Can Cryptocurrencies Survive WWIII?


Armstrong Economics Blog/Cryptocurrency

Posted May 20, 2022 by Martin Armstrong

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QUESTION: Hi Marty, You mention that cryptocurrency has been orchestrated to get people accustomed to cryptocurrencies for the end goal of the Great Reset – all digital currency so they can tax, absolutely every transaction. All popular blockchains are transparent and provide no privacy but there are some blockchains that do provide privacy and are uncensorable. Do you think crypto could ultimately live up to its name?

Alan

ANSWER: The sales pitch behind cryptocurrency is seriously flawed. (1) they depend entirely upon the government; with the stroke of a pen, they can all be seized; (2) They also depend upon a power grid; (3) they also become dependent upon others accepting them. But note that the last 12 years from 2020 to 2032 were dominated by a rising authoritarian level of government. That means you better not trust that they will simply standby and allow some alternative currency to defeat them. It’s not going to happen. Anyone who disagrees has unprecedented confidence in politicians. I’m amazed when people believe that government really cares about them.

The scenario they put out is that these are outside the fiat system and thus somehow surviving. The only thing outside the fiat system as they want to call it is EVERYTHING tangible from real estate, stocks, collectibles, and precious metals. There is a much greater track record behind those and how they survive than cryptocurrencies. If the world went to Hell in a hand-basket as they say, there is no power grid, then how is a cryptocurrency going to survive?

In a Mad Max event, the #1 store of value will be food. Forget anything dependent upon the power grid. When the United States wages war as in Iraq, the first thing they do is take down the power grid, the communications, and then the water supply. Step back and look at Putin and Ukraine. He seized the nuclear power station, the biggest in Europe, but he did not shut it down. He did not knock out the communications and he did not attack the water supply. All of that PROVES he had no intention of conquering Ukraine, but he was in fact defending the separation of Donbas.

If we were to get into a direct war with Russia or China, they will attack those three key sectors — power, communication, and water. How are cryptocurrencies going to survive such an event?

Call me old fashion, old-school, or just old. But the most PRACTICAL thing you can do is have pre-1965 silver coins that the average person can recognize and see the date knowing that it is valuable. We have all seen those videos where a person is offered a silver bar or a chocolate bar, and they take the chocolate. DO NOT judge everyone by yourself. Just because you understand something does not mean everyone does.

Cryptocurrencies are TRADING VEHICLES but not a long-term asset class. Our computer called the top in the cryptos, and it has been the ONLY unbiased forecaster out there. This is why so many major institutions and central banks look at our system — it has NO conflict of interest and NO HUMAN EMOTIONS (like Spock of Star Trek). Someone neck-deep in crypto will never see a decline because they are influenced by their own position.

Socrates independently writes over 1,000 reports every day covering markets around the world. We are NOT blocked in China or Russia because they KNOW this is written by a computer and it is objective. Here is a video providing just a quick overview of the various markets and economic statistics that are available. There are not enough analysts in the world to write these many reports daily.

Report, JP Morgan Predicts National Average Gasoline Prices Over $6 Gallon by August


Posted originally on the conservative tree house on May 18, 2022 | sundance

Zero Hedge published a good article yesterday with some solid internal data showing a strong likelihood that national gasoline prices are likely to rise another 40% from current levels by mid-late summer.  That would put the national average for a gallon of gasoline around $6.20 by August.

The data behind the prediction is solid and essentially boils down to the U.S. refineries not having the expanded capacity needed to keep up with an increased summer demand, particularly as they need to keep generating high volumes of diesel fuel due to current critical shortages.

The issues are created by the Biden administration and the regulatory stranglehold they put on the oil and gas industry last year.  Obviously, all of this is a feature of the administration plan, not a flaw.  The Green New Deal agenda necessarily requires that gasoline rise in price to $7/gal this year in order to force the change in profit dynamic for alternative fueled transportation.

Unfortunately, we the consumers will be the ones punished as the progressive, communist and far-left policy makers chase their climate change agenda.  Cheap and cost-effective energy has to be made ‘not cheap’ and ‘not cost-effective’ in order to create the energy crisis their agenda requires.

Massive increases in gasoline prices are a feature, not a flaw.

Remember, Biden is disposable.  The people behind Biden purposefully selected him in order to generate a kamikaze ‘fundamental change’ mission within a single 4-year presidential term.  Getting crushed on the political outcomes is irrelevant, they just need to push the agenda fast enough, far enough, and destructive enough, so that all energy policies become irreversible.

The people behind the Biden administration energy program are trying to make the infrastructure needed to return to cheap and abundant energy independence, cost prohibitive.

(Via Zero Hedge) – […] According to JPM, a major driver in these counter-seasonal draws in gasoline is higher-than-normal exports. Preliminary EIA data suggest that gasoline exports, mostly to Mexico and the rest of Latin America, are averaging about 0.9 mbd since March, about 100 kbd above seasonal norms and nearly 300 kbd above summer rates.

The punchline: if exports persist at this elevated pace and refinery runs, already near the top of the range for reasonable utilization rates, fall within JPM’s expectations, gasoline inventories could continue to draw to levels well below 2008 lows and retail gasoline prices could climb to $6/gal or even higher, according to JPMorgan.

Some more details from the JPM forecast, starting with assumptions:

♦ The bank expects US refinery runs to peak at 16.8 mbd in August, which, with an average gasoline yield of 49%, means that US refiners will produce about 8.2 mbd of gasoline. Assuming gasoline imports of 0.7 mbd and 10% ethanol blending, the bank expects total finished motor gasoline supply to average 9.9 mbd. If exports continue just below current levels—about 0.8 mbd—that leaves the US with just 9.1 mbd of gasoline supply available for consumption at peak demand this summer.

♦ Because US gasoline demand is expected to average 9.7 mbd in August, the result is an average draw of 0.6 mbd from gasoline inventories in August, about 200 kbd tighter than normal.

♦ Holding those assumptions on refinery yields and flows for gasoline from today through August, total US gasoline inventories could fall below 160 mb by the end of August, the lowest inventory level since the 1950s.

A regression analysis on the relationship between gasoline inventory changes and NYMEX gasoline prices “suggests that a drop of about 60 mb in gasoline stocks between now and August would result in a 37% increase in prices which translates to a $6.20/gal average US retail price”, according to Kaneva. (read more)

Advice for the Poor from Justin Trudeau


Armstrong Economics Blog/Canada Re-Posted May 18, 2022 by Martin Armstrong

I reported that Canada has begun a eugenics program, yet again, to remove the undesirables from society legally. The Medical Aid in Dying (MAID) program was initially intended to provide legal euthanasia for people suffering from terminal illnesses. It was presented as a humane alternative for those who were in extreme pain and slowly awaiting death. The Canadian government expanded the program to cover psychiatric conditions, all psychiatric conditions, and “any other medical affliction.”

Bill C-7, “the euthanasia law,” has made suicide an option for those the government deems are a burden on society. Trudeau’s socialistic dreams under Schwab’s guidance will call for universal healthcare and income, and people who require lifelong assistance present a problem for the government. At first, the measure was intended for the terminally ill, then the mentally ill, and now it encourages death for those “too poor to continue living with dignity.”

Instead of helping the poor, trust fund baby Trudeau, who never experienced financial hardship, suggests the lower class simply kills themselves, and Canadian taxpayers will fund their suicides. This evil legislation is encouraging the most vulnerable among the population to end their lives. Perhaps a mother is desperate and unable to find her baby formula, or a man lost his livelihood and business during lockdown restrictions. Are they too undignified to live? As the economy continues to turn down, there will be more home evictions, job losses, and the overall standard of living will decline as the current level of inflation is unsustainable and the supply chain crisis is nowhere near under control. Government mismanagement caused the current economic downturn, and now they are asking the victims of their incompetence to leave this world behind. Unbelievable.

At this point, Canada is actively encouraging people to choose death as the government wants to eliminate those who Adolf Hitler once deemed “useless eaters” who did not contribute to his ideal version of society. People are outraged by Roe v. Wade in America, but no one is talking about how the Canadian government is PAYING for their citizens to commit suicide. At what level is someone “too poor to continue living with dignity?”

The Coming LIQUIDITY Crisis


Armstrong Economics Blog/Economics Re-Posted May 18, 2022 by Martin Armstrong

QUESTION: Marty, You were named hedge fund manager of the year in 1998 for producing the highest return during the Long Term Capital Management collapse over the Russian bond crisis. At the WEC in Orlando, you said in 2019 that we were facing a liquidity crisis that would be similar to that event. Well, the Federal Reserve has now warned of deteriorating liquidity conditions across key financial markets amid rising risks from the war in Ukraine, monetary tightening, and high inflation in their semi-annual report. It appears that the forecast of a liquidity crisis distinguishing this crisis from 2007 to 2009 is unfolding. Would you elaborate on this current crisis headed into 2023?

JF

PS, a short interim virtual WEC may be warranted. Just mentioning. People take what you say, call it their own, and pretend you never existed.

ANSWER: What distinguished that ’98 Liquidity Crisis was that the “Club” of bankers and hedge fund guys were all on the same trade as they always did. The capital flows began to sift in 1994 as SE Asia peaked. The bear market that unfolded went largely unnoticed until the Asian Currency Crisis where the “club” then attacked the currency pegs. But the capital had begun to move back in anticipation of the coming Euro.

The 99.9% of fund managers lost their shirts on that capital shift because they were too busy bribing politicians and people in the IMF to look at the markets. They completely misjudged the world economy thinking like Marx and Keynes that they could control it. The shift in capital and attacking the SE Asian currencies led to the idea that all emerging markets were risky. With the Euro coming, the herd of little investors shifts their capital away from the funds heavily trading emerging markets. They were not “traders” but people who were engaged in trying to rig the game.

What they failed to understand was that the world economy is a financial sea of capital. When there is a high tide and capital is flowing in, they expect it will never end. The tide changes and you then move to low tide and the capital retreats outward. This was the first part of the liquidity crisis that would look at Russia as they did SE Asia emerging markets.

Consequently, when it is low tide, capital is retreating on a global level and that is when the liquidity crisis emerges. Thus, were the serious investors and pension funds behind to lose money in SE Asia, and they began unloading emerging markets elsewhere as well. Because all the hedge funds and bankers who try to rig the markets because they are not traders because they were all on the same trade of Russian debt when they tried to sell, there was NO BID. They began selling every position elsewhere which included the Japanese yen. It was a LIQUIDITY CRISIS so they needed to raise money to cover their losses and if Russian bonds were unsalable, all they could do was sell everything else. Thus, a LIQUIDITY crisis defies fundamentals because they are selling this ONLY because they need the money elsewhere. So the fundamental analysis provides no security for everything is connected in the global see of capital.

Edmon Safra of Republic National Bank put on a fancy dinner for the IMF. I was invited and it was all about trying to convince me that they had the IMF in their pocket and that would rescue the day. The pitch was Russia had all these nukes so no way would the IMF allow Russia to just collapse. This created a serious yet difficult situation for the Russian government. What was going on was that Russia had been running a huge budget deficit to pay for public services. They had borrowed $40 billion by issuing three-month ruble Treasury bills. This is what the “club” was bought for they were paying 30% interest to attract buyers. Bribing the IMF to prevent a default, they were all on this trade expecting free money. I refused to join and warned them that my computer projected this was going to collapse. They did not want to hear that. They were CONVINCED paying bribes would create that GUARANTEED TRADE.

The liquidity crisis this time is COMPLICATED. This time we do not have the traditional speculative boom which has produced inflation. This time we have shortages and there is NO WAY a central bank can prevent this type of inflation by raising interest rates. If anything, it will only propel the shortages so we have the ironic situation that economic decline is unfolding into 2023, but the shortages will get worse causing even higher inflation ahead.

Hence, capital is retreating out of confusion creating a period of low tide. But the standard impact is DEFLATION but that means demand is declining relative to supply. Now we have a decline in supply because of the regulations and war. Consequently, prices will rise even in a recession because it is a shortage of supply, not a decline in demand. It is this lack of understanding that is creating the liquity crisis.

As far as people taking my explanations, it is impossible to reach such conclusions unless you lived there and participated in those events.

Buttigieg Blames Private Sector for Formula Shortage


Armstrong Economics Blog/USA Current Events Re-Posted May 17, 2022 by Martin Armstrong

Transportation Secretary Pete Buttigieg, the man who suggested everyone immediately switch to electric vehicles to combat the “Putin gas hike,” has a new message for American parents struggling to feed their babies – deal with it.

Buttigieg appeared on CBS and could not contain his utter ignorance and lack of empathy. “This is a capitalist country. The government does not make baby formula, nor should it. Companies make formula. And one of those companies, a company which, by the way, seems to have 40% market share, messed up and is unable to confirm that a plant, a major plant, is safe and free of contamination,” he stated, absolving government of any guilt. The baby formula shortage began BEFORE Abbott had a formula recall.

Luckily reporter Margaret Brennan was able to explain the situation to the confused politician. Buttigieg said the shutdown has nothing to do with a shortage of ingredients. “No, it is a factor that has led to price. Inflation is one of the factors among many that has been blamed for months of problems with baby formula even before the recall in February,” Brennan reminded him. He maintained that the private sector has the ability to make more formula, and Brennan reminded him that right now America is importing baby formula from Europe as its strategy.

The Biden Administration happily sends $40 billion off to Ukraine without hesitation but refuses to fund the problems we are facing at home. This nationwide formula shortage is an extremely serious issue that US politicians simply disregard. A fraction of the money spent on Ukraine could have fixed the Michigan plant that closed after the recall, and it could have been used to create new manufacturing plants and import more formula in the meantime.

Americans More Concerned with Inflation than Abortion


Armstrong Economics Blog/Politics Re-Posted May 17, 2022 by Martin Armstrong

Sorry, Democrats, but Americans are more outraged that they cannot afford to live than whether others should be able to terminate pregnancies. A poll by Rasmussen Reports found that both Republicans and Democrats are far more concerned with inflation than any other issue. Nearly 94% of Republicans, 84% of Democrats, and 83% of Independents cited rising prices as their top concern.

Abortion outrage is actually low on the list. Among all voters surveyed, 83% are concerned about violent crime that has increased throughout the country amid relaxed laws and defunded police agencies. Sixty-nine percent are worried about illegal immigration and the absence of border security. Across all political beliefs, inflation is the main concern. It is something that all Americans must grapple with on a daily basis. The Democrats have only exacerbated the problems concerning most Americans by avoiding major issues entirely. At this point, even the most die-hard liberal cannot say with a straight face that we are better now than we were under Trump.

The Democratic Party has become tone-deaf. People fear that they cannot maintain their current standard of living, pay for housing, or feed their families. They feel outraged every time they go to the gas pump or grocery store and only see darker days ahead. Leaking the Supreme Court decision on Roe v. Wade was a FAILED attempt to redirect the public’s attention before the midterm elections.

WHO’s Grand Play for World Power


Armstrong Economics Blog/Conspiracy Re-Posted May 17, 2022 by Martin Armstrong

QUESTION: Well Mr. Armstrong, it looks like you will be right on again. This new WHO treaty on pandemic response is their wet dream. I believe you said they will eventually be locking down for global warming. Will the next “pandemic” be a global warning thus locking down the entire world?

BV

ANSWER: I do not engage in conspiracy theories or make stuff up trying to fill in gaps. The founder of UNESCO, Julian Huxley, made it very clear that they have believed in a one-world government under the United Nations from the very beginning, and they do not believe in democracy. Huxley believed, like the rest of the crew, that “unrestricted individualism is equally erroneous” as a form of government. We the people are not qualified to decide for our own future. These people are arrogant and look down upon society as a colony of ants. We are dehumanized in their eyes, unworthy even to hold an intelligent conversation with them. Hitler, the Ukrainians, and even some in Poland still ascribe to eugenics as well as lofty people in the United States.

Remember when Hillary Clinton declared that if Trump wins in 2024, “Democracy as we know it will come to an end.” Isn’t the person with the greatest amount of votes supposed to win under Democracy? Do you also remember when Hillary, a staunch Neocon, told the bankers not to worry? She told them that she had a policy; she told the stupid people (public) and her real one which is PRIVATE.

My creation of Socrates has been a blessing and a curse. It has attracted so many nefarious types that see this as the key to the future. I have been tortured, and they tried to kill me. There are people who want it to deprive the world of any possible understanding, and there are those who try to use it to control the world. I have met more people than I can remember their names.

I know the agenda. They have tried to get me on their side, while others have tried to eliminate me in hopes that people will not listen. Even when they were creating the euro, the commission took the entire back row at our London WEC but still refused to listen. I have met with central banks around the world, and in many respects, I have been the financial priest in the confessional as they often seem to need just to confess. This grand idea of Schwab’s Great Reset is in full swing. He has sold it because he tells them what they want to hear, whereas I have warned it will end in disaster.

They believe in this grand scheme of a one-world government as it somehow will eliminate war, all debt, and achieve utopia. The design of the EU was for that same idea — one government would eliminate war. But that is failing. I warned that in private meetings that what made the United States “GREAT” was the fact society discriminated against always the last wave of immigrants from Europe. To get a job, you had to speak English. Thus, the discrimination was fair. In America, you ask someone what they are, and they will say half-German and half-Irish or whatever. In tracing my own family heritage, I found Scottish, Irish, English, Italian, and German bloodlines. You rarely see someone from Scotland marrying someone from Italy in Europe because of the language barrier.

This dream of a one-world government producing utopia is absurd. We are not an army of ants. We have different languages but also different cultures. In some cities, you are safe, and in others, you dare not wear a watch. These people are truly insane and live in a world suitable for comic books.

The World Health Organization (WHO) was defunded by Ronald Reagan, restored, defunded by President Trump, and then refunded again by President Biden, assuming he even knew what he was signing. Here is their April 12, 2022 proposal for revising their power. Note that they are grabbing more power to set the stage for what these people hope will be the new one-world government under the United Nations.

The scheme is to eliminate democracy. They accomplished that in Europe, where the people are allowed to vote only for an MP who has no power to overrule the Commission, which never stands for election, as is the case with the head of the EU. The general belief is that the people are TOO STUPID to know what is best and Democracy became Populism when Trump was elected. This proposal is clearly stated as part of the Great Reset put out by Klaus Schwab and the World Economic Forum.

Also included in Schwab’s Great Reset scheme is that the United States will surrender all its military power to the United Nations. This is WHY they need World War III, for then the United Nations will emerge as the GREAT PEACEMAKER and save the world.

WHO Proposal

Now let’s look at the text revision that expands the power of the WHO, which of course will be UNELECTED, eliminating any democratic process. The text in bold is the amendment to the original text, and you can see what is being crossed out. The highlighted text illustrates that the UNELECTED director of the WHO, a person typically selected by the World Economic Forum, will have the power in case of a health emergency (which they declare) to consult (or not) under Article 49 to “seek the views of the Emergency Committee.” Article 49 then describes the procedures the Director-General should take when a health emergency occurs.

Clearly, this is intended to expand the powers of the Director-General approved by a simple majority of the 194 member countries. That means the majority can grant power over nations that resist such dictatorial power. These amendments would enter into force as international law just six months later, and they clearly would violate the United States Constitution. So, where would you have standing even to object? If this works as they typically use law, they get to do whatever they want, and it is our burden to argue in court that they violate our sovereign Constitutional rights.

Courts already have reversed the Constitution and how it is applied, claiming we can  WAIVE our Constitutional rights. That is absurd! The words in the Constitution show it is a NEGATIVE restraint upon government rather than a positive right of the individual. “Congress shall make no law” is not saying you have a right – it is that the government shall not do something. This how they can torture one person claiming he waived his right, but another cannot be tortured because he did not waive his right.

This interpretation by courts always favors the government and violates the very concept of a government of “We the People,” for it expressly denied equal protection of the law. The Biden Administration is doing EVERYTHING possible to destroy the United States and hand all power to the Great Reset. Biden may not even know the Agenda, for he is not all there. The people hiding in the shadows are pulling all the levers to deliver the world into the hands of the Great Reset.

I know for a fact that COVID-19 was deliberately used for this agenda. I know people were told in ADVANCE that a “virus is coming.” I believe it was created in a lab, not WUHAN, and deposited in China for strategic purposes to divide the world and start the conquest. They wanted to oppress the people, and even here in Florida, I still see tourists from up north walking the beach with masks on. I looked in the rearview mirror, and there was a car from New York with two people, a husband and wife perhaps, driving with masks on.

They have succeeded in brainwashing many. Social media went to cancel anyone posting about its abuse. This was the classic Fascist act of manipulating the news to force acceptance. This was all about conditioning the people for what they have been planning from day one — a POWER GRAB.

A one-world government would NEVER succeed. This is all going to end very badly, and that is the downside of 2032. Bill Gates is the new Doctor Evil, criticizing people who did not get vaccinated because of conspiracy theories. The ONLY people I know who died of COVID-19 or were injured were all VACCINATED. A friend was vaccinated so he could fly. Unfortunately, he got blood clots, nearly died, and now cannot fly.

One friend was flying to Miami and waited in the airport for hours only to see his flight canceled because they did not have a pilot. There is such a shortage of pilots because they (1) got blood clots after being vaccinated or (2) refused.

My next-door neighbor had COVID but was forced to get vaccinated to go on a cruise for a family reunion. They took her out in an ambulance the next day. She survived, but it was touch and go. You do not get a flu vaccine AFTER you have had the flu. Gates belongs in prison for crimes against humanity.

I went to a new doctor for my annual check-up. He asked if I was vaccinated. I said, “No!” He said, “Good!” That I swear on my soul, which I think I have, Gates and crew may not.

Erdogan Will Not Accept Sweden and Finland into NATO Until He Extracts Concessions for Former Positions Against Interests of Turkey


Posted originally on the conservative tree house on May 16, 2022 | Sundance

Turkey as a member of NATO has always been a thorny and multi-layered geopolitical issue.  In the latest chapter of the dynamic, Turkish President Recep Erdogan, a man with visions of his own grandiose importance as the leader of the next Ottoman empire, has said Sweden and Finland do not warrant entry into NATO because they have held positions adverse to the interests of Erdogan and the Muslim Brotherhood.

As the entry point from the middle east into Europe, Erdogan has long leveraged his gatekeeper status to create an oversized influence of power.  When the EU formally declared the era of multiculturalism was failing 2012, and Islamic extremists were carrying out terrorism attacks all over the NATO alliance, Erdogan leveraged his ability to open the floodgates from Syria to gain additional financial benefits.

On one hand, when Turkey shot down a Russian fighter jet in northern Syria, Erdogan hid behind the skirt of NATO seeking protection from Russian retaliation.  On the other hand, when the U.S. refused to give Turkey missile defense systems, Erdogan buried the hatchet with Putin and purchased Russian missile defense systems.   President Erdogan plays all sides in advancing his interests.

In the latest development, what Joe Manchin is to the leftist agenda of Joe Biden, Erdogan is playing that role toward the globalist agenda of NATO.  The big picture behind Erdogan’s priorities is always connected to the agenda of the Brotherhood.

ISTANBUL (Reuters) -Turkish President Tayyip Erdogan said on Monday that Swedish and Finnish delegations should not bother coming to Ankara to convince it to approve their NATO bid.

Sweden’s government has formally decided to apply for NATO membership, Prime Minister Magdalena Andersson said on Monday, a day after Finnish President Sauli Niinisto confirmed that Helsinki will also apply for membership.

Turkey surprised its NATO allies last week by saying it would not view their applications positively, mainly citing their history of hosting members of groups Ankara deems terrorists.

In a news conference on Monday, Erdogan repeated that Turkey would not approve their bids to join NATO, calling Sweden a “hatchery” for terrorist organisations, and adding it had terrorists in its parliament.

[…]  NATO and the United States said they were confident Turkey would not hold up membership of Finland and Sweden.

Diplomats said Erdogan would be under pressure to yield as Finland and Sweden would greatly strengthen NATO in the Baltic Sea.

Erdogan’s spokesman said on Saturday that Turkey has not shut the door to Sweden and Finland joining NATO but wants negotiations and a clampdown on what it sees as terrorist activities.  (read more)

Recep Erdogan can see the global cleaving underway, and he will position himself to use the geopolitical agenda of the western alliance to build out his continued quest to recreate a new Ottoman empire.  That’s his legacy agenda.

President Erdogan is sketchy and cunning…

Biden Redeploys U.S. Combat Troops to Somalia, Reversing Trump Draw Down


Posted originally on the conservative tree house on May 16, 2022 | Sundance

Democrats love war, even when they have to go looking for one.  The New York Times is reporting that Joe Biden has signed a Defense Dept order authorizing 700 combat troops to redeploy to Somalia, reversing the Trump-era troop withdrawal.

WASHINGTON — President Biden has signed an order authorizing the military to once again deploy hundreds of Special Operations forces inside Somalia — largely reversing the decision by President Donald J. Trump to withdraw nearly all 700 ground troops who had been stationed there, according to four officials familiar with the matter.

In addition, Mr. Biden has approved a Pentagon request for standing authority to target about a dozen suspected leaders of Al Shabab, the Somali terrorist group that is affiliated with Al Qaeda, three of the officials said. Since Mr. Biden took office, airstrikes have largely been limited to those meant to defend partner forces facing an immediate threat.

Together, the decisions by Mr. Biden, described by the officials on the condition of anonymity, will revive an open-ended American counterterrorism operation that has amounted to a slow-burn war through three administrations. (read more)

Inflation Crippling Low-Income Americans


Armstrong Economics Blog/Inflation Re-Posted May 16, 2022 by Martin Armstrong

We went from a booming economy to staring down the next recession. Inflation has reached 8.3%, and most Americans are troubled that they will no longer be able to afford their standard of living. According to the latest Gallup poll, 52% reported that they are fearful about maintaining their standard of living. Some may say, “So what? The rich will have to sell off one mansion and fly commercial!” The people who will feel the brunt of this economic downturn are lower-income earners.

Among those earning under $40,000 annually, 73% said they no longer believe they can afford basic living necessities, up from 56% a year prior. About 65% of lower-income Americans worry about having enough money to pay their monthly bills, while 59% say they fear they’ll no longer be able to afford housing. In fact, more lower-income renters should be concerned about the rising cost of housing because landlords will pass their increased costs on to their tenants at a time when rental costs are already at an all-time high.

Medical bills, the leading cause of bankruptcy, are of the utmost concern. Seventy-two percent of lower-income earners said they cannot afford an emergency medical event, and 62% cannot afford basic medical care. These fears are not unfounded and we are looking at a major crisis on the horizon.