Oct 24 2024

Yellen Says Taxpayers Can Cover the US Deficit

Posted originally on Oct 24, 2024 By Martin Armstrong

I reported how the US deficit reached the third-highest on record after surpassing $1.83 trillion. Instead of questioning why the deficit rose 8% in a single year, the government believes that the taxpayers should simply pay MORE into the failing system. Treasury Secretary Janet Yellen declared that she is not concerned about the widening deficit. Why? The Internal Revenue Service will hunt down citizens to close the gap.

Yellen said that IRS agents plan to collect $2 trillion in unpaid taxes, surpassing the measly deficit. I do believe some think that statements like this mean the government is going to hunt down major corporations and billionaires. That would not be ethical either, but records show that the main group audited last year was the middle class. This way of thinking is extremely dangerous. The US government is desperate for funds and they MUST shake down their citizens to recover what they can. It’s a canon event in the rise and fall of civilizations – soaring taxes are a guarantee when dealing with the eventually fall of a nation.

“By making sure that we stay on a sound fiscal path and that does require deficit reduction over the coming years,” Yellen said. “I believe it’s very important that we remain focused on keeping the real net interest cost of the debt near historic levels and certainly under 2%.” Yellen praised the Biden-Harris regime for “giving the Internal Revenue Service the resources that they need to close what is estimated over the next decade to be a $7 trillion tax gap.”

The Inflation Reduction Act was never intended to reduce inflation or HELP Americans. Yellen said earlier that the act was passed to push forth climate change iniatives which are all a ploy to collect more taxes and control the global population. IRS Commissioner Danny Werfel praised the Inflation Reduction Act for giving the IRS the ability to hunt absolutely everyone. “With the help of Inflation Reduction Act funding, we are adding focus and resources to areas of compliance concern, including high-income and high-wealth individuals, partnerships and corporations,” Werfel said.

They call it underpayment. Even if you pay your taxes, they will punish you for paying too much or not enough. Either way, the IRS can successful extort money from any American. The Treasury declared that they “recovered” $1.3 billion in taxes last year rom the “wealthy.”

Last year, 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.

It will become far easier for governments to extort the people when they introduce CBDC. 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. They are also thinking of new ways to shake down the public. A tax on realized gains would destroy absolutely everyone. It is completely absurd that those in power believe the people could cover their spending. No one stops to take accountability. There are simply NO mirrors in Washington. 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.

Oct 24 2024

Tensions Heat Up As North Korean Troops Arrive in Russia

Posted originally on Oct 24, 2024 By Martin Armstrong

Defense Secretary Lloyd Austin confirmed yesterday that North Korea has deployed troops to Russia. “That is a very, very serious issue and it will have impacts not only in Europe, it will also impact things in the Indo-Pacific as well,” Austin warned. Zelensky is now panicking as two nations with nuclear capabilities are fighting against Ukraine.

North Korea denies the allegations. “My delegation does not feel any need for comment on such groundless stereotyped rumors,” a North Korean representative to the United Nations said during a U.N. General Assembly session this week. Kremlin spokesperson Dmitry Peskov said there is a lot of “contradictory information” spreading. “This should not cause anyone any concern, because this cooperation is not directed against third countries,” Peskov added.

South Korea is eager to aid Ukraine, with South Korea’s National Intelligence Service believing 3,000 troops have been deployed, with an additional 10,000 North Korean soldiers expected to arrive in Russia before the end of the year. Zelensky believes two brigades each composed of 6,000 North Korean troops have already made their way to the battlefield.

Russian Foreign Ministry spokesperson Maria Zakharova warned Seoul “not to fight in anti-Russian hysteria, but to think about the consequences for the security of South Korea, which could lead to the entry of the Republic of Korea into the Ukrainian conflict, if such decisions are made.” Yet, South Korea said the involvement of its northern enemy gives it the green light to begin heavily arming Ukraine.

Meanwhile, Zelensky is blaming NATO. “My position is very clear. We gave away our weapons but got nothing in return. Only a full-scale war and death. Therefore, today we have only one way out. We need NATO because we don’t have weapons that can stop Putin,” Zelensky said, later adding that he had asked both Trump and Biden for additional assistance since the US is the primary donor to NATO. “We gave up our nuclear weapons. We did not get NATO. I asked them if you could name me other allies or another ‘security umbrella’, some security measures and guarantees for Ukraine that would be commensurate with NATO. No one could tell me,” stated Zelensky. What would a “security umbrella” entail here? His Victory Plan banks on the total annihilation of Russia.

ISW Russia_is_preparing_for_WAR with NATO 3 25 24

North Korea may be a small, hermit kingdom, but it has an army of 1.2 million troops. Earlier in the month, North Korea denounced NATO’s condemnation of military cooperation between North Korea and Russia, warning that the entity could face “tragic consequences” if it continues to pursue an anti-North Korea stance. “NATO, no more than a tool of the U.S. for war, slandered the intensified legal cooperation between independent sovereign states while distorting the essence of the Ukrainian incident,” an unnamed ministry spokesperson was quoted as saying by the Korean Central News Agency.

I mentioned in an earlier blog post the ECM cycle for North Korea. North Korea recently removed all verbiage of reconciliation with the south from its Constitution. South Korea is absolutely enraged at this recent revelation and is eager to retaliate. Llyod Austin’s statement about North Korea’s involvement impacting the entire Indo-Pacific region should not go unnoticed as China may be the final player who must become involved to spark World War III.

Oct 24 2024

The Purple-Lipped Divider Wonders Why America “Got So Toxic”

Posted originally on the CTH on October 23, 2024 | Sundance

In one of the most prime examples of professional political gaslighting, the perpetually “divisive” Barack Obama takes to his pontificating high horse to wonder why American politics became so toxic. WATCH:

Barack Obama: "I don't understand how we got so toxic and just so divided and so bitter." pic.twitter.com/OWj3uicQ1o
— Townhall.com (@townhallcom) October 22, 2024

When professional Democrats have to take pretending to this level of audacity, you know they are just swinging for the fences. The reality is that Team Obama has lost well over half of the support they previously carried. However, this outcome is customarily what happens when those in abusive relationships finally fracture the grip of the abuser.

Coming directly from the Chicago school of Alinsky politics, President Obama was easily the most divisive leader in the past 50-years. When Teh One goes into his stuttering huckster-jive mode, the few remaining people reached by his voice are the true Marxist believers.

Obama lost his juice, but it is his fear is driving him to try and squeeze the last drop of toxic stew out of his diminished base. After all, Kamala is Obama’s personal empty vessel.

Oct 23 2024

CPT Maureen Bannon Discusses How The Bureau Of Prisons Is Illegally Holding Her Father

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Posted originally on Rumble By Bannons War Room on: Oct 22, 2024 at 6:30 pm EST

Oct 23 2024

US Budget Deficit Third-Highest on Record

Posted originally on Oct 23, 2024 By Martin Armstrong

The United States Treasury reported a $1.833 trillion budget deficit for the fiscal year ending September 30. This marks the third-highest deficit on record, but it is solely due to government spending. The highest deficit happened in 2020 during the disaster of COVID, and second behind is the clean-up year of 2021 when the deficit dropped to $2.772 trillion. Bidenomics is nearly as harmful as global one-in-a-lifetime disaster.

The deficit widened 8% or $138 billion from the reported $1.695 trillion in 2023. The department stated that a large chunk of spending went to the reversed decision to forgive $330 billion in student loans after the Supreme Court declared Biden’s attempted bribe to young voters unconstitutional. Democrats are now blaming Republicans for “tax cuts that led to low revenue levels that increased the debt.” Their spending is always our cross to carry, and we will inevitably be punished through taxation.

The government is to blame on both sides. We are funding three major wars yet claim we are not a nation at war. America spends as if it has endless money. Why? Because the US Treasury knows it can never pay off all its debt. It doesn’t intend to pay it off and it is highly likely they let the reigns loose long ago since the actual number matters not. Now we are being crippled by the interest alone on these debts. There was a 30% annual increase in spending on interest alone on the public debt. The government spent $890 billion on interest alone. For reference, the US defense budget was $866 billion last year. Interest rates rise in times of war, sinking the nation further into debt. Again, this is not isolated to America as we will see defaults cripple both nations in Asia and Europe before reaching American soil, hence the capital movement into US equities.

Oct 22 2024

Biden Blames Trump for his $1.8 Trillion Deficit – What Propaganda

Posted originally on Oct 22, 2024 By Martin Armstrong

White_House_defends_economic_record_after_Biden_blows_1.8_trillion_hole_in_budg

I am sick and tired of all the constant lies. The Biden Administration blames Trump for its $1.8 trillion deficit. The interest expenditures will be about $1 trillion alone. Now, if you just accept that at face value, you are part of the problem when the United States will crash and burn. This makes it sound like tax revenues have declined. In 2020, the last year of Trump’s presidency, the total tax revenues collected were $3.42 trillion. In 2023, the revenues taken in from taxes was $4.4 trillion. And the U.S. government now estimates its total revenue will be $5.49 trillion for fiscal year 2025.

If we confiscate 100% of the top 10 wealthiest people, according to Forbes, we would get $1.5 trillion, but that still will not eliminate the deficit. It would destroy all of those companies, create huge unemployment, and wipe out our countless pension funds, But hey. They are the problem, and they are never the politicians who are off to rob others and hand it to you for your vote.

2024_10_21_20_51_39_How_much_money_has_the_US_given_Ukraine_

Since the war with Russia began in February 2022 during Biden’s Administration, he has pushed for a total of $175 billion. Interestingly, $106 billion directly aids the government of Ukraine, while the balance funds “various” U.S. activities associated with the war in Ukraine, namely overthrowing the Russian government and surrounding countries. This is never documented or fully explained. Thus, Ukraine accounts for about 10% of Biden’s deficit.

But hey! This is all Trump’s fault for not raising taxes back to 94% as they were for World War II, 91% for Korea, and 70% for Vietnam. If we look at the accumulative interest expenditures and war, about 70% of the national debt has been for playing policeman of the world. This has NEVER benefited the people.

They always say to tax the rich. As I said, if you take ALL the assets of the top 10 billionaires, you would NOT eliminate this $1.8 trillion deficit. But that is just the tip of the iceberg. They changed the definition of who the rich are. Before World War II, the definition of the rich was $5 million, while a Cadillac was $600. The began to raise it to $250,000 a year, but then it was clarified as “household” income. So, if you and your wife combined were at $250,000, you were that horrible, evil, greedy rich person they need to shake upside down to get every penny in your pocket.

2024_10_21_21_48_23_U.S._interest_payments_on_its_debt_are_set_to_exceed_defense_spending._Should_we

Once upon a time, it was theorized that if the government borrowed, it would be less inflationary than printing. But those days are gone. That is when it was illegal to borrow against government debt. Today, debt is just money that pays interest the same as it was during the American Civil War.

If we add each year the total interest expenditures, you will see that generally, about 70% of the national debt is based on just interest, as we will reach $1 trillion this year. Guess what? China holds about 10% of the US national debt, so interest is going to China, but it does not stimulate the US domestic economy. We should stop borrowing, for it would be cheaper and less inflationary if we just printed to cover the deficit rather than borrow. Then, capital will lend to the private sector, and we will see a huge economic boom. Things have changed in economics – it is about time we recognize Keynesian Economics has failed.