Category End of the era of the Dollar

Mar 22 2023

Intentional Provocations – Tucker Carlson Outlines the Latest Expectations on the Trump Arrest and 1,000+ Pending Indictments Against J6 Protesters


Posted originally on the CTH on March 22, 2023 | Sundance | 115 Comments

At a certain point you have to wonder if the scale of the “dual justice” visibility is not intended to provoke a political crisis.  If this is the motive, we are heading to a very dark place.

During his opening monologue last night, Tucker Carlson outlines the latest expectations in the arrest of President Trump and the pending criminal indictments of more than a thousand people related to the events of January 6, 2021.  WATCH:

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Mar 20 2023

The Decline & Fall of the United States


Armstrong Economics Blog/Corruption re-Posted Mar 20, 2023 by Martin Armstrong

COMMENT: Hi Marty,

Seems to me the Democrats are following the time honored practice South American governments have resorted to in recent years when one party displaces another in a national election. In Brasil, the current president, Lula, spent 3 years in jail for charges of corruption. His successor was later removed from office. Now Bolsonaro has fled the country and is living in South Florida. In Ecuador, a past president, Moreno ,is under indictment and it appears he too will end up being arrested on trumped up corruption charges. In Bolivia, two term ex-president Evo Morales, after trying to run for an unprecedented third term, fled the country in 2019 when it appeared opposition to his run would potentially result in his being jailed. He fled to Argentina, then later got asylum in Mexico. The woman who replaced him was subsequently arrested on trumped up charges of conspiracy. IN Peru, which has gone through more presidents in recent years than most countries have experienced in a half century, has arrested the past 5 presidents. In Chile, the last president who served in office was run out of office for using the military to suppress protests. This was back in 2019.  The revolution that led to the country abandoning their old constitution has put the country in chaos.. The current president is extremely unpopular and one can imagine he won’t last another year in office. In Colombia, the country now is run by a communist/socialist who is now flirting with an ambitious spending program designed to buy time and slow down the opposition building against him. In Argentina, the former president, Christina Fernandez Kirchner, is dodging charges of corruption(and just avoided being assassinated by a lone gunman) after presiding over another series of IMF sponsored funding that has left the country in a perpetual state of default. The socialist in office today, Fernandez, is one of a long line of failed presidents who is destined to be pulled under by the corruption so deeply embedded in this country.

Now the Democrats appear to have imported South America’s tradition of imprisoning opposition leaders.It’s hard to imagine a party as corrupt as that of the Democrats. But nothing happens in a vacuum. With Republican support in Congress during Trump’s term when they opposed him and did everything they could to undermine him, the uni-party now operates without even the slightest effort to disguise their true intentions. An outsider like Trump is anathema to both parties. It reminds me of the PRI in Mexico. which put forth its candidate every year pretending people there actually had a choice, It took AMLO to break this tradition. Only because the drug cartels today are so powerful, the central government is virtually impotent to extend its reach outside of the capital.

We are watching the dying days of this republic. Biden’s “election” has assured that no serious challenger can ever emerge.Locking up your opponent now has become part of their playbook.  This is the tradition of the Sandinistas, the Peronists in Argentina, and now the Biden dictatorship.

MS

REPLY: People do not realize that Zelensky wants to imprison the former president indefinitely pending a rigged trial for corruption. This is the one man who could probably run against Zelensky and beat him with his high heel shoes. Zelinsky is so perverse and a disgrace to Ukraine when in fact it has been clearly established there is NO accountability for any money handed to Zelensky and any American politician who votes for this money for Ukraine should be removed from office for they are probably tainted as well.

It has been established that Zelensky has been stashing money offshore. When the last Ukrainian fall on the battlefield, the US will have him airlifted in style and he will flee to his mansion in Miami after destroying his own country. Zelensky has been caught. Who will prosecute him? Not the Biden Administration which owed him the Midterm elections for being the 2nd largest donor under the money laundering scheme of FTX which will also be swept under the rug to protect the corruption that has consumed governments.

The United States is NO LONGER the beacon of liberty to the world. We have descended to the lowest possible level of absolute duplicity and corruption. People are bearish about the dollar because of the quantity of money? Get real! The collapse in the dollar will not be because of such petty nonsense. it will collapse because these people are destroying the very foundation of confidence and respect the United States once had.

Mar 20 2023

This Just In – Western Nation Central Banks Organize to Provide Daily Liquidity of Dollars in The Event of Contagion Bank Collapse


Posted originally on the CTH on March 19, 2023 | Sundance 

This is rather remarkable and tells us something about the current status of the “western” financial system.  The last sentence in today’s announcement from the FED is particularly laughable.   Check this out [Source]:

That last sentence is nonsense.   When was the last time the ‘central banks’ worried about the supply of credit to households and businesses?  Total and complete nonsense. What they are worried about is the need to have readily available dollars, faster, to backstop banks that are supposed to be holding deposits.

Nothing quite inspires ‘global banking confidence’ like the need to swap dollars rapidly, from country to country on a daily basis, because the amount of currency in bank, within any western nation, at any given time, might disappear.

Yesterday’s monologue from Neil Oliver, and the recent personal banking story that structures his comments, is standing as eerily prescient right now.  SEE BELOW:

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“This just in.  Everything is fine… the liquidity of the Western banking system has never been stronger”… “Look over there folks, Trump indictment, nothing to see here folks… move along now”…

Mar 17 2023

Senator Bill Cassidy Confronts Treasury Secretary Janet Yellen on Biden Tax Proposal, “That’s a Lie”


Posted originally on the CTH on March 16, 2023 | Sundance 

During today’s Senate Finance Committee hearing, Sen. Bill Cassidy (R-LA) questioned Treasury Sec. Janet Yellen about Social Security and the immediate cuts that take place in nine years if the current plan goes bankrupt.  The confrontation was professional, but also very focused.  WATCH:

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Mar 16 2023

Cash Not Accepted


Armstrong Economics Blog/The Hunt for Taxes Re-Posted Mar 16, 2023 by Martin Armstrong

There once was a time when cash was the undisputed king. Merchants preferred cash payments over credit, and there were often incentives for paying with paper. I recall receiving lower gas prices when paying with cash, for example. It is increasingly common to see “no cash accepted” signs at establishments as the world moves toward a cashless society. At the Federal level, there are no laws protecting consumers who wish to pay in cash. The Federal Reserve stated on its website:

There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.

"Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency [including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks] are legal tender for all debts, public charges, taxes, and dues." This statute means that all U.S. money as identified above is a valid and legal offer of payment for debts when tendered to a creditor."

Yet, the Federal Reserve also recognizes that as of 2021, 4.5% of US households were “unbanked.” This means that 5.9 million households are unable to pay by card. This is the lowest unbanked rate since the Fed began keeping track in 2009. The most common reason for not having an account, reported by 21.7% of unbanked households, is that they do not meet minimum balance requirements. The second most reported reason (13.2%) is that people simply do not trust banks, while the third most cited reason (8.4%) was the desire for privacy.

If merchants refuse to accept cash, these people cannot participate in consumerism. Their legal tender is simply not accepted. Unbanked households are more likely to contain persons with lower levels of education, lower incomes, disabilities, single mothers, and minorities. As the Fed reported:

“Differences in unbanked rates between Black and White households and between Hispanic and White households in 2021 were present at every income level. For example, among households with income between $30,000 and $50,000, 8.0 percent of Black households and 8.4 percent of Hispanic households were unbanked, compared with 1.7 percent of White households.”

If cash is legal tender, then it should be accepted everywhere. Numerous merchants not only refuse cash but they charge an additional fee for using credit. Tennessee, Arizona, Delaware, District of Columbia, Idaho, Maine, Massachusetts, Michigan, Mississippi, New York, North Dakota, Oklahoma and Pennsylvania, New Jersey, Rhode, Colorado, and Connecticut have laws at the state level protecting cash payments. Some cities such as Washington D.C., Berkley, Chicago, New York City, Philadelphia, and San Francisco also have laws in place. However, I can assure you that many retailers in these areas still do not accept cash.

Washington wants to move us toward a cashless society to tax everyone, even those with the least to give, on every transaction we make.

Mar 15 2023

Censoring Social Media to Prevent Bank Runs


Armstrong Economics Blog/Censorship Re-Posted Mar 15, 2023 by Martin Armstrong

They censored social media to prevent the public from learning the truth about COVID, vaccines, and accompanying mandates. They censored social media to prevent the public from learning about Hunter Biden’s laptop before his dad could be installed at the POTUS. They censored anyone who questioned the election or Biden’s crime family and deliberately leaked Republican voter information. The extreme censorship on social media by biased fact-checkers expanded beyond the US. So it comes as no surprise that the government would like to censor “misinformation” that could lead to a bank run.

The people within the system know when a bank is failing, as we saw with SVB’s recent collapse.  Senator Mark Kelly (D-Arizona) asked the Federal Reserve, Treasury Department, and Federal Deposit and Insurance Corp (FDIC) if it would be possible to censor information that could lead to future bank runs. Kelly is denying the claims despite people on both sides confirming his question.

The government implements bots on social media to support its agenda. Elon Musk exposed Twitter prior to the takeover. Twitter admitted when filing with the Securities and Exchange Commission (SEC) that around 5% of its 300 million users are in fact fake accounts. Once Musk began to crack down on fake accounts, members of the Democratic Party saw sharp declines in followers.

Twitter quietly began to crack down on bots in April 2022, and some of the most followed accounts saw a significant drop in followers. Former President Obama once held the record for being the most followed man on Twitter with 131.7 million followers. After the algorithm changed, Obama lost 300,000 followers instantly. Pop singer Katy Perry, the third-most-followed account and an outspoken Democrat, lost 200,000 of her 108.8 million followers. Half of President Joe Biden’s 22.2 million followers are fake accounts. Based on the 2020 US Presidential Election, Biden should be the most popular president in history after securing more votes than any other president. “My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization. I don’t care about the economics at all,” Musk said in April of 2022.

So Kelly’s proposal is not merely a method to avoid bank runs. This is infringing on our Constitutional right to the freedom of speech to control the masses via media. Let us not forget that nearly all social media platforms heavily lean left and support the same message.

Mar 14 2023

Toxic Currencies – Good for the Yuan


Armstrong Economics Blog/China Re-Posted Mar 14, 2023 by Martin Armstrong

The Chinese yuan has out-traded the US dollar by volume for one of the first times in recent Russian history. The dollar was king in 1991 when the Soviet Union collapsed, but that is no longer the case after Moscow branded the dollar a “toxic currency” along with the euro. Toxic currencies accounted for 87% of exports from Russia at the beginning of 2022, but this figure fell to 48% by the start of the new year. The Bank of Russia has reported that the proportion of USD/ruble pair in exchange fell to only 36% in February. The central bank is calling this a “broad structural transformation of the Russian economy.”

As “unfriendly countries” and their “toxic currencies” band together, those on the outskirts are winning. China has become the new go-to country for new trade partnerships as it bypasses Western-imposed sanctions. Toxic currencies represented 46% of imports in December 2022 but were at 65% in January 2022 before the war. In contrast, the yuan’s share rose from 4% to 23% during that time.

Those who were previously shunned from the big table are now pulling up a chair to discuss economic prospects with China. This will make it much easier to phase out toxic currencies because more people are willing to accept the yuan. The confidence in the yuan is growing. Everything occurring may seem odd, but it is precisely on target. As I mentioned in my report “China on the Rise,” China will dethrone the United States to become the world’s leading economic powerhouse by 2032. It’s just time.

Mar 13 2023

Mike Pence Blames President Trump for Events at Capitol Hill on January 6, 2021, “his reckless words endangered my family … history will hold Donald Trump accountable”


Posted originally on the CTH on March 12, 2023 | Sundance

Speaking at the Gridiron Dinner in Washington DC yesterday, former Vice President Mike Pence directly blamed President Trump for the events in Washington DC on January 6, 2021, saying:

“President Trump was wrong; I had no right to overturn the election. And his reckless words endangered my family and everyone at the Capitol that day, and I know history will hold Donald Trump accountable.”  ~ Mike Pence

Be of good cheer.  Despite the main takeaway being pushed by mainstream media, these remarks strike me as good news.

These remarks indicate to me that the professional Republican control officers are growing increasingly desperate as President Trump continues to command the new Republican Party.  If Ron DeSantis was making ground, the professional Republican class would not be as desperate as these remarks convey.  All of their collective GOPe effort isn’t working…. they are starting to reach for the kitchen sink.

WASHINGTON (AP) — Former Vice President Mike Pence on Saturday harshly criticized former President Donald Trump for his role in the Jan. 6 riot at the U.S. Capitol, widening the rift between the two men as they prepare to battle over the Republican nomination in next year’s election.

“President Trump was wrong,” Pence said during remarks at the annual white-tie Gridiron Dinner attended by politicians and journalists. “I had no right to overturn the election. And his reckless words endangered my family and everyone at the Capitol that day, and I know history will hold Donald Trump accountable.”

Pence’s remarks were the sharpest condemnation yet from the once-loyal lieutenant who has often shied away from confronting his former boss. Trump has already declared his candidacy. Pence has not, but he’s been laying the groundwork to run.

[…] With his remarks, Pence solidified his place in a broader debate within the Republican Party over how to view the attack. House Speaker Kevin McCarthy, for example, recently provided Tucker Carlson with an archive of security camera footage from Jan. 6, which the Fox News host has used to downplay the day’s events and promote conspiracy theories.

“Make no mistake about it, what happened that day was a disgrace,” Pence said in his Gridiron Dinner remarks. “And it mocks decency to portray it any other way.” (read more)