Posted Originally on May 16, 2024 By Martin Armstrong
The New York Federal Reserve reported that American households set a new record after plummeting into $17.69 trillion of debt, a 1.1% ($184 billion) increase from Q4 2023. Worse, the number of delinquencies is rising as households struggle to make ends meet amid the cost of living crisis. Inflation is not waning, taxes are rising, and America’s debt burden has become utterly unmanageable.
Mortgage balances rose by $190 billion and reached $12.44 trillion by March. People are paying far more in interest alone than they have in recent years. Those who bought in the hopes of refinancing are not in a good position. Auto loan debt rose by $9 billion, reaching $1.62 trillion.
Americans have been attempting to pay off their credit card balances, with overall credit card debt declining by $14 billion to $1.12 trillion. Yet, that was close to a record-high for credit card debt and we tend to see balances lowered after the holiday retail spending spree ends. Consumers do not want to pay those 20%+ interest rates on cards but many are forced to do so simply to put food on the table.
Delinquencies are rising – this is a major issue. It is difficult to crawl out of debt once someone is deep within the cycle. “In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” said Joelle Scally, regional economic principal within the Household and Public Policy Research Division at the New York Fed. “An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households.”
Credit card delinquencies have reached their highest levels since 2012 when America was recovering from the Great Recession. In fact, by the end of Q1 2024, around 3.2% of all outstanding debt was in delinquency. The New York Fed reported a rise in missed payments across all debts, including those 90 days past due.
No foreign nation is coming to offer America a bailout check. The Biden Administration has made it clear that American households are NOT Washington’s priority. We are to continue working and paying taxes in order to fund foreign wars and climate change packages. How else will we house those 7+ million illegal migrants and offer them free healthcare and shelter? How else will we pay off the student loans for millions? How else will we continue to grow the public sector and pay for countless new social programs? Americans are in serious debt, and Washington is all but ensuring this trend continues.
Posted originlly on May 15, 2024 By Martin Armstrong
The Press REFUSES to hold all of these failed Climate Change forecasts to test. All they do is keep moving the date for our doom, all due to CO2. In fact, the real crisis is the continued weakening of the magnetic field, which leads to pole shifts about every 43000 years – yes, that conforms to the ECM frequency. The major shifts we discovered from the data scientists provided us came out to be 720,000 years. Either way, they both seem to be lining up in our lifetime. We are headed more into a pole shift than a climate change thanks to CO2. The fact that they are targeting farmers when we should be stockpiling food now is either the most idiotic human decision in history or intentional with hopes of reducing the population.
If I keep forecasting every year that the stock market would crash by 90%, I think they would call me a nut-job and laugh after ten years of perpetual failed forecasts. But with the climate, they just love to keep the fraud going. After June 6th, they are whispering about restricting travel to reduce CO2 this summer. They want to deprive you of your vacation this year as well.
Washington’s reckless spending comes with a cost to US taxpayers. While the fed may simply roll over their debt and issue new debt to pay off the old, the American public is on the hook for immediate liquidity every single year via taxation. The misconception that Biden would only target the wealthy needs to be dispelled as a recent study reveals that 63% of new audits targeted Americans earning under $200,000.
Now, Biden initially claimed he would send his troop of IRS agents to target Americans earning double that amount. The billionaire class was not targeted, as 80% of all audits were on filers earning under $1 million. Yes, there are far more taxpayers in the middle and lower brackets. However, the IRS merely claimed they would prioritize hunting higher earners; they never explicitly said they wouldn’t come after ALL Americans.
The entire hunt for taxation has been a war on the middle class, who is unable to file massive write-offs and cannot afford to continue paying Uncle Sam on every incoming and outgoing transaction, plus savings, income, and everything else from birth to death. Washington effectively lowered our purchasing power by fueling inflation through absurd fiscal and social policies, and now they are asking people to give them even more of whatever money that remains. Washington continues to spend taxpayer funds on initiatives that the people have never once voted on, and ahead of election season, Biden is going on yet another spending spree with your money to buy off voters.
The highest earners know how to avoid taxes. Trump famously told Hillary during a debate prior to the 2016 US Presidential Election that he obviously used the loopholes in the tax system, as do all financially savvy businessmen. “Her donors took massive tax write offs… and other things that Hillary as a Senator allowed,” Trump stated during the debate. “So do Warren Buffett, so does George Soros, and so do other people Hillary is supported by,” he added. Note that the Democrats in control have never repealed restrictions on these tax loopholes that only help their wealthy donors.
Every new war, aid package, climate change package, social program, and migrant who crosses the border is now the responsibility of the US taxpayer. They wrongly believe that our money belongs to the federal government, with the state also taking out their share. Then, they create new taxes, such as targeting capital gains, to ensure that every American is stretched thin. Did anyone vote for this nonsense? We do not live in a Democracy and anyone who says otherwise is either misinformed or lying.
It will become far easier for governments to extort the people when they introduce CBDC in January 2025. Uncle Sam will think you have hidden any cash on hand from him, cash that belongs to him, once they force us to digitize our dollars. Inflation will continue to rise above GDP and we will enter a period of stagflation. This is why I have warned countless times that private and tangible assets are a safer bet compared to cash as we move into 2028.
Posted originally on May 12, 2024 By Martin Armstrong
Macquarie Bank has announced it will Abolish Cash and it warns customers to prepare for the new CASHLESS WORD to ensure the government knows everything about you and what you are buying or selling. Macquarie has just over $250 billion in assets. They have informed clients that.
“Between January 2024 and November 2024, we’ll be phasing out our cash and cheque services across all Macquarie banking and wealth management products, including pension and super accounts.”
Australia is way ahead of the game with its socialistic agendas. They have been obsessed with taxes and have even gone as far as stalking children on their way to school and checking the school to see how they are being paid. This is real Hitler stuff. The Swiss created numbered accounts because Hitler forbade a German from having any account outside Germany.
Australia has turned so far to the LEFT they have become the NUMBER ONE censoring free speech in the world, all to keep their agenda moving forward. As an Australian resident, you are taxed on your worldwide income. This means you must declare all income you receive from foreign sources in your income tax return. The government wants two years in prison for anyone who paid for anything with more than $10,000 in cash. Australians have been blocked by Amazon from buying anything from their US site because the government has effectively imposed a tariff of 10% on anything an Australian may purchase under $1,000 from the internet overseas. The government directed Banks to hand over any information on the unexplained wealth of a convicted person in Australia. The socialists are insane down under. They want to impose that when you die, nothing goes to your children – it all should belong to the government.
Macquarie Bank is carrying out the final straw – the end of all CASH – that evil thing that keeps socialists up every night worrying about what you might have under the mattress. Cyclically, the Australia Act 1986 effectively terminated the ability of the British Parliament or Government to make laws for Australia or its States. That is the true date for Australian Independence cyclically. We are looking at how this present socialist government will collapse post-2032, but the process may begin by 2027. By 2037, we should see a completely new government for their ideas will bring the government crashing down the same as they brought Communism down in 1989-1991.
Posted originally on May 9, 2024 By Martin Armstrong
Germany is moving full speed ahead to reach their asinine climate targets. The citizens who are in essence the very carbon they wish to destroy must be punished for not sacrificing enough to uphold Angela Merkel’s Climate Protection Act. Transport Minister Volker Wissing is now threatening the German people with “an indefinite weekend driving ban.”
“In the dispute over a reform of the Climate Protection Act, Federal Transport Minister Volker Wissing (FDP) has warned of drastic cuts for motorists – including weekend driving bans. This is according to a letter from Wissing to the heads of the SPD, Green and FDP parliamentary factions. It was made available to the Deutsche Presse-Agentur on Thursday …
The letter states that if the amended Climate Protection Act does not come into force before 15 July, the ministry will be obliged under the current law to present an action programme to ensure compliance with the annual emission levels for the transport sector in the coming years.”
The climate zealots are worried that this overt threat will expose their ultimate goal to reduce, if not outlaw, private car ownership. Greenpeace has even come out and criticized Wissing for threatening driving bans, as if that measure is not precisely the goal of reducing emissions and ultimately 15-minute cities. Members of various parties in Germany, most of whom support climate change reductions, have attempted to redact his statements. Afterall, Germany does have a poor not so distant history of limiting freedom of movement.
The Free Democrats (FDP) believe that Germany should be climate-neutral by 2045, and while they reject banning car ownership, they would like to begin by implementing speed limits and favoring companies that abide by clean energy trade agreements.
The Social Democrat Party (SDP), highly in favor of forcing Germany to rely completely on renewable energy by 2040, criticized the proposal as well: “The proposal does not further our common goal of reducing CO2 emissions, but to unnecessary uncertainty for people in our country.” The SPD Bundestag faction clearly rejects driving bans for cars and lorries. Such manoeuvres would hardly advance the ongoing deliberations on the Climate Protection Act in the Bundestag, said Müller.”
The AfD Party is the only one in Germany who believes that climate change is not a man-made phenomenon. Hence, the government is attempting to frame the AfD as far-right radicals who wish harm on all of society. The AfD has agreed to keep the restrictions of the Paris Agreement, however, but will not eliminate fossil fuels.
The Germans must understand that their politicians are failing to act in the best interest of Germany. Instead, they are acting upon the wishes of the larger globalist agenda that does not want to see a strong single economy but a unified collection of a one-world government power.
There are an estimated 49,098,685 cars on the road in Germany. This law would change the lives of countless Germans, German manufacturing, and permit the government to have untold power over the people. This is why the media has presented the only party in Germany showing resistance to the climate change agenda as a threat. The true threat are the people in Bonn and Brussels.
I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
This is a library of News Events not reported by the Main Stream Media documenting & connecting the dots on How the Obama Marxist Liberal agenda is destroying America
Centinel2012 