedrich Engels (pictured above), a pioneer of Marxism, argued against the nuclear family. He believed that the nuclear family perpetuated capitalism, private property ownership, and familial wealth, calling families a “unit of consumption.” Engels believed in communal living, polygamy or group marriage, and the removal of any private property. He argued that this was a feminist concept, as women in that time period were dependent on their husbands rather than the government.
As he writes in “The Origin of the Family, Private Property and the State”:
“The significant characteristic of monogamous marriage was its transformation of the nuclear family into the basic economic unit of society, within which a woman and her children became dependent upon an individual man. Arising in conjunction with exploitative class relations, this transformation resulted in the oppression of women that has persisted to the present day.”
Marxism believes that the patriarchy controls women and the state controls men. It believes we should hand over all power to government who will ensure we are all equal—in poverty, as history has shown time and time again. Traditional roles, and gender roles, threaten Marxist philosophy, which is why we have seen gender identity become a massive controversy in recent years, with the left promoting a genderless society.
Hillary Clinton and everyone on the far left has damned the nuclear family because they uphold Marxist beliefs rooted in centralized government power and control.
Posted originally on May 21, 2025 by Martin Armstrong
The Hungarian Parliament voted to withdraw from the International Criminal Court (ICC) in a move that has rattled the European Union. The move comes weeks after Israel’s Benjamin Netanyahu, who the ICC wants, traveled to Hungary to visit Prime Minister Viktor Orban.
The court of last resort, the idea of a global court came about post-World War II following the Nuremberg and Tokyo trials. The concept gained support once again during the Cold War era amid the slaughter that occurred in Yugoslavia. The Rwanda genocide brought about ad hoc tribunals and led world leaders to seek a global authority to prosecute crimes against humanity, specifically, genocide. The Rome Statute officially established the ICC on July 1, 2002, and received 60 ratifications to officially establish the international court that is located in The Hague, Netherlands. This treaty was negotiated within the United Nations framework, and Article 2 of the Rome Statute requires the ICC to adhere to UN guidelines in the “Negotiated Relationship Agreement.” The UN maintains that the ICC is independent.
Thomas Lubanga Dylio of the Democratic Republic of Congo was the first leader convicted by the ICC for conscripting child soldiers. His 14-year prison sentence ended in 2020. The majority of those who have faced trial are from African nations and have received minimal, if any, international backlash from the West.
Recently, the ICC has been honing in on alleged crimes in Venezuela, Ukraine, Gaza, the Philippines, and elsewhere as its influence expands. Orban has argued that the ICC is “no longer an impartial court, a rule-of-law court, but rather a political court.” Controversy has arrived as of latterly with the ICC hunting down both Putin and Netanyahu.
“Hungary firmly rejects the use of international organisations – in particular criminal courts – as instruments of political influence,” the bill, submitted by Deputy Prime Minister Zsolt Semjen, said on parliament’s website. The measure to withdraw from the ICC passed in a 134-37 vote.
Hungary has learned a valuable lesson about surrendering sovereignty to a globalist entity where unelected officials create the rules. The ICC is no longer an impartial neutral entity but has been weaponized as a tool of the UN. The UN has failed to prevent virtually every major war since World War II—from Korea to Vietnam to Iraq to Ukraine. It talks endlessly, issues non-binding resolutions, and does nothing of substance except expand its bureaucracy and budget. The media is declaring Orban a traitor of the West, a puppet of Russia and Israel. The truth of the matter is that world leaders are becoming increasingly suspicious of globalist entities like the World Health Organization, UN, WEF, HRC, etc. because they see the clear goal of centralized control.
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