Posted originally on Sep 25, 2024 By Martin Armstrong
Over 130 nations are attempting to create a digital currency as we move toward a cashless society. I recently explained how Australiais prioritizing a wholesale CBDC with a retail one to follow. The Bank of Canada recently shelved plans to create a digital Loonie, but rest assured this is a mere pause as the world will move to digitalization.
“The Bank has undertaken significant research towards understanding the implications of a retail central bank digital currency, including exploring the implications of a digital dollar on the economy and financial system, and the technological approaches to providing a digital form of public money that is secure and accessible,” the bank said in an email statement. The fact of the matter is that Canada simply could not determine how to execute a digital Loonie properly. The bank will now focus on “evolving” its payment system.
One aspect most nations are facing is that it would be easier, seamless even, if every developed nation agreed to go digital. But, more on that later.
The Bank of Canada released “The Role of Public Money in the Digital Age”in July 2024 to discuss the importance of creating a digital currency to “uniform money.” The central bank identified the following risks:
“Over that horizon, three interrelated and overlapping trends pose risks to the monetary system. First, the overall digitalization of the economy and financial system is increasing demand for digital payments. Second, due to the first trend and other conditions, use of cash has been declining at the point of sale for many years. The third trend is the emergence and proliferation of private cryptocurrencies and digital assets, including foreign CBDCs. These trends pose risks to the monetary system through three mechanisms: • increased potential that fragmentation of the monetary system could create inefficiencies • increased ability of issuers of private forms of money to exert market power • increased difficulty implementing timely and adequate regulation due to the rapid pace of change”
Unlike Australia, Canada sought to tackle retail immediately and stated cash was “no longer a viable payment option.”
The central bank recognized their legal right to have a monopoly over the money supply and noted that cryptocurrencies were threatening their overall power. Central banks DO NOT want people to use crypto as an alternative to their currency and will do everything to prevent it from happening. “When different forms of money (including alternative units of account) compete in a jurisdiction, users need to monitor both risks and exchange rates, and the resulting frictions provide scope for the issuers of these alternative forms of money to exert market power. Ultimately, these frictions and abuse of market power reduce the efficiency of the economy,” the report stated.
Now the central bank recognized it could not simply cancel the currency without public backlash. They fear that the public will use alternative payment methods, and so the plan was to slowly phase out physical money. “We do not suggest a “CBDC alone” approach. On the contrary, in the status quo policy, the availability of retail public money interplays with the evolution of the regulatory components of the monetary system to ensure their continued effectiveness.”
As I have stated countless times, money is whatever someone is willing to accept as payment, be it gold or seashells, as in ancient times. The public at large is not ready to accept a CBDC if they are presented with a choice. If Canada were to implement a digital Loonie, it would run the risk of people using other currencies or crypto to complete transactions.
The bank said it will continue monitoring GLOBAL retail CBDC progress as all financial institutions await the moment when they can align their activities. This is why we see a heightened need for biometric data and digital identifications, which will one day tie into your financial accounts and you simply will not have a choice in digital or physical currency if paying on the grid.
Governments will become increasingly tyrannical as we move towards 2032 and the end of this private wave. The globalists’ ideal monetary system would entail one universal currency, similar to what the International Monetary Fund has been developing for years. Canada, an IMF member, has decided to await future global developments, but do not mistake this pause for a ceasefire in the war on cash.
Posted originally on Sep 25, 2024 By Martin Armstrong
QUESTION: You have said that this border crisis has been brought on to rig the 2024 election. How will this play out for the election?
SC
ANSWER: I do not see this ending well at all. It is one more ploy that will have society pleading for digital ID as the solution to this crisis. They will pitch the idea that had we had digital ID, this crisis would never have taken place. Europe is already planning this same biometric-digital ID. You have hospitals wanting to scan your palm and Amazon saying you can buy with just your palm being scanned.
This immigration crisis is clearly twofold. The Democrats instigated it, just as I have said that I encountered when trying to negotiate with Australia on behalf of Hong Kong. They are in a declining bear market, making lower highs and lower lows. They will collapse just as the Federalists did because they preach a big centralized government that always fails.
That is what instigated the border crisis. Then you have the Deep State, which is paranoid like Joseph Stalin, and they want to track absolutely everyone, and that extends to the political beliefs and economic condition. Just as in 9/11, they love crises because they always use them to expand their power. As I have said, I know that the first World Trade Center terrorists drew the Twin Towers on the wall of their cell with planes going into them. They knew the plot and let it happen if they had not helped it along.
The very day before Russia crossed the border, they had Zelensky stand up and publicly state that Ukraine was going to rearm itself with nuclear weapons. He knew Russia was on the border and wanted to make sure they invaded.
Zelensky admitted to the Washington Post that he knew when Russia would invade. He had that intelligence from the USA. His comment about seeking nuclear weapons the day before was to make sure Putin took the bait to start this entire war. He knew and was told to make sure Putin crossed the border.
The Border Crisis was instigated on the very first day Biden took office. This was to flood the country to influence the 2024 election. The Deep State did not organize this. However, they have seen the opportunity as they did with 911. The solution to the election crisis and the illegal aliens will be accelerated when we have domestic terrorism that they will blame on Chinese illegals, some 40,000 so far, who are here to destroy the USA. They have deliberately allowed terrorists into the country, and they will use this for war against China and to lock us down, as COVID was the dress rehearsal.
To be patriotic, you will surrender and agree to a Biometric Digital ID so they can filter out the terrorists. You will beg for the Biometric Digital ID; they always benefit from a good crisis. Those in the bowels of DC are paranoid like Stalin. They fear losing power, and everyone is a potential threat – We the People.
The media does not wish to reveal why Pelosi delayed the National Guard on January 6th. They were concerned that most people in the National Guard were Trump supporters and feared they might be allowing a Trump army to take Washington, DC. Some Guardsmen were asked who they voted for. Simply put, the National Guard only shows up to D.C. when they’ve been invited, and the Capitol Police did not extend that invitation until after the breach, according to a source with knowledge of the process, who was not authorized to speak about it on the record according to the Military News.
Pelosi ordered the fence to be put up again in 2021 because there was a protest in support of the January 6th protesters. The government is terrified of the people, and they know that their policies are creating tremendous discord that will unfold in the form of more civil unrest. This will most likely reach a boiling point regardless of who wins the election.
The damage that took place by the LEFT when Trump was inaugurated is an example of what we should expect. In fact, the City of Washington was sued by business owners because the police just let them do as they liked. The City had to pay $1.6 million is damages.
They intend to restrict traveling inside Europe, and Americans will need a Visa as of January 1st, 2025 to even visit, killing their tourist trade. The EU is frightened about revolution. They are well aware of the 1848 Revolution that swept Europe. It began in Sicily and engulfed all the countries, even overthrowing the French government. Their solution is to prevent people from traveling to cut off any possible widespread revolution. They will use climate change, and you will have a “carbon footprint,” and they will determine if you have traveled too much for the year.
They will do the same in the USA, all to retain power because they are scared to death of We the People. Most airline stocks peaked in 2020. Why? Most are showing high volatility by 2026. The markets are picking up this trend in airlines of many countries.
Governments are pushing the public to switch to smart vehicles to reduce fossil fuel consumption, but there is also a second motive – surveillance.
This September, Ford filed a new patent to eavesdrop on riders. They plan to share this information with third-parties to personalize the advertisements riders hear. Ford will also take the driver’s destination into consideration to determine location-specific advertisements and suggestions. The technology will factor in the weather, traffic, and all external sensors to fine tune when and what to market to passengers.
Advertisements are perhaps the least ominous use of voice data based on the plans that these car manufacturers have. Car insurance rates in the United States spiked 26% in the past year, which is partly due to car manufacturers sharing ride data with insurance companies. Even older cars with basic features like OnStar have tracking devices that report your driving behavior to the manufacturers who share your data with insurance companies and, ultimately, the government. LexisNexis, which tracks drivers’ behaviors and compiles risk profiles, has been sharing individual data with General Motors, who passes that information along to the insurance companies. General Motors.
One driver demanded that LexisNexis send him his personal report, which was a 258-page document containing every trip he or his wife took in his vehicle over a six-month period. LexisNexis said that this data will be used “for insurers to use as one factor of many to create more personalized insurance coverage.” They even reported small issues such as hard breaking and rapid acceleration, according to the report. “I don’t know the definition of hard brake. My passenger’s head isn’t hitting the dash,” an unnamed Cadillac driver enrolled in the OnStar Smart Driver subscription service told reporters.
“Cars have microphones and people have all kinds of sensitive conversations in them. Cars have cameras that face inward and outward,” a researcher with Mozilla Foundation told the Los Angeles Times. In fact, 19 automakers in 2023 admitted that they have the ability to sell your personal data without notice. Law enforcement may subpoena these records as well.
Ford claims that the patent was submitted, but they do not necessarily plan to use the technology. “Submitting patent applications is a normal part of any strong business as the process protects new ideas and helps us build a robust portfolio of intellectual property. The ideas described within a patent application should not be viewed as an indication of our business or product plans. No matter what the patent application outlines, we will always put the customer first in the decision-making behind the development and marketing of new products and services,” Ford said in a statement released to MotorTrend.
Now, the US Department of Transportation is permitted to mandate that certain manufacturers provide them with vehicle data. Sens. Ron Wyden of Oregon and Edward Markey of Massachusetts testified that all vehicles in the United States with a GPS or emergency call system are collecting travel data that car manufacturers have remote access to via the computer chips. The computer chips are compiling data on vehicle speed, movement, travel, and even using exterior sensors and cameras to record the vehicle’s location.
All of this violates the Fourth Amendment which protects against unreasonable searches and seizures without probable cause. These car manufacturers are surpassing what anyone would consider a reasonable expectation of privacy. Governments, third-party advertisement companies, and insurance companies all have warrantless access to personal data, and drivers are largely unaware they are being spied on. Section 702 of the Foreign Intelligence Surveillance Act permits the government to have backdoor access to this data.
The aforementioned senators’ concerns fell on deaf ears at the Federal Trade Commission. The Department of Transportation clearly is not listed within the US Constitution. People are already experiencing stiff consequences from autos sharing data with the sharp uptick in insurance rates. Our freedom of movement is under attack. Our data has become more valuable than gold. The legal implications fall under a grey area as the Founding Fathers never expected their newly created government to turn against their own citizens.
Posted originally on Sep 10, 2024 By Martin Armstrong |
COMMENT: Mr. Armstrong, I find it incorrigible that everyone now claims recession when they have never predicted a recession before. That was clear from the video you had of Larry Summers, who admitted nobody could do that. It is very strange how you are the only person who has ever forecast recessions and new highs in markets when everyone was called the opposite. Even in August, you had these people clamoring for an emergency rate cut while you said it was a three-day plunge and a new high would follow.
I looked back, and even in your April 25, 2024 post, you said a recession would follow the ECM turn on May 7th. Nobody gives you credit. They all copy you. But without you, they have no forecast. They are stupid, for what you have done is essential for society. These people want to pretend they are something they are not.
They do not even understand what makes a recession unfold.
Thank you so much. I wish people would be honest and give you credit, for that is the only way to hope for what comes after 2032. All they do is plagiarize you.
Peter
REPLY: Sadly, what you are describing is human nature. We are a flawed species – tragic in so many ways, like a Greek play. We seem to cling to our expectations of a just and moral world when history records anything but morality. And Thraymachus basically said JUSTICE is always the same – the self-interest of those in power – JUST US is the real spelling.
We have Europe and South America censuring free speech because the LEFT does not believe in civilization; they only see their own self-interest. Their failure in life is caused by the success of others—never themselves. As a species, we seem to believe there is ethical meaning behind everything when we live in an unethical and meaningless world that bathes only in self-interest.
I understand what you mean. Only this model has projected booms, busts, and recessions decades in advance. We have to learn to live with the cycle. Pretending you called a recession from a gut feeling or just looking at US statistics is a joke. We are all in this together. The US cannot withstand a global recession. That is why I say we are all connected. When you have the Neocons threatening war on four fronts, China, Korea, Russia, and Iran, the future is colored with uncertainty. That results in the contraction of spending.
Then, inflation is set in motion by shortages and tax increases. Throw in Kamala’s taxation of unrealized gains and make it only the billionaires. They are then forced to see stock to pay the tax, and you create the biggest crash in history that wipes out people’s pensions. NOTHING takes place in isolation. NEVER do the Democrats ever once question their spending. They are Marxists and must constantly promise more, never less, and that necessitates endless tax increases that always reduce GDP.
It’s always the invisible hand – we all act in our own self-interest.
Posted originally on Aug 29, 2024 By Martin Armstrong
When I was in high school history class, I had to read Galbraith’s The Great Crash. It was not until I came across a two-volume set of Herbert Hoover’s Memoirs that my eyes were pulled open. Nowhere in Galbraith’s book was there ever any mention of a 1931 Sovereign Debt Default because he was a Socialist, and the object of his book was to pin all the blame on corporations and the rich. He omitted everything that ever remotely pointed to the government as a cause. We should all own nothing, shut up, and be happy. Speak up, and today, you go to prison for Free Speech.
The conflict surfaced in my mind in high school. As I have said, in physics class they said nothing is random. Then in economics class, they said everything is random so government has the power to manipulate society and prevent recessions. That was a conflict to me that began my questioning of what I was being taught.
It is becoming painfully obvious schools are programming children for political agendas. This is very Stalinistic, for he, too, instructed children that the state was their parent and if their biological parents ever said anything against the state, they were to report them.
It has gotten far worse than when I was a kid. They were trying to brainwash us that the government is good and the corporate world is all evil. Today, that has gone into being gay, changing your gender, and not telling the parents like Stalin for the State is your parent. This is a movement to reduce the population to make Schwab, Gates, and Soros happy.
What does this all say? Today, if I had to start over, I would choose homeschooling.
Posted originally on Aug 16, 2024 By Martin Armstrong
QUESTION: How can you say that Trump is above the law and should have immunity?
GH
ANSWER: That is a very nice argument put out by Chuck Schumer, who distorts the law for political gain. In Van de Kamp v. Goldstein, 555 U.S. 335, 129 S. Ct. 855 (2009), the Supreme Court held that when the prosecutor’s administrative functions are so closely related to the trial process, they are also protected by the prosecutor’s absolute immunity. Id. at 864-65 (focusing not on how the information was delivered, but instead on how it is maintained)
Chuck Schumer makes it sound like Trump is the only one with immunity. He is an outright liar and is only fueling civil unrest. Prosecutors and judges are ABSOLUTELY IMMUNED, but somehow the President has none? Schumer claims nobody should be above the law. Well, let’s start with the Judges and prosecutors or those in Congress. He wants to tear apart the Supreme Court to manipulate the law for his political agenda. The tyranny this man supports is what the American Revolution was all about.
When the history of this period is written, Schumer will go down as a major factor in destroying the United States and his role in fostering civil unrest.
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