Apr 29 2025

Steve Bannon: “All 350,000 Chinese National Students Must Leave Immediately.”


Posted originally on Rumble By Bannon’s War Room on: Apr 28, 2025, at 1:00 pm EST

Apr 29 2025

“It’s A Debt Financed Economy On Federal Spending.” Bannon On The Financial System Screwing The Middle Class


Posted originally on Rumble By Bannon’s War Room on: Apr 28, 2025, at 1:00 pm EST

Apr 29 2025

The New Federal Reserve HQ


Posted Apr 29, 2025 by Martin Armstrong 

Eccles West UPDATED.NewFedHQ

The Federal Reserve is nearly done completing its revamp of its Washington, DC, headquarters with a price tag of $2.5 billion. The luxurious facility has come under intense scrutiny as many believe they are borrowing from public funds while already operating in a deficit. Yet, these funds will not be added to national debt calculations.

The Federal Reserve operates on a self-funding mechanism, allegedly, using revenue it generates from interest on government securities and other services such as payment processing. Yet, that interest is generated from public funds. However, the Federal Reserve does not need approval from Congress to finance internal costs as it manages to bypass the federal budget.

The national debt is calculated based on congressionally authorized borrowing. Since no Treasury securities were issued, these costs remain off-budget and outside final calculations. The Federal Reserve operated independently, and as such, it can build a massive new facility equipped with garden terraces, elaborate water sculptures, ceiling skylights, and a private elevator system to transport board members to the newly designed VIP dining suite.

“The Federal Reserve is building the Palace of Versailles on the National Mall,” said Andrew T. Levin, professor of economics at Dartmouth College in New Hampshire, who then urged Congress to evaluate the Federal Reserve’s spending.

There are several special lending programs budgeted through the Fed that will not be included in the national debt. For example, the central bank purchased $500 billion in short-term debt from local and state governments during COVID to push cash into the system. Loans provided through the Main Street Lending Program and the Money Market Mutual Fund Liquidity Facility (MMLF) are not factored. The Fed maintains some monetary policy tools absent of congressional approval, like discount window loans and overnight reverse repurchase agreements.

Foreign central banks may exchange their treasuries for dollars, which does not pull from public funds. The FedNow Instant Payment system for banks also operates independently, as does the Consumer Financial Protection Bureau (CFPB) that funds around $630 million annually.

The Fed has a $7.4 trillion asset portfolio that is not congressional appropriations. Any losses are considered deferred assets on the central bank’s balance sheet. Now, the Fed differs from other central banks, such as the Bank of Japan or the European Central Bank, which rely more on shareholder capital and government-backed reserves. The 12 regional Federal Reserve banks operate as quasi-private institutions with elected board members, whereas the ECB and BoJ operate as public entities.

The Fed returns around 90% of its net income to the US Treasury despite the current negative press. The new headquarters may be excessive, but it is paramount for the Fed to remain independent from the federal government. Politicians should not drive fiscal policy, as all confidence in the system would be lost. A central bank like Turkey’s, which is completely politically controlled, faces ongoing currency crises and inflation because politicians only want to patch up the short term to ensure they win the next election. Congress should have no say in the Fed’s budget – period.

Apr 29 2025

Germany Seeks Loophole to Increase EU Funding to Ukraine


Posted originally on Apr 29, 2025 by Martin Armstrong 

EU Break up

German Finance Minister Jörg Kukies is urging the European Union to force nations to drastically increase aid to Ukraine under an emergency clause. This emergency clause acts as a loophole that could allow Brussels to surpass defense investment parameters.

Kukies penned a letter on April 24, 2025, to Brussels to state that the “changing environment in Ukraine “requires a significant build-up of defense capabilities with a major impact on its public finances.” This clause would force EU members to spend up to 1.5% of GDP on Ukraine for the next four years. Kukies also would like the European Commission to consider expanding what constitute as “defense” spending, as it “adequately reflects the multiple threats to security in Europe” and considering “in particular dual-use expenditure.”

Incoming chancellor Friedrich Merz has already agreed to spend €1 trillion on Ukraine’s military and infrastructure. Germany is not “leading” Europe as many believe. Rather, it is dragging the entire continent into the grave. This is not about helping Ukraine. This is about creating the next perpetual conflict to justify more government power, more taxation, and the further erosion of individual liberty.

The German government believes it has the funds to shell out. Yet, other EU members have not masked their hesitancy to sink into debt at the expense of Ukraine. When Foreign Policy Chief Neocon Kaja Kallas attempted to bend the bloc’s hand to increase spending, a few southern European nations like Italy and Spain shouted that they did not want to excessively increase their debt. Spanish Finance Minister Carlos Cuerpo touched on a point that caused Brussels to shudder. If Europe believes it is acting as a solid consolatory force, then why not consolidate the debt?

ECM Euro Waves 1 2

Spain proposed a temporary special purpose vehicle (SPV) that would restructure defense debt from national balance sheets by issuing joint European debts through bonds or a similar vehicle. EU and non-EU nations could fund the SPV with a shared repayment obligation. Brussels is still considering the proposal, but rest assured that the top economies in the EU will not want to share the debt obligation. The entire premise of the euro robbed lower GDP nations through a failure to consolidate debt, and nations like Germany refused to forgive their multiplied debt after they adopted the euro because every nation will put itself first. It was a fantasy to believe that a continent could erase its borders and operate as one.

The computer has warned that Europe is at risk of a depression. The EU is collapsing under its own weight. The unelected authoritarian regime in the EU is working to destabilize Europe to fight Russia, and member nations must stand idle and watch their nations spiral into debt to spur on a war that was never their battle to fight.

Apr 29 2025

Media Demonizes Trump in First 100 Days


Posted originally on Apr 29, 2025 by Martin Armstrong 

TrumpPopeFuneral

Legacy media will continue to spur anti-Trump propaganda until his dying breath. Even then, they likely would not permit him to rest in peace. We recently saw the media broadcast Donald Trump wearing a navy blue suit at Pope Francis’ funeral, claiming he is disrespecting an entire Christian denomination with his wardrobe selection. The Media Research Center (MRC) recently conducted a poll to see how the media has painted the president during his first 100 days, and to the surprise of no one, coverage was 92.2% negative.

MRC looked at national news programs from CBS, NBC, and ABC from January 20 through April 9. An astounding 899 stories discussing the Trump Administration were negative, compared to 7.8% of positive coverage. “Just 100 days into President Donald Trump’s second term, the broadcast evening news landscape is even more lopsided than it was eight years ago, when Trump was besieged with relentlessly hostile coverage,” researcher Rich Noyes wrote. During his first term, the media’s negativity was at 89%. In contrast, Joe Biden received 59% positive coverage from these media networks during his first 100 days.

TrumpMugshot2023

“Yet despite the overwhelming negativity of their coverage, the networks found Trump irresistible as a news subject, at least compared with Biden. From January 20 through April 9, 2017, the networks saturated their newscasts with 1,900 minutes of Trump news; during the same time period this year, we tallied a massive 1,716 minutes of coverage. But in 2021, evening news viewers saw only 726 minutes of Biden coverage during these same weeks, less than half of the airtime devoted to either of the new Trump administrations,” Noyes wrote.

Tariffs received the most airtime with 361 minutes. As I have stated, the press is attempting to erode confidence in the American economy. DOGE received 301 minutes or airtime, with immigration policies coming in at third with 233 minutes. The news covered tariffs negatively 93% of the time, covering immigration policies with an equal amount of animosity. DOGE government cutbacks were aired an astounding 97% with a negative spin. “Out of nearly four hours of evening news airtime devoted to immigration, these newscasts spent just 3.5 minutes letting viewers know just how much Trump has reduced border crossings,” Noyes commented.

Fake News TV

The entire Trump Administration is seen as a threat by the left, who control the mainstream media, hence why they have also painted his cabinet in a bad light. All three major networks portrayed Secretary of Defense Pete Hegseth in a negative way 100% of the time. Robert F. Kennedy Jr., despite his efforts that should be seen as neutral, received 89% negative coverage. Unsurprisingly, Elon Musk’s airtime was 96% negative.

2025 04 28 Economist_only_1_361_days

“The mainstream media continues to portray President Trump’s historic accomplishments negatively, even though 77 million Americans voted for his policies. Americans know the President is doing what is best for the country, which is why the legacy media’s ratings continue to drop and people are finding new ways to consume the news,” a White House spokesperson told Fox News Digital.

mediabrainwashing

The media fails to realize that the people voted for Trump because he is the anti-establishment candidate. His supporters know that the media conglomerates hate him AND his supporters, which only made him an increasingly popular underdog. Trump wears it as a badge of honor, even displaying his mugshot outside the Oval Office. Journalism died long ago. These are the same people who helped to orchestrate the COVID narrative, who hid Biden’s mental health, and who insist that they should have the final say on what constitutes misinformation. The primary, if not only, purpose of legacy media is to disseminate propaganda and manipulate the masses.

Apr 29 2025

Carney Wins Canada & the Recession into 2027 Begins


Posted originally on Apr 28, 2025 by Martin Armstrong 

Carney Canada to Replace USA

I have never witnessed such outright lies by a candidate as Carney. But hey, it has worked. With the votes in from the East, giving the Liberals 150 seats out of 343 so far, there is no way the Conservatives will get a majority. Our model provided three numbers for the Liberals: 41.25, 45.40, and 59.93. They are at 45.5 currently. His entire campaign has been about hatred of Trump.

Canada EU UK

Carney is a globalist, and he will sign up with the losing team, all for this agenda from the World Economic Forum, of which he has been indoctrinated as a key player. Mark Carney will remain Canada’s prime minister. There is no question about that. Even if the Conservatives took every seat in the West, they would still not have a majority and Carney will form a coalition if he didn’t get 172 seats.

Canada GDP Y 4 28 25

As one reader just wrote in: “To be honest with you, I don’t care anymore, today Canadians have sealed their fate .” Our computer has been showing that Canada’s economy will take a nosedive over the next two years, into 2027. Of course, Carney will blame Trump. He has carried out this agenda from the Neocons to try to isolate Trump. Still, in the process, Carney has undermined trade relations with the United States far beyond Trump, and sources say he will try to shift to the EU, which can’t seem to get out of its own way when it comes to economics. EU consumer consumption is $1.29 out of $10 globally, with 450 million people, compared to 25% for the USA, with only 330 million people. The EU will likely move into a depression, so this won’t work out well for Canada.

Apr 29 2025

Canadian Election


Posted originally on Apr 28, 2025 by Martin Armstrong 

IMMCD M Tech 4 28 25

QUESTION: Marty, Socrates seems to be pointing to a C$ bounce. Does this imply that Carney will lose, or does it mean the bounce will be brief on his nonsense and then turn south?

RE

CAN Rt Combine 2025
CAN LF Combine 2024 1

ANSWER: The only hope that Carney has is a coalition. Comparing the Conservatives to the Liberals in Canada provides an interesting picture. Trudeau was able to be the leader of Canada with 32% of the vote. The computer clearly shows that Carney will beat Justin Trudeau, who was first elected as Prime Minister of Canada on October 19, 2015, and served until his recent resignation in January 2025. He led the Liberal Party to victory in three federal elections during his tenure. In 2015, he had 39.47% of the vote. Then in 2019, he won with 33.1%. Then in 2021, he won with 32.6% while the Conservatives beat him with 33.7%. This is the problem with a Parliamentary system – it allows fragmentation and coalitions.

2025_04_28 Truth_Social Trump on Canadian Election

Trump threw his 2 cents into the ring on Truth Social. That could help Carney. Canada would never become the 51st state. Each province would become a separate state, and that would mean each gets two senators, and they could join the Democrats and kill the US economy with their EQUALITY that has killed Canadian productivity. Canada’s once-thriving economy is now facing severe challenges, from a housing bubble that has pushed debt beyond GDP to a massive brain drain of skilled workers. With real estate prices climbing over 300% in two decades while wages lag far behind, homeownership is slipping further out of reach for most Canadians. At the same time, Canada’s productivity is declining, with the average worker producing 30% less than their U.S. counterpart. With rising discontent, increasing financial strain, and a lack of strong leadership. This has led to the question of how much longer Canada can hold on before a major economic crisis?

In the last election, the Conservatives beat Trudeau with 33.7% vs 32.6%. To get a majority, they need 172 seats. The Liberals will most likely carry the East – Newfoundland, Nova Scotia, Prince Edward Island, New Brunswick, Quebec, and Ontario. This election could ignite the separation fires burning beneath the surface in the West. Our model warns that it was the completion of a 72-year cycle in the 2021 election for the Liberals, and that should be the low point. They have a fighting chance this time and will beat Trudeau’s numbers.

We still have the risk of war in May. Germany has just instructed Zelensky not to agree to any peace deal with Trump. The key level will become 7225 in the future, going into May.

Apr 29 2025

How the NAFTA/USMCA 2025 Review Underpins President Trump Remarks on Canada


Posted originally on CTH on April 28, 2025 | Sundance 

Only President Trump could get the Canadians to vote for an exit to the USMCA, and he did it brilliantly.

To understand President Trump’s position on Canada, you have to go back to the 2016 election and President Trump’s position on the NAFTA renegotiation.  If you did not follow the subsequent USMCA process, this might be the ah-ha moment you need to understand Trump’s strategy.

During the 2016 election President Trump repeatedly said he wanted to renegotiate NAFTA, the North American Free Trade Agreement.  Both Canada and Mexico were reluctant to open the trade agreement to revision, but ultimately President Trump had the authority and support from an election victory to do exactly that.

In order to understand the issue, you must remember President Trump, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer each agreed the NAFTA agreement was fraught with problems and was best addressed by scrapping it and creating two seperate bilateral trade agreements. One between the USA and Mexico, and one between the USA and Canada.

In the decades that preceded the 2017 push to redo the trade pact, Canada had restructured their economy to: (1) align with progressive climate change; and (2) take advantage of the NAFTA loophole.  The Canadian government did not want to reengage in a new trade agreement.

Canada has deindustrialized much of their manufacturing base to support the ‘environmental’ aspirations of their progressive politicians.  Instead, Canada became an importer of component goods where companies then assembled those imports into finished products to enter the U.S. market without tariffs.  Working with Chinese manufacturing companies, Canada exploited the NAFTA loophole.

Justin Trudeau was strongly against renegotiating NAFTA, and stated he and Chrystia Freeland would not support reopening the trade agreement.  President Trump didn’t care about the position of Canada and was going forward.  Trudeau said he would not support it.  Trump focused on the first bilateral trade agreement with Mexico.

When the U.S. and Mexico had agreed to terms of the new trade deal and 80% of the agreement was finished, representatives from the U.S. Chamber of Commerce informed Trudeau that his position was weak and if the U.S. and Mexico inked their deal, Canada would be shut out.

The U.S Chamber of Commerce was upset because they were kept out of all the details of the agreement between the U.S. and Mexico.  In actuality the U.S CoC was effectively blocked from any participation.

When they went to talk to the Canadians the CoC was warning them about what was likely to happen.  NAFTA would end, the U.S. and Mexico would have a bilateral free trade agreement (FTA), and then Trump was likely to turn to Trudeau and say NAFTA is dead, now we need to negotiate a separate deal for U.S-Canada.

Trudeau was told a direct bilateral trade agreement between the U.S and Canada was the worst possible scenario for the Canadian government.  Canada would lose access to the NAFTA loophole and Canada’s entire economy was no longer in a position to negotiate against the size of the USA.  Trump would win every demand.

Following the warning, Trudeau went to visit Nancy Pelosi to find out if congress was likely to ratify a new bilateral trade agreement between the U.S and Mexico.  Pelosi warned Trudeau there was enough political support for the NAFTA elimination from both parties.  Yes, the bilateral trade agreement was likely to find support.

Realizing what was about to happen, Prime Minister Trudeau and Chrystia Freeland quickly changed approach and began to request discussions and meetings with USTR Robert Lighthizer.  Keep in mind more than 80 to 90% of the agreement was already done by the U.S. and Mexico teams.  Both President Andres Manuel Lopez Obrador and President Trump were now openly talking about when it would be finalized and signed.

Nancy Pelosi stepped in to help Canada get back into the agreement by leveraging her Democrats.  Trump agreed to let Canada engage, and Lighthizer agreed to hold discussions with Chrystia Freeland on a tri-lateral trade agreement that ultimately became the USMCA.

The key points to remember are: (1) Trump, Ross and Lighthizer would prefer two separate bilateral trade agreements because the U.S. import/export dynamic was entirely different between Mexico and Canada. And because of the loophole issue, (2) a five-year review was put into the finished USMCA trade agreement. The USMCA was signed on November 30, 2018, and came into effect on July 1, 2020.

TIMELINE:  The USMCA is now up for review (2025) and renegotiation in 2026!

This timeline is the key to understanding where President Donald Trump stands today.  The review and renegotiation is his goal.

President Trump said openly he was going to renegotiate the USMCA, leveraging border security (Mexico) and reciprocity (Canada) within it.

Following the 2024 presidential election, Prime Minister Justin Trudeau traveled to Mar-a-Lago and said if President Trump was to make the Canadian government face reciprocal tariffs, open the USMCA trade agreements to force reciprocity, and/or balance economic relations on non-tariff issues, then Canada would collapse upon itself economically and cease to exist.

In essence, Canada cannot survive as a free and independent north American nation, without receiving all the one-way benefits from the U.S. economy.

To wit, President Trump then said, if Canada cannot survive in a balanced rules environment, including putting together their own military and defenses (which it cannot), then Canada should become the 51st U.S state.  It was following this meeting that President Trump started emphasizing this point and shocking everyone in the process.

However, what everyone missed was the strategy Trump began outlining when contrast against the USMCA review and renegotiation window.

Again, Trump doesn’t like the tri-lateral trade agreement. President Trump would rather have two separate bilateral agreements; one for Mexico and one for Canada.  Multilateral trade agreements are difficult to manage and police.

How was President Trump going to get Canada to (a) willingly exit the USMCA; and (b) enter a bilateral trade agreement?

The answer was through trade and tariff provocations, while simultaneously hitting Canada with the shock and awe aspect of the 51st state.

The Canadian government and the Canadian people fell for it hook, line and sinker.

Trump’s position on the Canadian election outcome had nothing to do with geopolitical friendships and everything to do with America-First economics. When asked about the election in Canada President Trump said, “I don’t care. I think it’s easier to deal, actually, with a liberal and maybe they’re going to win, but I don’t really care.”

By voting emotionally, the Canadian electorate have fallen into President Trump’s USMCA exit trap.  Prime Minister Carney will make the exit much easier.  Carney now becomes the target of increased punitive coercion until such a time as the USMCA review is begun, and Canada is forced to a position of renegotiation.

Trump never wanted Canada as a 51st state.

Trump always wanted a U.S-Canada bilateral trade agreement.

Mark Carney said the era of U.S-Canadian economic ties “are officially declared severed.”

Canada has willingly exited the USMCA trade agreement at the perfect time for President Trump.

Why do you think Mexico stayed quiet?

Can you see it now?

Apr 29 2025

Trump Tariffs Causing Serious Problems for Swiss National Bank (and Globalists)


Posted originally on CTH on April 28, 2025 | Sundance

Hat Tip very dear friend of the Treehouse, Zurich Mike.

Switzerland is in a conundrum. More specifically, the Swiss National Bank is stuck betwixt two points that are also playing out in other stable western countries.  Exports to the USA account for over ten percent of the Swiss manufacturing base.

The Trump tariffs are putting pressure on Switzerland to drop the value of their currency as an offset to retain competitive pricing.  However, simultaneous to the tariffs, the Swiss Franc is being purchased by global investment groups and sovereign foreign countries as a safe harbor due to the stability of the currency, which is driving up the value of the franc.

The Swiss Franc is now at the highest point against the U.S dollar in decades. One franc is worth 1.21 dollars.  This makes their exports cost even more.  The Swiss government desperately needs to lower the value of their currency.  The Swiss central bank has already dropped interest rates to 0.25% and is now contemplating negative interest rates as a result.

SWITZERLAND – […] That is why many are speculating on a reaction from the Swiss National Bank (SNB). SNB Director Martin Schlegel could weaken the currency by selling the Swiss franc against the dollar and euro in order to support the export-oriented economy.

But this could provoke a backlash from Trump if he perceives the SNB’s intervention as currency manipulation. Even during Trump’s first term in office, Switzerland was on the US list of suspected currency manipulators.

[…] Interest rate cuts in the key interest rate are considered a diplomatically safe measure to control the franc. It defines the interest rate at which commercial banks can borrow money from the SNB. “If the SNB is dissatisfied with the strong franc and remains limited in foreign exchange interventions, lower interest rates are the only option,” says Francesco Pesole of Bank ING.

Interest rates have already fallen sharply recently. It was only at the end of March that Schlegel lowered the key interest rate to 0.25 percent. The market currently expects a probability of around 80 percent that the key interest rate will fall to zero at the next meeting in June. Yields on short-term government bonds have already fallen into negative territory in recent days. (read more)

If interest rates go into negative territory, savers will be required to pay the bank for storing their money. “Until 2022, various Swiss banks required their customers to pay negative interest on their accounts.”

Meanwhile in other news from Europe, as the Chinese economy contracts, heavy industrial equipment -once again- becomes useless, the Europeans are worried that China will dump cranes and other industrial equipment into their economy.

BRUSSELS, April 28 (Reuters) – The European Commission said on Monday it had imposed duties of up to 66.7% on imports of Chinese machines that lift construction workers after concluding that the producers were benefiting from unfair subsidies and selling at artificially low prices.

The extra duties on Chinese mobile access equipment (MAE) will range from 20.6% to 66.7%, the Commission said, as it sought to protect domestic producers in the EU market worth more than 1 billion euros ($1.14 billion) per year.

The tariffs are the latest in a series of EU anti-dumping and anti-subsidy duties focused on Chinese imports, including a high-profile investigation into Chinese-built electric vehicles, which culminated last October.

The EU executive, which conducted the investigation, said Chinese MAE producers had benefited from preferential financing, grants, state provision of inputs at below-market rates. (read more)

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Apr 29 2025

Press Secretary Karoline Leavitt and Border Czar Tom Homan Hold a Press Briefing


Posted originally on CTH on April 28, 2025 | Sundance

Celebrating the first 100-days, the White House will be hosting cabinet members each day this week to highlight their specific accomplishments in the first 100-days of the Trump presidency.

Today, on Day #99 of the administration, Karoline Leavitt introduces Border Czar Tom Homan to outline border security measures and deportation effort that have been a priority for the Trump administration. WATCH (prompted):

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