Central Bankers & Politicians – Its Time for a Change


Posted originally on Jun 7, 2024 By Martin Armstrong 

Central Bankers BIS

COMMENT: It was great seeing you here in Europe. It was even more interesting to see how the central banks are starting to use the ECM rather than wait six to nine months before acting. Back in 2007, your model turned in February, but the Fed Funds Rate did not drop to 3% until one year later. I agree; you are impacting even though you cannot say who is or is not following your forecasts at that level.

Yesterday, the ECB lowered interest rates for the first time since 2019 during your target week of June 3. This represents a significant shift in the global economy’s monetary policy. With your Panic Cycle for the Fed meeting, it looks like they will follow suit.

Congrats. You are starting to get recognition for 50 years of work after the bankers tried to shut you up so they could constantly blow up the economy.

Paul

Gold Fluctuated

REPLY: Thank you. It was great to see you. With Keynesian Economics failing, rational men must look at other things. It is time we recognized that the Business Cycle incorporates everything from climate and weather to civil unrest and war. You CANNOT manipulate those things by raising and lowering interest rates to create perpetual prosperity, even under the Gold Standard, which failed because they could not prevent inflation when massive gold was discovered in the 19th Century in California, Alaska, and then Australia.

1715 FleetCobSet 2

Even when all the gold was pouring into Europe from the discovery in the New World, it wreaked havoc on the European Economy, causing major inflation. In the end, Spain became a serial defaulter and successfully, through fiscal mismanagement, converted itself from the richest nation in Europe to a third-world country. Sound familiar?

Schumpeter BusinessCycle Waves of Creative Destruction

Even Schumpeter attempted to explain the Business Cycle as waves of innovation. Someone invents something that takes the economy to new levels—steam engines, combustion engines, tractors, airplanes, and the Internet, to mention just a few. These aspects are not in the quiver of central banks to control. Paul Volcker conceded that the Business Cycle is about eight years. I had a long discussion about that with Paul back in 1999. His Rediscovery of the Business Cycle outlined how Keynesian Economics failed back in the 1970s. Even the previous Chairman of the Fed admitted that the Business Cycle ALWAYS wins.

Burns Arthur

It is time to Understand the Business Cycle and Learn How to Live With It!

Politicians Have to Wake Up – Socialism Destroys the Economy – Get Over It!

socialism.meme_

Why Are Central Banks Buying Gold?


Posted Apr 3, 2024 By Martin Armstrong 

US20Gold pile 2

Investors’ curiosity has peaked as central banks are increasing their gold purchases. We are not going back to a Bretton Woods type situation and that is not the issue. You must understand that gold is neutral. Central banks are buying gold because the Neocons have weaponized the dollar.

Russia was removed from the SWIFT system, and private citizens’ assets were confiscated. When Russian assets were removed from SWIFT, a threat to the world was issued to say, “Hey, if you don’t do what we tell you to do, we will take you out of SWIFT.”

This is not the end of the dollar. Money continues to pour into US equities, particularly the Dow. Why? When the drum of war is beating, major institutions rush to move their money into a safe haven, which happens to be the US at this point in time. The big money is not purchasing start-up equities on the Nasdaq, for example, as they will not take that risk. Our computer model indicates the Dow will continue rising into 2032 as it remains one of the last safe havens.

The West has become extremely aggressive in its geopolitics. You simply do not buy the debt of your enemy. Central banks are buying gold because the USD is political.

There is a stark difference between short-term and long-term bonds. The central banks have zero control over the short-term and that is how this whole QE fiasco began as central banks began purchasing long-term debt in an attempt to reduce long-term interest. Why would you buy long-term when war, the primary driver of inflation, is looming? This is a serious situation that the neocons who have weaponized the dollar simply do not understand.

Ep 3289a – IRS Are The Foot Soldiers For The [CB], Another State Accepts Bitcoin


Posted originally on Rumble By X 22 Project on: Feb 22, 2024 at 2:51 pm EST

The Western Sanctions Against Russia and U.S. CBDC


Posted originally on the CTH on February 11, 2024 | Sundance 

I made the notation during the Tucker Carlson interview that Russian President Vladimir Putin knows everything below in this article about Russian Sanctions and the formation around a dollar-based U.S. CBDC. Unfortunately, Tucker Carlson does not know the specifics of how it is being constructed.

As I continue deep meetings and very granular discussions about the lessons within the EU that can be applied to the USA, it is worth revisiting this previously password protected post.

I went to the EU, because deep inside all of my research on Russia, things did not make sense.  I was very prepared and organized to expect everything sketchy, and what I found surprised me.  Putting boots on the ground, I now have a completely clear and different view.

Let me start by saying everything we have read about the Western sanctions against Russia is false.  What sanctions might exist do not have any impact, and Eastern Europe has no intention to anger Putin.  When Brussels threatens to kick Hungary out of the EU/NATO, I can almost hear Viktor Orban saying, “Don’t threaten me with a good time.”  Hungary doesn’t even use or rely on the €uro for domestic financial transactions; they still retain their own national currency, the Hungarian forint or HUF.

First things first with the Western financial sanctions- specifically the SWIFT exchange.  It is true you cannot use VISA, Mastercard or any mainstream Western financial tools to conduct business in Russia; however, the number of workarounds for this issue are numerous.  One of those tools is the use of a cryptocurrency like Bitcoin; and within that reality, you find something very ominous about the USA motive.

Crypto users are likely familiar with stories like Binance and the US regulatory control therein.  Factually, outside the USA Binance is being used to purchase and trade crypto without issue, but inside the USA it is regulated.  That brings me to the MEXC crypto exchange, a Mexican version, again available globally but not allowed in the USA.  The same applies to Metamask, used all over Europe but not permitted in the USA.  Start to ask yourself, why all these crypto exchanges are available to the rest of the world but not the USA, and you start to suspect the Russian sanctions, just like the Patriot Act, are something else entirely.

Then there’s app wallets.  You might be familiar with Apple Pay as a process to handle transactions from your iPhone.  Apple Pay is linked to your bank account.  Well, the “wallet feature” exists on other apps also, like Telegram; however, you can find the wallet feature, but if you try to use it from a USA cell phone… “This feature is not allowed in your region.”  Why are digital wallets available for the rest of the world but blocked by the U.S. government?

This brings me to several crypto conversations in the EU at various cafes with people who have a deep understanding.  The commonly accepted bottom line, the Western sanctions, organized by the Biden administration and US Treasury, were not intended to put financial walls around Russia; they were designed to put control walls around the USA.  Russia was the useful justification.

Here’s how it really looks from the outside looking at the USA.  The same way the Patriot Act was not designed to stop terrorism but rather to create a domestic surveillance system. So too were the “Russian Sanctions” not designed to sanction Russia, but rather to create the financial control system that will lead to a USA digital currency.

Now, does the exploding debt and seeming govt ambivalence take on a new perspective?  It should, because that unspoken motive explains everything.  This is not accidental folks.

Again, the western sanctions against Russia are not having an impact against Russia; they are having a quiet impact in the USA that no one is permitted to talk about.

♦LOGISTICS – Despite popular opinion to the contrary, it is entirely possible to travel all over Europe without being tracked.  If you pick an entry point into the EU (Schengen Area), once inside, you can travel without any national checkpoints or passport checks.  It is also entirely possible to fly all over the EU without ever giving a passport number when you book the flight.  The trick is to know which airline.  You are a name on a passenger manifest, nothing more.

Bottom line, travel around the EU is less controlled, tracked and monitored, than travel inside the USA.  Yes, let me emphasize; freedom of travel is greater in the EU than it is in the USA.  This was completely unexpected.

♦GROUND REPORT – You might ask how I know the Russian sanctions are ineffective – here’s an example.  After doing advanced research, I went to three separate banks as a random and innocuous customer.  I put my reason in the kiosk at each bank, got my ticket number and sat down to listen to the conversations. When my ticket number came up on the digital board, I just ignored it and sat for hours listening to conversations.  No one ever noticed or questioned me – not once.

At every one of the banks, the majority of the customers, at the “new account” desk, were foreign nationals asking about setting up business accounts to trade with Russia. In every bank the conversations were friendly and helpful, with the bank staff telling the customers exactly how to set up their account to accomplish the transactions.  No one was saying no; instead they were explaining how to do it in very helpful detail.

Within Russia, there are now 3rd party brokers with international accounts, an entirely new industry, which creates a layer of transactional capability for the outside company to sell goods into Russia.  A Samsung TV travels from South Korea to the destination in the RU with the financial transaction between manufacturer and retailer now passing through the new ‘broker’ intermediary. Essentially, that process is what was happening in the banks for small to medium sized companies.

♦ Back to the crypto and digital wallet angle.  In addition to financial/transactional brokers for durable goods into Russia, there is now an entire industry of selling telephone id’s with EU phone numbers to process the transactions that are blocked by the USA sanction regime.

Meaning, a person could buy a phone and register a phone number from within the EU, and then go back to the USA and access all the blocked/restricted financial processes [Binance (non-US), Metamask, MexC, Telegram digital wallet etc].  This would permit them to do untracked financial transactions into and out of Russia from the USA without the USG knowing about them (sanction workaround).

[DISCLAIMER: in the interest of my own legal risk, I did not do this; I’m just explaining.]

I am not smarter than the U.S. intelligence community, so what does this mean?

This means the U.S. government knows exactly why the Russian economy is thriving, the Ruble is stronger against the dollar, and there is nothing -not one thing- visible or different on the ground in Russia that an ordinary Russian citizen would notice.  In fact, the Russian economy is doing fine, better than before the Ukraine conflict initiated, albeit with new financial industries created by the sanctions.

If the US government knows this, then why the sanctions?

Asked and answered.  The Western sanctions created a financial wall around the USA, not to keep Russia out, but to keep us in.  The Western sanction regime, the financial mechanisms they created and authorized, creates the control gate that leads to a U.S. digital currency.

In essence, the Ukraine war response justified a system that creates a digital dollar.

I will have more, but for now just think about this aspect.

Interview: Trump, CBDC, Global Tension and Investment Strategies


Posted originally on Feb 2, 2024 By Martin Armstrong 

Press Interview

Click here to watch the latest interview on 2 Vikings Podcast on Spotify.

A message from Frank Nilsen:

How does Martin believe central bank digital currencies will affect the future of finance, borrowing, and the overall economy? With rising government discontent and predicted collapses in confidence, what indicators should we watch to gauge the stability of government systems? What are the historical precedents for capital migration during times of war or conflict, and how are we seeing this take place today?

Martin A Armstrong is back on the 2 Vikings podcast again. He is a former financial advisor and hedge fund manager who gained prominence for his economic forecasting abilities. He started his career in the early 1970s and quickly became known for his unique approach to analyzing financial markets.   One of Armstrong’s notable contributions to the field of economics is the development of the Economic Confidence Model (ECM). The ECM is a cyclical model that aims to predict economic and political events based on a series of mathematical calculations. According to Armstrong, these cycles repeat over time and can be used to forecast market trends with remarkable accuracy. Armstrong’s forecasting abilities gained widespread attention in the late 1980s when he accurately predicted the Black Monday stock market crash of 1987. His model also successfully predicted various other major events, including the Japanese asset bubble collapse in the early 1990s and the Russian financial crisis in 1998.

In addition to his economic forecasting work, Armstrong also founded Armstrong Economics, a research firm that provided economic analysis and consulting services to clients worldwide. The company’s clients included governments, central banks, and major corporations.   While he gained recognition for accurately predicting major market events, he also faced legal troubles and was convicted of contempt of court. Armstrong spent several years fighting the charges against him and was ultimately convicted of contempt of court for refusing to hand over computer files related to his forecasting models. He was sentenced to prison in 2000 and remained incarcerated until 2011. You can see his story in the documentary “The Forecaster.” During his time in prison, Armstrong continued to write about economics and finance. He gained a following of supporters who believed in his forecasting abilities and viewed him as a victim of government persecution. Armstrong’s writings, which were published on his website, often delved into topics such as market manipulation, government corruption, and the flaws of the financial system. Since his release from prison, Armstrong has continued to publish his economic insights and analysis on his website. He has also been involved in various legal battles related to his case and has become an advocate for reforming the justice system. Armstrong continues to share his economic insights through his website but remains a controversial figure in the field of economics.

We talk about: 00:00 Allegations of election interference and financial corruption. 09:14 Discoveries made by accident, not intentional pursuit. 15:39 Refusing to sell, setting off chain of events. 17:32 Russia’s large natural resource reserves are tempting. 28:15 Congress to vote, circumventing, dangerous power grab, inflation. 31:15 Became largest institutional advisors in the world. 35:03 Historical revolts sparked democracy, not communication speed. 42:48 Urgent need for CBDCs to control debt. 48:12 Decrees make no sense, unsustainable federal spending. 51:20 Shocking dinner conversation at Mar a Largo. 58:18 Rising discontent may lead to stock market pullback. 01:04:21 High priest determined leap year, leading to corruption. 01:10:42 Gold brokers indicative of upcoming restrictions, collapse. 01:17:11 Migration increases traffic, taxes and bribery issues. 01:18:58 Model predicts war but people want peace. 01:24:09 AfD leader supports Brexit model for Germany. 01:32:28 Colombians pay for heart transplant to escape. 01:34:09 Government funds for medical procedures exploited. Enjoy!

No Cash Accepted


Posted originally on Jan 29, 2024 By Martin Armstrong |

cashless society electronic money

Businesses are increasingly preventing customers from using cash as NO CASH ACCEPTED signs line Main Street. No federal law requires businesses to accept cash, but some states and cities have implemented laws mandating businesses to do so. COVID accelerated the push toward a cashless society, as physical cash was seen as unhygienic. Then the US mint faced a physical currency shortage as Americans hoarded their cash. Cashless businesses are now widely accepted and normalized in our society.

Around 6 million Americans who do not have a bank account, and therefore are blocked from participating in our cashless society. This particularly impacts the poorest in our nation, as a recent survey found that 40% of unbanked individuals do not have enough liquidity to meet the minimum balance required by banks. The FDIC found that one-third of respondents simply do not trust the banks and prefer cash for privacy purposes.

Then there are those who use prepaid cards or tools like CashApp that fall in “underbanked” bracket. The latest estimate found that 19 million households fall under this category. Combined, one in five Americans are either unbanked or underbanked, and according to the government, these individuals are merely attempting to avoid taxation.

Another lesser known fact is that banks often charge stores for physical currency. Additionally, the costs of providing and handling physical currency, such as the need for security, transportation, and storage make it more costly for businesses to use cash. The crime wave across blue cities is a contributing factor as well, as it is not uncommon to see signs stating that a business does not have cash on hand to deter thieves.

There is no federal law that requires banks to charge for change, but federal law generally allows banks to charge non-interest charges and fees. Interchange fees are transaction fees that the merchant’s bank must pay whenever a customer uses a credit/debit card to make a purchase, which is why you will often see a surcharge of around 3% at certain businesses to cover this expense. So businesses are faced with fees for all transactions whether they go the cash or card route.

JunkFeesBanking

The 2010 Dodd-Frank ruling permitted businesses to set a credit card minimum of $10, as the interchange fees nulled the profits on small purchases. Debit cards are treated as cash, whereby there is no set minimum by law.

They will soon force the unbanked and underbanked into the banking system, which is one of the reasons why the Biden Administration continually talks about erasing junk fees so that the 40% who claim they cannot meet the minimum balance are not excluded from government oversight. The push for a cashless society is a global phenomenon tied to the DPI and other initiatives that aim to centralize our individual data.

Trump Speaks Out Against CBDC


Posted Jan 22, 2024 By Martin Armstrong 
Trump Drawing

The leftist media cutaway Donald Trump’s victory speech after his Iowa victory. Some, such as Rachel Maddow who has no credibility, said it would be dangerous to air a live statement from the former president due to January 6. The truth of the matter is that they wanted to censor what he had to say, especially regarding the push for CBDC.

https://platform.twitter.com/embed/Tweet.html?dnt=true&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1747819823159972003&lang=en&origin=https%3A%2F%2Fwww.armstrongeconomics.com%2Finternational-news%2Fpolitics%2Ftrump-speaks-out-against-cbdc%2F&sessionId=cf4abb540200008d6b6a86fca2cb5a5b7a9f8b17&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=500px

“Tonight, I’m also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency,” Trump announced. “A digital currency would give our federal government absolute control over your money. They could take your money and you wouldn’t even know that it was gone. This would be a dangerous threat to freedom and I would stop it.”

The audience loudly cheered and applauded his statements, to which Trump replied he was stunned the public was even aware about the plan to eliminate cash. Trump is not alone in his sentiment as DeSantis has been outspoken about the control CBDC would provide the globalist elites, as was Vivek Ramasamy and other Republicans.

Those reading this blog already know the dangers involved with digital currencies. CBDC are intended to control our behavior. This will transform society into a digital prison, which is why the Founding Fathers outlawed direct taxation. The rally to Marx at the end of the 19th century led to the introduction of the income tax in 1913, and they swore they were going only after the trich. By World War II, they introduced the payroll tax because Roosevelt’s Marxist agenda was to include Social Security, and we, of course, had to be FORCED to save money for our own future. That became a slush fund that was restricted to buying government debt. In Canada, Trudeau froze all accounts of those protesting COVID restrictions in the Truckers Convoy as a test for what is to come.

The elites in Davos have been speaking about the implementation of CBDC all week. They claim it will stabilize financial markets. They genuinely believe that YOU owe them money. The 99.9% must be controlled in every way imaginable to permit those at the top to live lives that low-level billionaires could hardly imagine. The plan has been in place for years but now they’re ready to pull the rug out from under us.

The globalists are behind this push. In America, we cannot even blame the puppet in charge. He recently did an interview where he said that he sympathized with Americans who he believes are charged a fee for calling their banks to check their account balance. He has absolutely no idea what is going on. Children understand the current banking system more than Biden. They would never allow anyone outside of the establishment to sit in the Oval Office, and 2016 may have marked America’s last fair election.

There is no question that the real problem here is that the financial system is collapsing, and they can no longer hide the destruction from the public. These morons in government have been borrowing since World War II with ZERO intention of ever paying off the debt. They are running out of buyers and turned their clients into enemies. They are prepared to weaponize their central banks. Governments are desperate, and in their mind, YOU — the useless carbon that should only exist within their set parameters — are the problem.

Central Banks & Complexity


Posted originally on Dec 21, 2023 By Martin Armstrong 

Federal Reserve Text

QUESTION: Why do you seem to be the only analyst who understands central banking? My son got an internship at one of the major banks in New York during the summer. I won’t say which bank, but he asked a senior-level guy there about you and the interest rates, explaining I had been following you for years. He said you were the only one with international experience and who has ever advised multiple central banks. Is that the answer?

PK

ANSWER: Perhaps in part. But there is a massive gap between the experience of those of us who have dealt at high levels internationally and domestic analysts who always seem wrong calling the shots based on the headlines they read.

Understanding Currency capital flows

The number one problem is this fiction that the dollar is a fiat currency when, in fact, currency from the beginning of time has ALWAYS been valued NOT by its pure metal content but by who issued it. There has historically always been a premium to the currency of the dominant economy.

Lydia Debasement
Tiberius Aureus Genuine India Imitation

When Cyrus the Great conquered Lydia, he continued to strike coins of their design because they were highly regarded in international trade. We see the same with Roman coinage imitated in India when they, too, could have issued their own designs, but the Roman coinage carried a premium.

Valens AR Siliqua Genuine Gothic Imitation

Even when the Barbarians were on the Northern frontier of Rome, they too took silver and struck imitations of Roman coins because they were worth more than the metal content. In 260AD, when emperor Valerian the Persians captured me,  there was a Financial Panic of 260AD where bankers suddenly did not know if Roman coins would still be worth anything when there was no emperor.

QE MMT
Rain Money QE

While everyone claimed hyperinflation would engulf the world because of Quantitative Easing (QE), I warned there would be no such inflation. Indeed, with QE, there was no inflation, and people then developed the Modern Monetary Theory, claiming that they could increase the money supply and it would not result in inflation.

The entire problem rests with the fact that these people not only did not understand the role of money but also failed to grasp international capital flows and how they play into the world economy. Because you can now buy US TBills and place them as collateral to trade with at a brokerage house, the debt is simply money that pays interest. BEFORE 1971, it was illegal to borrow against government bonds. For you see, if you could borrow against the bonds, that meant the bonds were part of the REAL money supply.

Once debt became cash that paid interest, that changed economics forever. I have said over and over again the Fed is NOT the problem, and it can not stop inflation with interest rates. The REAL money supply if the national debt, so if the Fed buys-in 30-year bonds and creates cash to do so, it is NOT increasing the money supply; it is increasing the liquidity – that is all. Swapping cash for bonds does not change the balance sheet. If you buy a house for $100,000 and pay cash, then you have merely converted your cash into an asset.

Now, it all depends upon the buyer. If I have a building and sell it to a fellow American for $10 million, it does NOT alter the domestic money supply. However, if I sell it to Brit, he brings in cash to buy the property, and that DOES INCREASE the money supply BECAUSE he has imported $10 million that did not previously exist within the domestic system.

This is a very complex topic that only those of us in international finance ever encountered. I helped the Japanese reduce their trade surplus for political reasons. I had them buy gold in New York, export it to London, and sell it there. The trade statistics only count dollars in and dollars out – not the product. Buying gold and exporting it reduced the trade deficit, and nobody understood anything.

Dow Jones Earnings Book Value 1937 1982
Martin Armstrong Margaret Thatcher

I handled a lot of the takeover boys during the 1980s when they made the move about Wall Street. They never understood what I was doing. The stocker was way undervalued when you could buy a company, sell its assets, and double your money. I took it to another level. I ran the model on currencies, and we would then buy like all the Courage Pubs in England but borrow in Swiss in a currency that would decline against the asset. We were making 20% on the currency moves besides the asset values. I was restructuring companies selling assets in one currency to buy assets in another to create balance hedge portfolios. That’s how I became friends with Maggie Thatcher. She wanted to know who this guy was sending companies into Britain.

Maggie was one of the few world leaders who grasped what I was doing. She kept Britain out of the EU because she understood what and how I was restructuring multinational companies. They staged a coup against here to take the pound into the Euro, then Soros attacked the overvalued pound in the ERM, and John Major had to reverse the entire mess, making Soros very rich in the process.

I will get around to doing my memoirs. I understand what I was doing set the stage for the world economy post-1971 Bretton Woods. That’s why Milton Friedman bothered to listen to my lecture about currencies in Chicago.