The Schema Frequency


Posted originally on Jul 28, 2025 by Martin Armstrong 

1 Schema ECM Dynamic

QUESTION: Marty, they call you the legend since you have been calling markets and trends for decades. It is not hard to see that you are perhaps the greatest trader of all time. You are famous for not calling the 1987 Crash, but the very day of the low, you called the low and said that the market would make new highs by 1989. You did the same in 2009 even Barrons reported that call that the market would make new highs when everyone else was calling for a depression.

Others claiming to be analysts hate you because they do not have the trading skills you display, in addition to Socrates. When you said the low would be April 7, I spoke to many people who laughed and said No way. When I talked to others I met at your Conference, they said never be on the opposite side of a call like that.

NASDAQ D 4 4 25
NASDAQ 4 7 25

Was this your Scheme Frequency Model that you refuse to publish because governments could abuse it to topple governments?  Or was this your cyclical stochastic that I notice with hindsight went to zero the day before?

Care to give us a hint?

Jef

Barrons 062012
Djow New High Barrons

ANSWER: These calls to the day have been the Scheme Frequency, not the Stochastic. Nonetheless, you can use the Cycle-Infused Stochastic, which differs for each market as the computer determines the frequency mix. The short-term Blue in the Stochastic hit ZERO the day before. With hindsight at the end of the day, the Blue turned up confirming the forecast was correct. But the April 7th forecast was made well before.

DJIND D Array 4 7 25

The Array was published on the Private Blog on April 7th, along with a Directional Change and a Panic Cycle the very next day, which should have been to the upside. There are 72 separate models in this Array. Neither the Scheme nor the Economic Confidence Model is included. Three computers are analyzing every market, from trading patterns to various definitions of volatility, including intraday and overnight. The top line represents the aggregate meaning, which is the sum of 72 models. The accuracy is (1) no human opinion or emotion, and (2) it is a correlation of analysis rather than a single model or one that requires human opinion, like Elliot Wave, where two people using the same theory reach different conclusions.

Look, I am sorry, what should have been a discovery for the betterment of humanity was a target for power. What I discovered will die with me. I cannot allow them to get their hands on it. When the CIA asked me to build the model for them, I offered to run whatever study they wanted. Their response was – They had to own it.

James Comey Armstrong Case

Crossfire Hurricane was the code name for the counterintelligence investigation undertaken by the Federal Bureau of Investigation (FBI) from July 31, 2016, to May 17, 2017. It was when FBI director James Comey raised suspicions of obstruction of justice, which triggered the Mueller investigation. James Comey was the head of the DOJ in NYC, who was keeping me in contempt indefinitely until the Supreme Court ordered the government to explain what the hell was going on. Then they had to release me. My case centered around the attempted regime change they were orchestrating to seize control of Russia, which I refused to participate in. Then Comey even “interviewed” Hillary and took no notes, so she could never be prosecuted. The FBI always takes notes in a proffer session. Then, was Comey involved in Crossfire Hurricane? I believe Comey was well aware of what was going on in NYC.

No Description of fraud

I was kept in prison without even a description of a crime. Ask any lawyer if this was legal. There is no rule of law in the United States. Justice is spelled “JUST US” and you are a fool if you think they give a shit about anything other than their own power. They circumvent Congress, and most judges do whatever the government tells them to order. They tortured me. They throw you in a cell that is so hot, underwear is too much. Then they throw you in a cell that is so cold you can see your breath with nothing to keep you warm. Because the courts claim that torture is defined as leaving a mark on your body, so anything they do, like waterboarding, is not torture.

Torture is defined under U.S. law (18 U.S.C. § 2340) and the UN Convention Against Torture as severe physical/mental pain or suffering intentionally inflicted. Waterboarding (simulated drowning) has been prosecuted as torture by the U.S. itself (e.g., post-WWII trials of Japanese soldiers). However, when the Neocons employed it under the Bush administration, OLC memos argued waterboarding was not torture if “properly limited.” These were withdrawn in 2009 and deemed “legally flawed” by the DOJ.

In Padilla v. Yoo (9th Cir. 2012), which was a case regarding legal immunity for John Yoo (author of OLC memos), the court avoided ruling on waterboarding’s legality. Still, it included a footnote (dicta) stating:

“We have no occasion here to decide whether waterboarding constitutes torture… even if it could be torture in some circumstances, it was not torture as applied to Padilla.”

Docket Sheet Sealed 2013

When Judge Lawrence M. McKenna attempted to protect me, the DOJ then went to the Chief Judge to have my case taken away from him, as he had refused to recuse himself at the government’s request. The court sealed the docket, and they refused to explain how they could remove a judge in violation of Due Process of Law, with no information revealed as to how. I believe it is sealed because this was all about national security. Under US law, this is supposed to be illegal. They do not care about the rule of law when the government wants something. They could not deny Free Speech, so they call on YouTube, Facebook, etc., and have people removed or have their accounts shut down by banks.

FCI Letter 2007

They then gave my case to Judge John F. Kennan, who then denied all discovery despite a court-appointed accountant stating the government refused to turn over evidence for 7 years. They were using my accounts for money laundering post trades that were not mine and then backing them out to different accounts the next day. Judge Kennan, along with Judge Peter Kevin Castel, ensured that I had no rights, not even human rights, let alone constitutional rights. The court-appointed lawyer, David Cooper, refused to file an appeal, I believe, to protect the government that had instructed him not to do so. Court-appointed lawyers lose 99% of the time because they should never be trusted – they are pawns in all cases. Even General Flynn discovered how a hired lawyer will not defend you, as shown in his documentary. Even Trump could not remove a judge. Absolutely nobody will dare investigate my case because they know what it would expose.

Hect Model Schiavoni REDACTED

To make the movie “The Forecaster,” they must have insurance against slander and libel. They had to prove that the government was after the model, and they slipped up by putting it in writing. When they torture you, their way to survive is to take their power away. You must lose all fear of death. People think that imposing the death penalty for a crime is the worst punishment. They understand nothing. There are things far worse than death – being tortured for the rest of your life every day, but never enough to kill you or leave a mark on your body so they can pretend to be honorable and respect human rights.

I have seen the true colors of the real beast. I said before, I will die with the Schema Model. They will abuse it and use it to achieve regime change, which I was in the middle of as they tried to take control of Russia in 2000. That is why Hillary created the RussiaGate Affair, and I question if Attorney General Pam Bondi or anyone in the Trump Administration would dare to investigate my case, for it would expose the Neocons and that they were trying to seize control of Russia, installing their puppet Boris Berezovsky, whose own bodyguard said he never committed suicide – he was killed by MI6. I believe the truth has its limits.

Browder Hermitage_closes_embattled_Russian_fund lost 90

BTW, the company they wanted me to invest $10 billion for this regime change was Hermitage Capital Management owned by Edmond Safra, who I believe the CIA killed in Monaco, and Bill Browder who just so happened to have been the right-hand man of Robert Maxwell (1923-1991) – the father of Ghislaine Maxwell the girlfriend of Jeffrey Epstein who ran the biggest blackmail operation perhaps in history for who? People think it is a list of pedophiles. RIGHT!. It is a list of victims, and the real question is what they did on the orders of Epstein and for whom?

Maxwell lost at sea 1991

Robert Maxwell was linked to Mossad, and his death in 1991 also coincided with the fall of the USSR. I believe he was part of the manipulation club and lost a few hundred million pounds trading with the pension funds of the employees. He magically fell off his yacht before having to testify. Robert Maxwell died under mysterious circumstances just before he was due to testify about missing funds from his companies’ pension schemes. On November 5, 1991, his body was found floating in the Atlantic Ocean near the Canary Islands, where his luxury yacht, the Lady Ghislaine, had been anchored. He was reportedly facing serious legal consequences, including possible fraud charges, and was due to testify before UK regulators. Whenever I was asked to join the “club,” I said, “I do know how to swim.”

Jeffrey Epstein and Ghislaine Maxwell reportedly met in early 1991 in New York before her father died. There is so much more to the Epstein affair, but they keep everyone focused on pedophiles rather than on the blackmail and real motives and who was truly pulling the strings.

Jeffrey Epstein attended Robert Maxwell’s funeral in 1991. Epstein had financial and social ties to Maxwell and his family. Epstein’s presence at the funeral is documented, and it underscores his early connections to powerful figures. Robert Maxwell died under mysterious circumstances after falling from his yacht, Lady Ghislaine (named after his daughter). Robert Maxwell had long been the subject of speculation regarding possible connections to intelligence agencies, including Israel’s Mossad. While no definitive proof has been made public, several credible reports and investigations suggest that Maxwell had significant ties to Israeli intelligence. I covered my investigation of this in the Plot to Seize Russia.

Cat

Are Volcanoes Erupting to Prove Climate Change is BS & Nature is in Charge?


Posted originally on Jul 28, 2025 by Martin Armstrong 

Yellowstone Super Volcano

According to the United States Geological Survey (USGS), a supervolcano is any volcanic center that has explosively erupted at least 1,000 cubic kilometers (240 cubic miles) of fresh volcanic material in a sudden, violent manner. Yellowstone is a supervolcano, one of the largest and most active volcanic systems in the world. It has produced some of the most massive eruptions in Earth’s history. The Yellowstone Caldera was formed by a series of catastrophic supereruptions over the past 2.1 million years.

Huckleberry Ridge Eruption (2.1 million years ago) was one of the largest volcanic eruptions ever recorded. It ejected about 2,450 cubic kilometers of material. It managed to form the Island Park Caldera (the first Yellowstone caldera).

Then there was the Mesa Falls Eruption (1.3 million years ago). This was a smaller but still massive eruption that ejected about 280 cubic kilometers of material. That created the Henry’s Fork Caldera.

Then came the Lava Creek Eruption (approximately 640,000 years ago). This was the most recent supereruption, ejecting approximately 1,000 cubic kilometers of material, which formed the Yellowstone Caldera (approximately 30 x 45 miles wide).

Based on these estimates, the cycle of a supervolcano would be about 486,000 years. I would suspect the real number may be 430,000 since this Pi frequency governs the universe. The precession of the Equinoxes is approximately 25,800 years, which is 3 times 8,600 years.

The volcanic activity is never confined to a single volcano. They correlate to activity. Yes, there were significant volcanic eruptions between 150 AD and 200 AD. One of the most notable was the 186 AD eruption of Lake Taupō (New Zealand), also known as the Hatepe eruption. That was a big one, VEI 7, one of the most powerful eruptions in the last 5,000 years. This produced massive pyroclastic flows and ashfall that caused global climatic effects and a volcanic winter. The Chinese recorded red sunsets and Roman texts around this time. Of course, Mount Vesuvius (Italy) made its famous 79 AD eruption, and Vesuvius remained active, with possibly more minor eruptions around this time of 150AD.

In more modern times, Yellowstone has experienced smaller eruptions and lava flows, with the most recent one occurring approximately 70,000 years ago. A massive reservoir of molten rock currently lies beneath Yellowstone, fueling its geysers and hot springs. The volcano is perhaps overdue for an eruption. If it erupted, it could be catastrophic (global climate effects, ash fallout), but the most likely activity would be smaller lava flows.

The supervolcano eruptions were the Yellowstone Lava Creek eruption (USA, ~640,000 years ago), which ejected about 1,000 km of material, and the Youngest Toba eruption (Indonesia, 74,000 years ago), which ejected about 2,800 km of material. The most recent supereruption (defined as ejecting at least 1,000 cubic kilometers of volcanic material) was the Oruanui eruption of Taupō Volcano in New Zealand about 26,500 years ago (during the Last Glacial Maximum). That ejected approximately 1,170 km (280 cubic miles) of material and had a VEI of 8 (Volcanic Explosivity Index).

Naples Super Volcano 1024x551

There are several supervolcanoes around the world, and perhaps the most recent one to erupt was in Italy. The term “supervolcano” has been popularized by the BBC and the Discovery Channel’s 2005 story on Yellowstone. Campi Flegrei qualifies as a supervolcano due to its past eruptions exceeding 1,000 km³ of ejecta (when combining its largest events). Currently, Italy’s Campi Flegrei volcano has been showing signs for the first time in nearly 400 years that it is still active and capable of causing significant disruption, potentially affecting a large number of people. It is one of the most dangerous, given its proximity to the population. Campi Flegrei is experiencing heightened activity, including increased seismic activity and ground uplift. Scientists are closely monitoring the situation due to the potential for phreatic (steam-driven) explosions and the region’s history of volcanic activity. 

Aside from Yellowstone, the largest volcanic eruption in the Northern Hemisphere in the past 100,000 years has been attributed to a Supervolcano, which erupted some 39,400 years ago in what is known as the Phlegraean Fields near Naples, Italy. This has been documented from several sources. The ashes from this eruption were dispersed over the entire eastern Mediterranean and as far as central Russia. This was a huge event that also triggered a Volcanic Winter, and that is the worst thing for the rest of the world, which resides at a safe distance from the actual Supervolcano.

Naples, Italy, is situated near the Campi Flegrei (Phlegraean Fields), a vast volcanic region that encompasses a supervolcano. While not a single mountain-like volcano, Campi Flegrei is an enormous caldera system formed by massive eruptions. Campi Flegrei is still active and considered one of the world’s most dangerous volcanoes.

The Campanian Ignimbrite Eruption (39,000 years ago) is one of the most significant volcanic eruptions in European history. This resulted in a volcanic winter. This most likely impacted Neanderthal populations and early modern humans. This may have even contributed to the extinction of the Neanderthals around 40,000 years ago. Perhaps their loss in numbers allowed the arrival of modern humans in Europe. Neanderthal-derived DNA has been identified in the genomes of most contemporary populations, with notable variations by region. It accounts for 1–4% of modern genomes for people outside Sub-Saharan Africa. This suggests that perhaps the survivors did interbreed with modern humans, suddenly, due to a volcanic eruption. Who knows, if Yellowstone erupts, the survivors may witness interbreeding between Democrats and Republicans – something unthinkable today.

We then see the Neapolitan Yellow Tuff Eruption (15,000 years ago), which was smaller but still significant eruption (40 km of material). That one formed much of the volcanic landscape around Naples.

catacomb 1
Colli Albani Volanco

Anyone who has visited the catacombs in Rome will notice that they are carved out of tuff, a soft type of rock formed from consolidated volcanic ash. This material comes from ancient volcanic eruptions in the region, particularly from the Alban Hills volcanic complex (Colli Albani), located southeast of Rome. The most significant eruption responsible for the tuff used in Roman catacombs and other ancient constructions is believed to be the Pozzolane Rosse eruption, which occurred around 456,000 years ago.

The Pozzolane Rosse eruption was a volcanic event associated with the Colli Albani (Alban Hills) volcanic complex, located about 20 km southeast of Rome, Italy. A distinctive red-brown pyroclastic deposit (ignimbrite) that covers parts of Rome and its surroundings. The Romans later used the material as pozzolana, a key ingredient in hydraulic cement.

The ancient Romans were pioneers in developing concrete, utilizing volcanic materials to make it exceptionally durable. Their concrete, known as opus caementicium, was a key factor in the longevity of Roman structures, such as the Pantheon, Colosseum, and aqueducts, many of which still stand today.

SevAlex AE Colessum

The Romans mixed:

    1. Lime (from heating limestone)
    2. Volcanic ash (from regions like Pozzuoli, near Mount Vesuvius)
    3. Water
    4. Aggregates (rocks, broken pottery, or brick)

This combination created a pozzolanic reaction, forming a strong, water-resistant binder. The volcanic ash (called pozzolana) reacted with lime to produce a cement that even hardened underwater—crucial for Roman harbors and bridges. Cracks could “re-seal” due to ongoing chemical reactions with water. However, it was this invention of concrete that is the reason their structures have lasted 2,000+ years. Modern concrete often degrades in decades and is unmatched by the Roman formulas.


Ring of fire 1

When we correlate all the data, what is striking is that approximately 90% of the world’s earthquakes, including most of the world’s largest earthquakes, occur along the Ring of Fire. I have personally experienced it in Vancouver, Tokyo, Australia, and New Zealand, all on one trip. It seemed to be following me with the first one hitting in Toronto. The Ring of Fire is home to 75% of the world’s volcanoes and 90% of its earthquakes. We’re talking about a massive 24,900-mile horseshoe-shaped zone that basically wraps around the Pacific Ocean like a geological death grip. In 2024, a total of 1,374 earthquakes with a magnitude of 5+ or more were recorded worldwide as of December that year.

Ring of Fire Earthquakes 2000 2023

Running that through Socrates revealed a cycle low was due in 2022 following the major high in 2011. This filtered it down to earthquakes that were 6.0 or higher. There were the 2004 (Sumatra M9.1), 2011 (Japan M9.0), and 2010 (Chile M8.8), which all saw spikes due to mega-thrust earthquakes.

The Ring of Fire typically experiences 150–170 M6.0+ quakes annually. The Deadliest Events were as follows:

  1. 2004 Indian Ocean Tsunami (M9.1) – 230,000 deaths.
  2. 2011 Tohoku Earthquake (M9.0) – 16,000 deaths.
  3. 2010 Chile Earthquake (M8.8) – 500 deaths.

We observed slightly lower activity in 2022, but large quakes still occurred (e.g., the 2021 Alaska M8.2 earthquake). (Data Sources: USGS Earthquake Catalog (USGS.gov))

VOLCANOES Y Array 11 29 22
VOLCANOES Y Chart 11 29 22

We warned back in 2022 that we had a string of Directional Changes between 2022 and 2025.  We may be looking at rising volcanic activity into 2025.  Our computer has identified a rise in volcanic activity during solar minima, which then produces more gamma rays that tend to penetrate the Earth’s surface. This current Solar Wave 25, which our model still shows ideally should peak perhaps here in July, then from here on out we will see a move into 2028/2029 for solar minimum. We are witnessing large ejection flares from the sun that were greater than most expected.

Initial predictions suggested a relatively weak maximum around July 2025. However, observed activity has been significantly stronger than predicted. Sunspot numbers, solar flares, and coronal mass ejections (CMEs) have consistently exceeded forecasts. Based on this intense activity, the peak (maximum) is now expected sooner and potentially higher than initially thought. The Sun has been very active recently, with frequent sunspot groups, powerful solar flares (including numerous X-class flares), and significant geomagnetic storms causing widespread auroras (even at unusually low latitudes) in May 2024.

What we must understand about cycles is that, given our entry into this high in July 2025, we have witnessed much higher volatility than expected. This suggests that, as we turn back down into solar minimum, ideally reaching the bottom of the ECM in 2028 or early 2029, the resulting decline should be lower than expected. Whenever you rise with greater volatility, it is like a market that crashes harder. That said, if we are to experience a similar event to the Sun falling into a Maunder-minimum-like (inactive) state (1645-1715), which created the mini-Ice Age, it appears that we must be concerned, as it has been 309.6 years since that event in general. If we observe an equally violent contraction, then we should expect greater activity from the Ring of Fire, and that 2022 marked a significant low in earthquakes.

1 ElectroMagnetic Wavelength 1024x293

Solar Minima appear to be occurring close to a 309.6-year cycle. There have been many studies on the impact of UV and gamma radiation during solar changes and events. Gamma rays are a form of electromagnetic radiation, as are radio waves, infrared radiation, ultraviolet radiation, X-rays, and microwaves. Gamma rays can be used to treat cancer, and astronomers study gamma-ray bursts. What becomes concerning is the potential for a pole shift. The poles on the sun shift every 11 years, meaning it takes 22 years to complete the cycle. The Moon does not have a global magnetic field today, so it doesn’t experience regular pole shifts like the Sun or Earth.

Pole Shift Arrows
earth_rotating_PA_300_clr_4197

My concern on a correlation basis is that what we do know is that the Earth’s magnetic field has been weakening over the past 160+ years (by about 9% per century since 1840). Then there is the South Atlantic Anomaly (a region over the Atlantic where the field is unusually weak), which some scientists suggest could be an early sign of instability, and this is growing. Studies of past reversals (like the Laschamps Excursion, 41,000 years ago) show that field strength drops significantly before a reversal.

It appears that as the field weakens, this should result in greater volatility in volcanic activity as we enter solar minimum. That raises the risk of a catastrophic volcanic winter period after 2029, which would extend into our computer target for 2032. This is why I suggest that you should have 2 years of food in reserve. What correlates with all of this is the disease cycle. Plagues follow volcanic winters for food production declines, and as malnutrition rises, so does disease.

I believe that people prefer to assume uniformity rather than a catastrophe. When people raise the question of a pole shift, they write it off as a Y2K Alarm Bell and thus a conspiracy theory. A stalagmite-based paleomagnetic record of the post-Blake excursion reveals that repeated polarity drifts have occurred during periods of low geomagnetic field intensity, approximately 100,000 years before present, around the time of the Naples Supervolcano eruption. One surprisingly abrupt centennial reversal transition occurred in 144,000 years, providing unprecedented evidence that raises fundamental questions about the speed of geomagnetic field shifts. Such rapid polarity changes could severely affect satellites and human society in the future if the current geomagnetic field intensity continues to decrease.

MAMOUTH in Ice

We have a pole shift, climate change, and volcanic eruptions seem to be interlinked on a correlated basis. Our correlation models have indicated that this is something that warrants further investigation. For the first time, laying out this record yields a single geological archive, establishing a precise chronological order. These types of events can occur, perhaps even instantly. Scientists for decades argued that such earth changes were slow, gradual events. Then the discovery of the frozen woolly rhinos and mammoths ignited the Enlightenment era.

The discovery of frozen woolly mammoths with food still in their stomachs is one of the most fascinating pieces of evidence supporting the idea that a sudden, catastrophic climate shift in the past may be the norm, not the exception. Many mammoths (like the famous Beresovka mammoth) were found with undigested food in their stomachs and mouths, including grasses, buttercups, and other temperate plants. This suggests they died suddenly, with no time to digest their last meal. Some specimens were so well-preserved that their flesh was still edible when discovered.

baby mammoth

The traditional gradual ice-age theory cannot explain how mammoths froze so quickly that their stomach contents remained intact. A sudden, extreme drop in temperature possibly due to a cosmic impact, volcanic activity, or a geomagnetic shift. Some have suggested that there was massive flooding or mudslides from melting permafrost or glacial outbursts that buried them rapidly before scavengers could decompose them. A pole shift or rapid climate change could cause Arctic regions to freeze almost instantly. This is the catastrophic view of panic-like cycles in a sudden market crash versus the uniform belief that the government can control the economy. Mainstream science often favors slow climate change, but the frozen mammoths suggest a rapid, catastrophic event was the outcome. This Gradialism/Uniformity view vs  Catastrophism simply does not hold up with the evidence and is more like Marx and Keynes, who defy the business cycle and argued that government can control the economy and lead us to the land of utopian economics.

The Younger Dryas Impact Hypothesis (around 12,800 years ago) suggests a comet impact triggered abrupt cooling, possibly explaining the mammoths’ sudden demise. But would a comet spark instant cold to freeze the mammoths before they swallowed their meal? The frozen mammoths with food in their stomachs indicate a near-instantaneous freezing event, challenging the idea of slow climate change. Whether due to a pole shift, cosmic impact, or another catastrophic event, these findings suggest that Earth’s past may have experienced abrupt, violent changes rather than gradual processes.

Consequently, the discovery of the frozen mammoth in 1787 following the woolly rhinoceros in 1772 sparked the imagination that truly contributed to the “Age of Enlightenment” where there was a burst of knowledge erupting in every field of inquisition. Such finds of frozen mammoths in Siberia continue to this day. This has challenged theories on both sides of the debate to explain how such catastrophic events can occur. These frozen animals in Siberia suggest strange events are possible. This is what sparked the entire consideration that perhaps cycles existed in nature, as well as in economies and societies.

When Will the West Reject Zelensky?


Posted originally on Jul 28, 2025 by Martin Armstrong 

Bidens Neocons

The Neocons are in complete control of Europe, and it is starting to appear that they have turned Trump’s head as well into promoting their endless wars when every last one of them should be thrown in prison for life without parole for TREASON – the usurpation of American Foreign Policy for personal objectives. It was Garland who weaponized the DOJ to try to prevent Trump from winning in 2024 to keep their war-mongering objectives in play.

Zelensky_defied_US scrap corruption_law 7 25 25

The Ukrainian people have been the pawns in this NEOCON war. What are they fighting for? The Minsk Agreement was intended to allow the Donbas to vote on separating, no different than the breakup of Czechoslovakia into the Czech Republic and Slovakia, or the breakup of Yugoslavia into ethnic countries like Serbia and Croatia. The Neocons have pushed for war because the Dobas, as well as Korea, are Russians – not Ukrainians. Even looking at Crimea, the vast majority are ethnic Russians, and there is even 12%-15% that are Crimean Tatars from the 1240 invasion of the Mongols. This is like Mexico demanding to take Texas because it used to be their territory and outlawing the English language and their religion. The West is now on the side of Neo-Nazis – we are fighting for the ethnic cleansing of Adolf Hitler.

Zelensky 7

Zelensky defied the US to strip the anti-corruption regulators so he and his politicians can still do everything like Ferdinand Marcos just before he fled the Philippines. Protests against Zelensky erupted, and ANY politicians in the US and Europe who continue to support sending money to Ukraine should be removed from office and INVESTIGATED if they, too, are not getting kickbacks. As long as the money keeps flowing, so will this war.

War Bankrupts Empires, Nations & City-States – Here We Go Again


Posted originally on Jul 27, 2025 by Martin Armstrong 

Louis XIV War

France was on the brink of its Fifth bankruptcy in 1720. France defaulted in 1558 under Henry II, following the costly Habsburg-Valois Wars (also known as the Italian Wars), the outright repudiation of debt, and currency devaluation. Then in 1648, a Debt Crisis occurred under Louis XIV (Early Reign) with the Thirty Years’ War (1618–1648) and the Franco-Spanish War (1635–1659). Louis XIV suspended payments and manipulated currency. Then, in 1661, there was another financial collapse under Louis XIV, when Finance Minister Nicolas Fouquet was arrested for corruption. Jean-Baptiste Colbert later reformed finances, but debt remained high.

Then, in 1715, France fell into bankruptcy following the death of Louis XIV. The War of the Spanish Succession (1701–1714) left France deeply indebted. The regency of Philippe d’Orléans implemented the Visa of 1715, a partial debt repudiation. This brings us to 1720 and the collapse of the Mississippi Bubble (John Law’s system), for which history blamed him without examining France’s chronic debt problems. John Law’s speculative financial scheme collapsed, resulting in hyperinflation of paper money and a banking crisis. The French government defaulted on its obligations.

This was followed by the 1770  Bankruptcy under Louis XV. The Seven Years’ War (1756–1763) and financial mismanagement led to another debt crisis. The Finance Minister Étienne de Silhouette and later René de Maupeou imposed austerity and partial defaults.

Then, just 19 years later, this brings us to the debt crisis that sparked the 1789 French Revolution. The Pre-Revolution Financial Crisis was when France was effectively bankrupt under Louis XVI, leading to the Estates-General and the French Revolution (1789). The revolutionary government later repudiated royal debt.

Then, 23 years later, we come to the 1812–1813 Financial Crisis under Napoleon. The Napoleonic Wars drained French finances. The government resorted to forced loans and currency debasement. Just 5 years later, we come to the 1818 Post-Napoleonic Debt Restructuring. After Waterloo (1815), France struggled with reparations and debt. The Duc de Richelieu negotiated loans to stabilize finances. It is a wonder why anyone lends to governments that always want war.

We arrive at the next Revolution in 1848 and the 1848  Financial Crisis during the Second Republic. The February Revolution led to a credit crunch. The government imposed emergency financial measures, as it was unable to meet its debts, given that this was a socialist revolution against the wealthy.

Never learning from the past, which they always seem to assume is gone, we again arrive at the 1871 Post-Franco-Prussian War Bankruptcy Threat. Here, France had to pay 5 billion francs in reparations to Germany after losing the war. The government took massive loans (e.g., Morgan Loans) to avoid default. This was also why France demanded reparations from Germany after World War I, which resulted in bringing Hitler to power in 1933.

Then there was the Great Depression. Here, France was forced to restructure again in 1936, with the Franc Devaluation and Debt Restructuring. The Great Depression weakened France’s economy. The Popular Front government devalued the franc and restructured debt.

Then there was the 2010 EU Debt Crisis, which most people look at in relation to Greece and stop there. The 2010s European Debt Crisis (Near-Default Risk) contagion affected France, which faced high deficits but avoided sovereign default. Debt-to-GDP rose sharply, but the country barely maintained its creditworthiness and is once again incurring deficits, all to wage war on Russia.

Here we go again. We will see massive sovereign defaults in Europe as they wage war on Russia at the behest of NATO and the Neocons.

Trump EU Trade Deal


Posted originally on Jul 27, 2025 by Martin Armstrong 

2025_07_27_16_48_06_Trump_clinches_trade_agreement_with_EU_with_15_tariff_NPR

Trump strikes a deal in Scotland with the EU where most EU exports to the United States will face a 15% tariff, down from the 30% tariff. The EU has agreed to accept U.S. imports without tariffs, according to Trump. This will fulfill our model forecast that the EU economy is in recession and will not bottom until 2028.

Devin Nunes Discusses the Recent Declassification and Puts Context on the Mar-a-Lago Raid


Posted originally on CTH on July 27, 2025 | Sundance 

Former House Intelligence Committee Chairman Devin Nunes appears on Fox News to discuss the latest declassified reports from DNI Tulsi Gabbard and CIA Director John Ratcliffe.

As noted in the previous interview {GO DEEP}, Nunes draws a strong reference to the FBI raid on Mar-a-Lago and asks the question, “what were they looking for?”  The Occam’s Razor answer is the FBI was trying to recapture evidence of the Trump-Russia collusion hoax that was in President Trump’s possession post administration.  WATCH:

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♦ Former CIA Director John Brennan admitted Peter Strzok helped write the January 2017 Intelligence Community Assessment (ICA) which outlines the Russia narrative; and it was also Peter Strzok who authored the July 31st, 2016, “Electronic Communication” from the CIA to the FBI that originated FBI operation “Crossfire Hurricane.”  Strzok immediately used that EC to travel to London to debrief intelligence officials around Australian Ambassador to the U.K. Alexander Downer.

In short, Peter Strzok was a profoundly overzealous James Bond wannabe who acted as a bridge between the CIA and the FBI. The perfect type of FBI career agent for 2016’s CIA Director John Brennan to utilize.

Fusion GPS founder Glenn Simpson hired CIA Open-Source analyst Nellie Ohr toward the end of 2015, at appropriately the same time as “FBI Contractors” were identified exploiting the NSA database and extracting information on a specific set of U.S. persons.  One, if not the primary extractors, has now been identified as Rodney Joffe at Neustar.   “The campaign plot was outlined by Durham in a 27-page indictment charging former Clinton campaign lawyer Michael Sussmann with making a false report to the FBI.  The plot was also outlined in the finished Durham report.  Eight individuals who allegedly conspired with Sussmann but does not identify them by name. The sources familiar with the probe confirmed that the leader of the team of contractors was Rodney L. Joffe.” {Go Deep}

It was also Fusion GPS founder Glenn Simpson who was domestically tasked with a Russian lobbyist named Natalia Veselnitskaya. A little reported Russian Deputy Attorney General named Saak Albertovich Karapetyan was working as a double agent for the CIA and Kremlin. Karapetyan was directing the foreign operations of Natalia Veselnitskaya, and Glenn Simpson was organizing her inside the U.S as part of his Trump-Russia creation.

Glenn Simpson managed Veselnitskaya through the 2016 Trump Tower meeting with Donald Trump Jr. However, once the CIA/Fusion GPS operation using Veselnitskaya started to unravel with public reporting, back in Russia Deputy AG Karapetyan died in a helicopter crash.

Simultaneously timed in late 2015 through mid 2016, there was a domestic FBI operation using a young Russian named Maria Butina tasked to run up against Republican presidential candidates. According to Patrick Byrne, Butina’s handler, was FBI agent Peter Strzok who was giving Byrne the instructions on where to send her. {Go Deep}

All of this context outlines the extent to which the FBI/CIA was openly involved in constructing a political operation that settled upon anyone in candidate Donald Trump’s orbit.  A large international operation directed by the FBI/CIA and domestic operations seemingly directed by Peter Strzok operating with a foot in both agencies. [Strzok gets CIA service coin]  Durham eviscerated the predicate for all of this in his report, yet stayed away from the part that leads to Robert Mueller in 2017.

Recap: ♦Mifsud tasked against Papadopoulos (CIA). ♦Halper tasked against Flynn (CIA), Page (CIA) and Papadopoulos (CIA). ♦Azra Turk, pretending to be Halper asst, tasked against Papadopoulos (FBI). ♦Veselnitskaya tasked against Donald Trump Jr. (CIA, Fusion GPS). ♦Butina tasked against Trump and Donald Trump Jr (FBI).

Additionally, Christopher Steele was a British intelligence officer hired by Fusion GPS to assemble and launder fraudulent intelligence information within his dossier. And we cannot forget Oleg Deripaska, a Russian oligarch, who was recruited by Asst. FBI Director Andrew McCabe to participate in running an operation against the Trump campaign and create the impression of Russian involvement. Deripaska refused to participate.

All of this engagement directly controlled by U.S. intelligence, and all of this intended to give a specific Russia impression. This predicate was what John Durham was reviewing in November of 2019 and then released in his final report.

CIA Director John Ratcliffe Preparing to Release John Durham Classified Report Annex and Interview Transcripts


Posted originally on CTH on July 27, 2025 | Sundance

CIA Director John Ratcliffe appears on Fox News with Maria Bartiromo to discuss the recent releases from his office and from the office of DNI Tulsi Gabbard.

Within the interview Director Ratcliffe references the special counsel John Durham investigation, subsequent 306-page report, and then notes the 48-page classified appendix to the report.  According to Ratcliffe he is in the process of declassifying and releasing the 48-page annex.  Additionally, there are witness transcripts from Hillary Clinton, John Brennan, James Clapper and possibly Andrew McCabe that could be released.

Remember, James Comey refused to be interviewed by John Durham; however, Andrew McCabe gave under oath testimony to the OIG about Comey and that transcript fingering James Comey is cited on footnote #1207 of page 199 of the Durham report.  WATCH:

Special Counsel John Durham clearly showed in his 306-page report with a 48-page classified appendix, that Russia did nothing to interfere in the 2016 election.  The entire Russian Interference operation was a Clinton fabrication, later enhanced by a Federal Bureau of Investigation who used the fabrication as a cover-up justification to hide their surveillance of the Trump campaign.

There were no Russian diplomats involved; there was no Russian election interference; there was no Russian hacking of the DNC; it was all a fraud created by the intelligence community (IC), FBI and Main Justice to support Hillary Clinton’s lies and then cover their own targeting tracks.

I have wanted to read that 2019 transcript of FBI Deputy Director Andrew McCabe’s testimony about James Comey for six years.   All indications from John Durham were that McCabe spilled details about Comey’s involvement.

By now, people are familiar with the construct of CIA operations involving Joseph Mifsud, a Maltese professor generally identified as a western intelligence operative who was tasked by the FBI/CIA to run an operation against Trump campaign official George Papadopoulos in both Italy (Rome) and London. {Go Deep}  John Durham ignored him.

In a similar fashion, the FBI tasked U.S. intelligence asset Stefan Halper to target another Trump campaign official, Carter Page. Under the auspices of being a Cambridge Professor, Stefan Halper also targeted General Michael Flynn. Additionally, using assistance from a female FBI agent, under the false name Azra Turk, Halper also targeted Papadopoulos.  Again, John Durham ignored it.

The initial operations to target Flynn, Papadopoulos and Page were all based overseas. This seemingly makes the CIA exploitation of the assets and the targets legal and much easier.  If Durham went into this intelligence rabbit hole, there would be a paper trail that leads back to Robert Mueller.  Durham didn’t go there.

The Marshall Plan is Over – EU Commission President Ursula von der Leyen Announces Details of U.S-EU Trade Agreement


Posted originally on CTH on July 27, 2025 | Sundance 

The Marshall Plan is OVER!

Okay, this is a very big win.  EU Commission President Ursula von der Leyen outlines some more details of the U.S-EU trade agreement.  The parameters fall similar to the Japanese deal, without the banking aspect.

The EU will face (and accept) a 15% tariff rate for most exports to the USA including autos, that’s huge, even with some zero-for-zero tariff sectors outlined.  The primary motivating factor was to avoid the 35% tariff rate scheduled for August 1st and provide the EU corporations with certainty in their tariff rate as applied by the USA (15%).  WATCH:

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This is almost full acquiescence to President Trump.  WATCH THE VIDEO

Ursula has the sads.

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President Trump Gives Broad Outline of U.S-EU Trade Agreement


Posted originally on CTH on July 27, 2025 | Sundance

President Trump and EU Commissioner Ursula von der Leyen have apparently come to terms around the broad outlines of a U.S-EU trade agreement.

The EU will commit to purchasing $750 billion in energy products.  The EU will commit to investing $600+ billion in direct U.S. industries.  The EU will commit to purchasing their NATO military hardware from the USA ($500+ billion likely).  The EU will open up all markets to USA products without tariffs.  The EU and U.S. will both carry a 15% auto tariff for imports.  WATCH:

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I’m all about the broad outline described in the video above, but I also want to see the details.  If what President Trump said about all EU markets being open is accurate, it sounds like the Marshall Plan is over

Canada will not be happy; Europe gets a deal – Canada gets a cold shoulder.

Also, with U.K, Japan, ASEAN and EU trade agreements complete, President Trump is likely to begin focusing on the USMCA (Canada and Mexico) sooner than later.  Two bilateral trade agreements will likely replace the USMCA.

Sunday Talks – OMB Director Russ Vought Discusses the FED and Spending Cuts


Posted originally on CTH on July 27, 2025 | Sundance

Office of Management and Budgets (OMB) Director Russ Vought appears on CNN to discuss the problems noted with the Federal Reserve (FED) as the organization viewed their ‘independent’ status as meaning beyond accountability.  The FED has been operating without any oversight until President Trump and Russ Vought began a baseline review of how they spend taxpayer funds.

As noted by Director Vought, the FED can have independence and yet they must be held accountable to the American people. President Trump is that accountability piece and the FED were not familiar with scrutiny. They are now.

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Russ Vought also appeared on Face the Nation to receive questions from the insufferable and ever-pontificating Margaret Brennan.  Video and Transcript Below:

[Transcript]  – MARGARET BRENNAN: We begin today with the director of the White House Office of Management and Budget, Russell Vought, welcome to ‘Face The Nation.’

DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET RUSSELL VOUGHT: Thanks for having me.

MARGARET BRENNAN: There’s so much to get to with you. Let’s start on what’s going on with the Federal Reserve. If you take the president at his word, he does not intend to fire the Federal Reserve Chair, Jerome Powell- though he’s still criticizing him. What is the President seeking in a successor when his term ends in May 2026?

VOUGHT: Well, I think he’s looking for a chairman that’s not continually too late to the developments in the economic marketplace. And I think what we’ve seen with Chairman Powell, he was very late in the Biden administration to raise rates, to articulate the concern with regard to the Biden administration’s spending. We all knew on the outside- even Larry Summers knew that we were going to have an issue with regard to inflation. And we saw, you know, recent, historical inflationary levels that we hadn’t seen before. And now he is too late to lower inflation rates and so that is the kind of thing that we want to see in the next chairman of the Federal Reserve. And one of the reasons why is–

MARGARET BRENNAN: –More of a focus on inflation?

VOUGHT: –want an ability to recognize the developments in the economic marketplace. In this case, we want to be able to see lower rates and to have an ability to get the economy going. And one of the things we saw with Powell is that one of the reasons he was so late was because he didn’t understand that inflation is largely a monetary phenomenon. He kept saying that inflation was transitory. He didn’t tackle the problem, and now he’s, again, too late, and you marry that with fiscal mismanagement at the Fed. It’s a huge problem that we’re trying to raise the country’s awareness level with.

MARGARET BRENNAN: But as you know, the Fed is structured in a way where he doesn’t have unilateral control. There’s a governing board. Others weigh in. You did work on Project 2025, and we went back and looked at what they said in there about the Fed. As people may know, that’s a Heritage Foundation product that got a lot of scrutiny during the campaign. the chapter on the Fed called for Congress to overhaul the Fed’s focus and powers. Is that what you’re looking to do in 2026?

VOUGHT: I don’t even know what that chapter says. All I know, in terms of the President, the President has run on an agenda. He’s been very clear about that. All that we’re doing is- in this administration is running on- is implementing his agenda.

MARGARET BRENNAN: You don’t want to overhaul the Fed?

VOUGHT: We want an economic system that works for the American people, that includes the Fed. And the President has been very clear that all he’s asking from the Fed is lower interest rates, because he thinks it’s important. When you look at across the across the globe, and you have countries lowering rates, and yet we don’t see that in this country, given all of the positive economic indicators that we’re seeing. And then we have fiscal mismanagement at the Fed with regard to this building renovation that I’m sure you will ask me about. Those are the kinds of things that we want to see from the Fed. This is not part of an existential issue with regard to the Federal Reserve.

MARGARET BRENNAN: Well, the Fed is indicating that they are trending towards a rate cut, though probably not as soon as this week. We mentioned those renovations at the top of the program, but I do want to ask about spending, or lack thereof, that the Trump administration is trying to direct. The White House said they will actually release the remaining $5 billion in education, funds that had been withheld from public schools until recently. There were 10 Republican senators very worried about this, and came out and said, your claim that the money goes to radical left wing programs was wrong. What changed your mind? What made you release this money?

VOUGHT: Well, we had been going through a programmatic review with these funds. These are programs that, as an administration, we don’t support. We’ve called for the elimination of them in the President’s budget for precisely the reasons of which they flow to often left wing organizations. Thankfully, the President came into office, put an executive order that said it can’t- these funds can’t go to these types of initiatives. I’ll just give you one example, English language acquisition was flowing to the New York school public education system to go into illegal immigration advocacy organizations. Preschool development grants doesn’t actually go to preschoolers. It goes to the curriculum for putting CRT into the school system for people as young- children as young as four years old.

MARGARET BRENNAN: Well, these senators said it goes to adult learners working to gain employment skills and after school programs.

VOUGHT: And what we–

MARGARET BRENNAN: So you deemed it is necessary?

VOUGHT: We believe that it’s important to get the money out right now, but we have taken an extended time frame to be able to make sure it doesn’t go to the types of things that we saw under the Biden administration.

MARGARET BRENNAN: Because, you know, Senator Lindsey Graham told the Washington Post, the administration is looking at considering clawbacks from the Department of Education. This, you know, rescissions process. Is that the plan? Are you seeking to claw back education funds in a rescissions package? And if so, when are you sending that up?

VOUGHT: We may be, we’re always looking at potential rescission options. This is an- this is a set of funding that we wanted to make sure it got out. We did our programmatic review. We wanted to make sure it got out before the school year, even though it’s multi-year funding. This is not funding that would expire at the end of this year. We are looking to do rescissions package. We’re always gauging the extent to which the Congress is willing to participate in that process, and we’re- be looking at a lot of different options along those lines, but certainly have nothing to announce here today. But we’re thrilled that we had the first rescissions package in decades, and we’ve got the process moving again.

MARGARET BRENNAN: So no rescissions package before September?

VOUGHT: Not here to say that. We’re looking at all of our options, we will look at it and assess where the Hill is, what are the particular funding opportunities that we have, but nothing that we’re going to announce today,

MARGARET BRENNAN: Because some of the funds that do expire in September have also been held up on the health front. Senator Katie Britt of Alabama, 13 other Republicans, came out with a letter saying that you’ve been slow in releasing funds for the National Institute of Health for research into cardiovascular disease, cancer. Are those funds going to be released?

VOUGHT: Again, we’re going through the same process with the NIH that we did with the education. I mean–

MARGARET BRENNAN: But there’s a time cost here.

VOUGHT: –$2 million for injecting dogs with cocaine that the NIH spent money on, $75,000 for Harvard to study blowing lizards off of trees with leaf blowers. That’s the kind of waste that we’ve seen at the NIH. And that’s not even getting to the extent to which the NIH was weaponized against the American people over the last several years, with regard to funding gain of function research that caused the pandemic. We have a- we have an agency that needs dramatic overhaul. Thankfully, we have a great new head of it, but we’re going to have to go line by line to make sure the NIH is funded properly.

MARGARET BRENNAN: Are you going to release the cancer funding research? And the cardiovascular disease research funding?

VOUGHT: We’re going to continue- we’re going to continue to go to the same process that we have gone through with regard to the Department of Education, that every one of these agencies–

MARGARET BRENNAN: Before September, that money will be released?

VOUGHT: –and we will release that funding when we are done with that review.

MARGARET BRENNAN: Because, as you know, there’s concern that you’re withholding the money, hoping it just won’t be spent. I mean, if you look at the White House budget, it does call for a 26% cut to HHS, $18 billion cut to NIH. Is this just a backdoor way to make those cuts happen?

VOUGHT: Well, I don’t want to speak to any specific program with regard to what we might do with regard to rescissions throughout the end of this fiscal year, but we certainly recognize that we have the ability and the executive tools to fund less than what Congress appropriated, and to use the tools that the Impoundment Control Act, a bill we’re not- a law that we’re not entirely thrilled with, gives us to- to send up rescissions towards the end of the fiscal year.

MARGARET BRENNAN: So just for our viewers, the Impoundment Control Act is the legal mechanism for the President to use to delay or avoid spending funds appropriated by Congress. You seem to want to have an argument, or Democrats think you want to have an argument, over the power of the purse and who holds it. Do you want that to go to the Supreme Court?

VOUGHT: Well, look, for 200 years, presidents have the ability to spend less than the congressional appropriations. No one would ever dispute, and our founders didn’t dispute that Congress has the ability to set the appropriation ceiling. But 200 years of presidents, up until the 1970s had the ability to spend less, if they could find efficiencies, or if they could find waste that an agency was doing.

MARGARET BRENNAN: — That sounds like a yes?–

VOUGHT:– We lost that ability in the 1970s. The president ran on restoring that funding authority to the presidency, and it’s vital. If you look at when we started to lose control fiscally, it was right around the time of the 1970s.

MARGARET BRENNAN: Well, many senators, Republican senators, are very uncomfortable with the tactics that you are using. Senator Murkowski, Senator Collins, that chair of the appropriations committee that is really running this- this funding process. And Senator Collins said you’re pushing the limits of what the executive can do without the consent of the- of the legislative branch. You need to work with her to get your budget through. And in fact, you need to also be able to get Democrats on board to get to that 60-vote threshold to pass any kind of government funding to avoid a government shutdown at the end of September.

VOUGHT: I have a great relationship with Senator Collins. I appreciate the work she does. She is the chairman of the Appropriations Committee, so obviously we’re going to have differences of opinion as to the extent to which these tools should be used. I mean, she had concerns with the rescissions package. The rescissions package was a vote that Congress had to make these cuts permanent–

MARGARET BRENNAN: — Under- on a party line vote, she says, you want to go do these clawbacks. You do it through regular order, and you can put- you can put rescissions into an appropriations bill–

VOUGHT: –But that was in fact, under regular order. That’s the challenge, is the appropriators want to use all the rescissions, they want to put them in their bills, and then they want to spend higher on other programs. We act- we’re $37 trillion in debt, Margaret. We actually need to reduce the deficit and have a dollar of cut go to $1 a deficit reduction. That’s not what the appropriators want, and it’s not news that the Trump administration is going to bring a paradigm shift to this town in terms of the business of spending.

MARGARET BRENNAN: You would acknowledge that you just added to the debt and to the deficit with this–

VOUGHT: — No, I would not acknowledge that. We reduced–

MARGARET BRENNAN: — The spending and tax bill that just passed?

VOUGHT: Correct.

MARGARET BRENNAN: Where you lifted the debt ceiling.

VOUGHT: The debt ceiling is an extension of the cap on what’s needed to pay your previous bills. In terms of the bill itself, it is $400 billion in deficit reduction, $1.5 trillion in mandatory savings reforms, the biggest we’ve seen in history.

MARGARET BRENNAN: Well, I want to make sure I get to the rest of this before I let you go here, because we’re running out of time. You said, a few weeks ago, that the appropriations process needs to be less bipartisan. You only have 53 Republicans. You do need Democrats to get on board, here. Is saying something like that intended to undermine negotiations? Do you actually want a government shutdown?

VOUGHT: No, of course not. We want to extend the funding at the end of this fiscal year. We understand, from a math perspective, we’re going to need Democrats to do that–

MARGARET BRENNAN: Well, what does less bipartisan mean?

VOUGHT: Well, Margaret, the whole week, the Democrats were making the argument that if you pass the rescission bill, that you were undermining the bipartisan appropriations process. So, if Brian Schatz and every other appropriator is making that argument for a week–

MARGARET BRENNAN: –The chair of the Senate Appropriations Committee is who said that–

VOUGHT: –you have to be able to respond and say, if you’re going to call a rescissions package that you told us during the month of January and February that we should use to do less spending, if you’re going to say that is undermining the bipartisan appropriations process, then maybe we should have a conversation about that. That is all it was meant to convey.

MARGARET BRENNAN: But, the alternative to this process is another continuing resolution, these stop-gap measures. Are you open to that, because that would lock in Biden-era funding? What is your alternative here? If you want a less bipartisan process, how do you solve for this? Because it sounds like you’re laying the predicate for a shutdown.

VOUGHT: We are not laying the predicate for a shutdown. We are laying the predicate for the fact that the only thing that has worked in this town- the bipartisan appropriations process is broken. It leads to omnibus bills. We want to prevent an omnibus bill, and all options are on the table to be able to do that.

MARGARET BRENNAN: All options are on the table?

VOUGHT: We need an appropriations process that functions. We’re going to go through the process. We’re going to work with them, and we’re going to do everything we possibly can to use that process to have cheaper results for the American taxpayer.

MARGARET BRENNAN: I’m told we’re out of time. Russell Vought, thank you for your time today.

[END TRANSCRIPT]