Category FED’s goal with the economy is like turning a F350 into a little red wagon

Jul 4 2023

Reinsurance Rates for Catastrophic Coverage Jump as High as 50% to Insurance Companies Effective July 1st


Posted originally on the CTH on July 3, 2023 | Sundance 

As if carrying Homeowners insurance in California and Florida wasn’t already subject to ridiculous increases in premiums, things are about to get a lot worse.

Effective with the July 1st notification, Reinsurance rates, these are companies who insure the insurance companies, are telling their clients there will be up to a 50% increase in cost for underwriting catastrophic coverage.  Perhaps claims in the past few years have been higher; however, I suspect the issue amid the reinsurers is partly connected to the issue that surrounds banks and bond rates.

Back when interest rates were near zero, banks and reinsurers likely scooped up lots of Treasuries and bonds. As the Federal Reserve hikes rates those bonds have declined in value. When interest rates rise, newly issued bonds start paying higher returns to investors, which makes the older bonds with lower rates less attractive/valuable. The result is that most banks, and I suspect big reinsurance houses, have some amount of unrealized losses on their books.

Whatever the reason, the big reinsurance companies are now telling the insurance carriers their catastrophe rates are going up as high as 50%.  Those insurance companies will then pass those rate hikes to the individual policy holders for commercial buildings, residential homes, cars, RV’s etc.  Bottom line, homeowner insurance rates are about to go up again with policy renewals, especially in Florida and California.

LONDON, July 3 (Reuters) – U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a report on Monday, with states such as California and Florida increasingly hit by wildfires and hurricanes.

Reinsurers insure insurance companies, and have been raising rates in recent years because of steepening losses, which industry players put down in part to the impact of climate change. Higher reinsurance rates can affect the premiums which insurers charge to their customers.

U.S. reinsurance rates for policies which previously faced claims for natural catastrophes rose 30-50%, Gallagher Re said.

Reinsurance rates for similar policies in Florida rose 30-40%, the broker added.

Some insurance firms have pulled out because of the risk of heavy losses. State Farm said in May it would stop selling new insurance policies to homeowners in California.

In Florida, “all the major carriers (insurers) left and so you ended up with this market which is populated by a large number of very small, very thinly capitalised insurers which is exactly what you don’t want,” James Vickers, chairman international, reinsurance, at Gallagher Re told Reuters. (keep reading)

In Florida specifically, homeowners insurance costs have now generally risen higher than the mortgage payment for a middle-class family.  This is not sustainable.

Not Good !

Jun 15 2023

Word of Warning – They Can’t Put Trump in Prison But They Can You for Protesting


Armstrong Economics Blog/Politics Re-Posted Jun 14, 2023 by Martin Armstrong

This will be a day remembered in the history of the entire world. It is the day that the United States indicted and arrested a former president to prevent him from running in the 2024 election. Even Richard Nixon was pardoned because they fear that the civil unrest that might unfold would tear the fabric of the nation apart. Today, the Department of Justice is praying for anything to start to arrest anyone protesting for Trump and call them a domestic terrorist to set an example by striking fear into the heart of people to vote for Biden and shut the hell up. This was the day that the United States begins its decline and fall.

The Arrest of Donald Trump on charges related to the alleged mishandling of classified documents has demonstrated to the world that the United States is no longer the beacon of liberty and justice for all. Besides Biden having classified documents, taking actual bribes, and Hillary setting up a private server on which there were also classified documents so nothing she had on that would be accessible under the Freedom of Information Act because it was private – not government. This has clearly shown that the Biden Administration has weaponized the Department of Justice just like every other corrupt government including Ukraine – Zelensky criminally charge his opponent as well.

Today marks the very first time a former president has ever been arrested by the U.S. government. Trump pleaded not guilty to all charges. MSNBC Chief Legal Correspondent Ari Melber reports was so excited, it probably pissed his pants. No doubt the jubilation is static at CNN, NY Times, Washington Post, etc, etc.  As they said when Rome fell, they too were still laughing.

ANY Republican politician that abandons Trump you now know their true colors. The reason why, the rumor running around is that the DOJ is cheering for they intend to indict Trump supporters on whatever scheme they can make up before the 2024 election. So you will see, Republican throwing Trump under the bus. This is a warning to anyone who thinks they really can drain the swamp. DeSantis – please stay here in Florida. You will NEVER make a difference in that town. The time for declaring the Democracy of Florida is rapidly approaching.

And to those who hate Trump, this has nothing to do with Trump. If the Republican gain power, they will retaliate with the same vengeance and lack of rule of law. We have crossed the Rubicon. As for the RINOS who will not defend the country, the constitution, or even speak up about the weaponizing of the DOJ against political opponents, we now know who you really are and you do not stand by the Constitution. We live in a full-blow authoritarian dictatorship. As even the cartoons use to sign off  – That’s All folks! We now have less than 8 years left. Protesting will do nothing at this point, The Die has been Cast, as Caesar said when crossing the Rubicon. There is absolutely nothing we can do to reverse the trend.

Jun 2 2023

Senate Passes Debt Ceiling on Schedule


Armstrong Economics Blog/Sovereign Debt Crisis Re-Posted Jun 1, 2023 by Martin Armstrong

COMMENT: Marty, the Senate passed the Debt Ceiling. It is amazing how Socrates shows there was no debt crisis. As you wrote “When we look at the Array, we do not see a crisis with the debt ceiling.”  I do not know how it does this, but what you have created is truly a gift to humankind.

CLB

REPLY: I never expected that linking everything together would predict wars, civil unrest, or financial crises. There is a lot we can learn from Socrates.

May 21 2023

Interview: Martin Armstrong on Why the CBDC Will Fail and a Great Depression is About to Begin


Armstrong Economics Blog/Armstrong in the Media Posted May 20, 2023 by Martin Armstrong

Rumble link Martin Armstrong on Why the CBDC Will Fail and a Great Depression is About to Begin

May 20 2023

Blocking some Blog Posts


Armstrong Economics Blog/Censorship Re-Posted May 19, 2023 by Martin Armstrong

Despite the claim that the West is a free society and a democracy, they are engaging in the denial of free speech and censorship. Depending on your service provider and your country, they are starting to block emails updating when we have posted something to the blog. They appear to be reading the headline and determining if they do not want you to know about that subject. This all started with COVID. It has now expanded into politics and even war.

We are investigating a possible workaround, but it would most likely involve just a notice a blog was posted without a title.

May 20 2023

The Gold Crash & Our Fate


Armstrong Economics Blog/ECM Re-Posted May 19, 2023 by Martin Armstrong

COMMENT: Marty; Socrates is absolutely amazing. At the start of the year, you showed April as a key turning point in gold followed by May June. The weekly array projected this was the week for the Directional Change. There is nobody with a system like this, which brings to mind its forecasts for war. Ukrainians are out of their mind to go against the trend. They never even considered what if they lose. It seems like a fool’s bet. This not about just occupying the Donbas which has always been Russian. This is about destroying Russia. They should listen to Socrates to save their own country.

Thank you so much for bringing Socrates to the public rather than just institutions.

HR

ANSWER:  I know. These forecasts are not my personal opinion. When you put the entire world together, the trend becomes obvious. Just as I said Ukraine needs to lose to save the world, I also know that we will not all escape the end conclusion. Just as a Serb assassinated the Archduke in Sariavo which began World War I, this entire region is notorious for personal grudges and hatreds that draw in the entire world.

Schwab may have taken our forecast for 2032 and rephrased it as his Great Reset and is hoping to push the falling tree into his direction, that too will fail. But between here and 2032, we are entering a phase of chaos and havoc. I wish I could prevent it, but that is just our fate.

May 19 2023

Ukrainian Ancient Coin brings more than $5 million at Auction Today


Armstrong Economics Blog/Ancient History Re-Posted May 18, 2023 by Martin Armstrong

The Balkck Sea Trade – Tauric Chersonesus, Panticapaeum.

This is probably the finest known Gold Stater (circa 350-300AD) of Panticapaeum, which was the most powerful city in the Tauric Chersonesus with deep involvement in the lucrative Black Sea grain trade for even back then, Ukraine was a major bread-basket in the ancient world as well. This coin is featuring the facing and bearded head of Pan, with the reverse of a Griffin standing left. The griffin type probably alludes to the mythical composite creatures who were believed to guard the gold found in the mountains of Scythia. The Greeks were wonderful storytellers with vivid imaginations.  Herodotus describes the griffins as neighbors to the Arimaspi, a northern people each possessing a single eye in the center of their foreheads, who made constant attempts to steal the gold (4.13.1). Pliny the Elder, who accepted the story at face value, expanded it to note that the griffins made their nests in burrows in the ground which contained gold nuggets and it was these that the Arimaspi tried to take while the griffins were merely defending their eggs and young (HN 7.2, 10.70).

The providence of this coin dates back to Ex F. Schlessinger XI, 1934, and it was sold as the Russian Hermitage duplicates part II, lot 102. It was then sold in the New York XXVII, sale of 2012, where it was featured on the cover. Previously privately purchased from Bank Leu in 1991 in Switzerland. This coin is extremely rare with only a handful known at best. It’s artistic design is considered to be unsurpassed. This is probably the finest known. It sold at auction back in 2012 for $325.000 + 20%

.

This coin just sold today in Zurich, Switzerland for 4,400,000 CHF + 20% Commission fee. In US dollars, that is $4,862,787 +20% = $5,834,400. This was about 1500% rise in just about 10 years. In all honesty, I have collected ancient coins since I was probably 12 years old. The field of ancient coins has expanded worldwide with major collectors from China to Russia. This coin was estimated at $1,250,000. The sale continues tomorrow with the Roman. I am truly shellshocked by the prices everything is selling for these days. As I have said, ancient coins are a worldwide market unlike particular national coins which fetch the highest prices in their home country.

May 18 2023

Durham Finds the Importance of Nellie Ohr


Posted originally on the CTH on May 17, 2023 | Sundance 

Paul Sperry at RealClearPolitics has an article today citing one part of the Durham report that deserves a little CTH attention.

I hope you will forgive my indulgent snickers, as the graphic you see below was created by me in early 2018, a full five years before the release of this Durham report.  I even referred to the Steele Dossier as the Nellie Ohr Dossier. lol

As noted by Sperry, “According to the 306-page report, former Justice Department prosecutor Bruce Ohr’s wife Nellie Ohr first plowed the ground for the dossier with a series of research reports she wrote for Fusion GPS, the D.C.-based opposition research firm the Clinton campaign commissioned to dig up dirt on Trump and Russia.”

[…] Durham suggests Nellie Ohr planted the seeds of sourcing for the most explosive allegations leveled by the dossier against Trump, including the oft-cited notion that he and his campaign were engaged in a “well-developed conspiracy of cooperation” with the Kremlin. The dossier attributed this, falsely, to Millian. Durham found that the Belarusian-American realtor was never a source for the dossier and was simply invented as one, along with the allegations attributed to him.

In fact, Durham says that Millian initially wasn’t even on the radar of Steele and his dossier “collector” Igor Danchenko, a former Brookings Institution analyst who’s admitted much of the information he provided Steele was alcohol-lubricated gossip. Millian was called to their attention by Nellie Ohr, who the prosecutor said “implicated” Millian through her own reports. Durham suggests Steele and Danchenko merely followed her leads. 

[…] Bruce Ohr, an anti-Trump Democrat, pushed his wife’s reports that cited Millian — 12 in all — onto the Crossfire Hurricane team at FBI headquarters that was investigating Trump and his campaign for possible espionage. Agents used her reports as a source of corroboration for the Steele reports they received in the summer and fall of 2016, even though it was circular reporting. 
 
“The reports prepared by Ohr and others at Fusion GPS were ultimately provided to Crossfire Hurricane investigators by Ohr’s husband, Bruce Ohr,” according to the Durham Report. 
 
Durham notes that Danchenko was tracking leads on Millian from Nellie Ohr within “approximately one week” of Fusion GPS retaining Steele to compile the dossier. He concludes that this “strongly supports the inference that Fusion GPS directed Steele to pursue Millian.” 
 
In other words, Steele was not the catalyst behind the dossier’s central claims. Rather, it was Clinton’s contractor Fusion GPS — but more specifically, the wife of a senior DOJ official who worked for Fusion. So the FBI wasn’t really investigating “Crown reporting,” as officials referred to Steele’s dossier, implying it was British intelligence. More accurately, it was investigating information from inside its own department that was laundered through Steele and his dossier. (read more)

Smart fella that John Durham.

Nellie Ohr – a former CIA open-source expert on all things Russia; a woman who used HAM radios for communication; a woman who approached Fusion GPS owner Glenn Simpson for a job in December 2015; she was the impetus for the information that ended up in the Chris Steele Dossier.

Gee, go figure.

Darned Suspicious Cats, always being, well, suspicious…

I wonder if Durham tracked down the Michael Cohen art dealer in New York (😂), the guy that went to Prague on business.

Live your best life and laugh more than a little.