Spain’s Climate Minister Caught Faking Bike Transit for Cameras


Armstrong Economics Blog/Climate Re-Posted Jul 13, 2023 by Martin Armstrong

The above video is complete climate propaganda.

The climate zealots are laughing at us from their private jets. They swear doomsday is around the corner and the commoners must abandon all basic comforts to save the world. Their predictions have never come to fruition because they are based on nonsense. Spanish climate minister Teresa Ribera was caught faking a bike commute for cameras, and it is not the first time a climate tzar was caught pulling such an act.

Ribera flew on a private jet to attend a climate conference, where the elite decide what the Great Unwashed should forego. She hopped into a private car and drove 100 meters to the venue. Then, cameras captured her taking out a bicycle to ride the 100 meters to the venue. Pure propaganda.

The Great Unwashed must blindly obey why the fraudulent rulers mock us. Ribera boarded a private jet 17 times in 2022, costing taxpayers €170,000. She traveled via private jet 16 times in the past seven months, totaling €160,000. Do you think she cares about her carbon footprint?

Ribera is a World Economic Forum proponent, obviously, and participated in the C40 Cities Summit. She supports reducing air travel, meat consumption, and private car ownership. She said all cars must have zero emissions by 2040 to reach decarbonization by 2050. In fact, she believes all gas engines should be banned by 2035. As a former UN climate negotiator, she pressured the EU to abandon the Energy Charter Treaty. She pushed Spain to move away from coal and nuclear energy by 2030. She is simply another deep state minion hoping that the people are ignorant enough to believe that they are responsible for natural changes in the weather. Rules for thee but not for me will be more apparent than ever as we move toward the Great Reset goal.

BoC Study: 59% of Canadians Willing to Accept CBDC


Armstrong Economics Blog/Central Banks Re-Posted Jul 12, 2023 by Martin Armstrong

The masses do not realize what CBDC really entails. It is marketed as a convenient and modern way to bank. In truth it is a tool for control, an important tool that governments need to usher in the Great Reset. A recent poll by the Bank of Canada aimed to see how willingly the public would accept a new digital currency. Surprisingly, the majority said they were willing to make the switch without hesitation.

An alarming 59% of respondents said they are willing to switch to CBDC once available. They do not realize that they won’t have a choice in the matter. Around 43% said they were “somewhat willing” to accept CBDC. Then 11% said they were “very willing” and 5% “extremely willing.” Only 25% said they would not make the switch, which again will not be optional. Only 16% admitted that they do not understand the concept.

It appears that the public does not understand the risks involved. Over half (51%) said they were confident the central bank would securely handle their transactions and data. Around 56% said they were concerned about the potential for fraud, cyber attacks (53%), personal data misuse (44%), and lack of anonymity (35%). The central bank, of course, did not ask the real question – Are you comfortable with the government controlling all of your financial transactions?

Eighteen of the G20 countries have already begun developing digital currencies. The real threat here is that CBDC will provide governments will full access to our finances. We see how easily private banks de-bank individuals. Trudeau was able to cancel accounts of protestors and their alleged supporters in an instant.

CBDC would allow government to deny people access to their finances entirely, especially since cash will not be an alternative. The WEF wants to link individual IDs to the banking system and throw in social credit scores for good measure. A WEF spokesman recently said during the Summer Davos that they would like to control what people buy and ban unapproved purchases. Then they will ensure no money goes off the grid as governments want to tax us into oblivion. Now is the time to show resistance to the idea. Once they implement these policies, there is no going back. They will give us a timeframe to convert our cash to a CBDC and then governments will have complete control over our finances.

Bankruptcy on the Rise


Armstrong Economics Blog/USA Current Events Re-Posted Jul 12, 2023 by Martin Armstrong

Chapter 11 bankruptcies in the US rose by 68% during the first six months of 2023, according to Equip Bankruptcy. You may have survived the pandemic, but surviving Bidenomics is proving too much for many businesses. There were 1,766 filings during the first six months of 2022, compared to the 2,973 businesses that went under this year. Chapter 13 personal bankruptcy also rose by 23% during this period.

Around 12,107 commercial filings were recorded during the first half of this year, marking an 18% increase year-on-year. Small businesses experienced a 55% increase in Chapter 11 filings during the same time period. Commercial bankruptcies increased 12% year-on-year in June alone, and small businesses saw a 111% spike. “The growth in filings is reflective of more families and businesses facing surging debt loads due to rising interest rates, inflation, and increased borrowing costs,” said ABI Executive Director Amy Quackenboss.

Everyone is in trouble here. This is becoming a trend as inflation is here to stay. Credit card debt has reached historical highs as people struggle to pay the basics. Businesses were already decimated by COVID policies, and some never regained the momentum. People have lost all confidence in the future and are less likely to spend. Many businesses attempted to recover from lockdowns and the supply chain disaster, but the increased regulations make it difficult for many to profit. It will only become more expensive to borrow money as Powell all but guaranteed additional hikes this year, and now many have no other option than to liquidate it all.

Nigel Farage – War on Cash


Armstrong Economics Blog/Cryptocurrency Re-Posted Jul 11, 2023 by Martin Armstrong

Farmers Insurance Company Pulls Out of Florida – Another 100,000 Policies Will Not Be Renewed


Posted originally on the CTH on July 11, 2023 | Sundance 

The insurance crisis in Florida is hitting the middle-class family, working community and retirees on a fixed income directly.   Hundreds of thousands of residents have lost insurance coverage, and even more have seen policy premiums double.  It is not uncommon to find homeowners who are paying more for insurance than their actual mortgage payment.  Unfortunately, the situation is getting worse.

Farmers Insurance has notified the state they are pulling out of Florida, will not be writing any additional policies in the Sunshine state and when existing policies expire, they will not be renewed.  Home and auto policy rates have already doubled in many areas for many people.

The insurance situation is becoming more unstable by the day, and the future outlook seems even worse amid reports that even more companies are planning to exit.

FLORIDA – Another property insurer is dropping coverage in Florida.

Farmers Insurance will stop writing new business and not renew its existing “Farmers-branded” automobile, home and umbrella policies in the Sunshine State, the company said Tuesday.

Last month, Farmers said it was only pausing new business in Florida. The company is also limiting new home policies in California, where it is based, according to news reports.

“This business decision was necessary to effectively manage risk exposure,” the company said in a statement.

The move will impact 30% of the company’s business in Florida, or roughly 100,000 policies. Policyholders affected by the decision are required to be given 120 days’ notice that their coverage will not be renewed.

Farmers on Monday sent notice of its plans to the Florida Office of Insurance Regulation, which is reviewing it. Insurers must give the office 90 days’ notice if they want to discontinue writing business in Florida. (read more)

The insurance company withdrawals works in concert with investment groups who prey on the outcome.  Single family homes and even large condo developments are squeezed into a situation where housing is no longer affordable.  The investment vultures then swoop in and end up controlling the properties.

Florida’s working and middle-class is being destroyed and a divide between the haves and have-nots is being created.  The wealth gap is expanding as families are forced to leave the state and a larger percentage of self-insured rich people move in.

Long before Ron DeSantis became a potential presidential candidate, and long before Hurricane Ian devastated southwest Florida in 2022, I was highly critical of state policies that were not constructed around the backbone of the economy, the working class.   Temporary H1B Visa workers replacing permanent residents as a workforce to fill the gap is not a long-term solution.

When you stop paying attention to the economic systems that support a sustainable service and production workforce in Florida, this snowballing outcome is predictable. None of it is good.  Unfortunately, as I forewarned prior to the COVID era, Governor Ron DeSantis is creating a class-war tinderbox.  The sentiment on the ground is increasingly growing angry.  His absence is only making it worse.

My Tribe

Sound of Freedom Blacklisted by Woke Elite


Armstrong Economics Blog/Corruption Re-Posted Jul 11, 2023 by Martin Armstrong

The movie “Sound of Freedom” exposes the darkest corner of our society – child trafficking. The film should not be controversial but the mainstream media and Hollywood blacklisted the film because they are protecting those involved. Simply Google the film and you will see articles from EVERY news outlet condemning the film as a QAnon conspiracy for right-wing extremists.

Jim Caviezel, the director, is a devout Christian which is now a radical ideology in America. You may not believe in God but watching this film will show you that pure evil exists. He has said that streaming services such as Netflix and Hulu would not carry his film, which is precisely what occurred with “The Forecaster.” For you see, there are numerous organizations that would taken down if the truth came out. This is a trade that surpasses most other industries and cannot be calculated. The Department of Homeland Security estimates that child trafficking account for $150 billion in global trade, but the true amount is much higher. Millions of children go missing every single year. It is not isolated to third world countries. What happened to the children who went unaccounted for at our own border?

It is extremely alarming that the powers that be want to silence this film. Epstein island was a conspiracy theory too at one time. The politicians and people of influence who went to his island were never held accountable, but that shows only a tiny fraction of how deep this insanity goes. Governments are involved. The woke elite are dominating all institutions and forcing organizations to abide by their CEI and ESG scores. Kids are being taken away from their parents if they don’t provide “gender affirming care,” which never existed up until a few years ago when the far left lost its collective mind. They are NORMALIZING the sexualization of children even in schools. The Guardian called the film “the QAnon-adjacent thriller seducing America” as did every other major news outlet. I question any journalist who is angered by a film that shines a light on such an important topic. The corruption goes deep, and the elite have an agenda. It is not fear-mongering because, yes they are coming for our children.

Gold Back Currency Reality


Armstrong Economics Blog/Gold Re-Posted Jul 8, 2023 by Martin Armstrong

QUESTION: Do you think the BRICS would create a gold-back currency as proposed by Russia?

SJ

ANSWER: The Neocon has directed the Biden administration to remove Russia from SWIFT. Their single-minded goal is destroying the world economy, but they do not care. They think they will conquer Russia and China and dominate the world so they will worry about the monetary system afterward.

You have to understand that if the BRICS followed that directive and created a single gold-back currency, they would have to end any idea of international trade. This proposal is understandable given the hostility of the United States from the Neocons, who are now in charge. Congress is oblivious to what is happening, and the American public is arguing over Transgender destroying the family unit.

This is not some simple one-dimensional idea that we create a limited-backed currency. That will be DEFLATIONARY and, at the same time, promote civil war in the United States. Politicians cannot run for office, promising endless gifts, forgiving student loans, etc. You cannot have deficits. This would NECESSITATE the end of Marxism once and for all.

This idea of a gold-back currency requires political change on a grand scale.  That is coming. Post-2032 will be a new monetary and political system. Before then, they are pushing CBDC, and they will restrict what you can buy or sell, and this is all to retain power because they KNOW they are losing it. But in the process, they are destroying everything. The people who voted for Biden had no clue that they were voting for a coup and the ultimate destruction of Western civilization as we have known it.

I buy gold, but I also understand the game. I do not want gold-back currency; I prefer gold to remain as a hedge against the government. If they back the currency with gold, this time, they will be knocking down every door to confiscate it all.

These Neocons have already divided the world economy in two. They think they will conquer the world. The enemy is within.

US Housing Prices Push Higher


Armstrong Economics Blog/Real Estate Re-Posted Jul 7, 2023 by Martin Armstrong

Fannie Mae admitted their forecast of declining home prices was incorrect. They initially projected that housing would fall by 1.2% in 2023, followed by 2.2% in 2024. Housing prices remain strong because this in an inventory crisis. There are 47% less available single-family houses on the market compared to the start of the COVID crisis. Homebuilders cannot keep up with demand, and the demand for investment-bought rentals is outpacing single-family sales.

Our Residential Index elected a Yearly Bullish Reversal at the end of 2012. That confirmed the long-term trend had changed. However, urban condos and commercial properties were forming a divergence. I assumed that was being caused by the debt and rising taxes in cities. In that regard, I suppose I was only partially correct, for the rest had been the braindead response to COVID and failed QE policies. The failure of QE caused a collapse in confidence in the future. When people fear the future, they save. Increasing the money supply does nothing until the people decide to spend it.

Socrates also selected the precise target for the January 2021 directional change in US real estate. Our index began declining in January 2022, anticipating the first rate hike on March 17, 2022, by a quarter point. The claim that interest rate hikes imply that real estate will decline is very old school, and once more, it presumes everyone is buying on leverage. In 2021, cash sales represented 25% of existing home sales in the key markets, which were a level unmatched since 2016. Nationally, buyers paid cash for almost 15% of the homes in 2021 in markets that were booming from migration from other states.

Real estate is undergoing three separate trends. First, there has been mass evacuation from cities and high-taxed states thanks also to draconian COVID laws. Secondly, we have the flight of capital to flee banks, etc, which is part of just getting capital off the grid. Then thirdly, there has been a flight of international capital fleeing to the United States because of geopolitical instability in Europe.

This market has been LESS impacted by interest rate hikes than any previous booming market, all because of the migration from interstate within the US and the flood of European buyers looking for assets outside of Europe as the prospect of a global war increases. I have warned that real estate will decline in those states where people are fleeing. It has boomed in places they have been migrating to, such as Texas and Florida. Obviously, you can no longer make a blanket forecast in real estate.