Posted originally on the CTH on January 15, 2023 | sundance
Journalist Matt Taibbi appears on Sunday Morning Futures with Maria Bartiromo to discuss his findings within the ongoing review of the Twitter communication files.
As Taibbi notes, the FBI was asking for the unmasking of several thousand accounts to include usernames, use identity, ip addresses, geolocation of the account holders and other personal identification data that would normally require a search warrant. The Dept of Homeland Security (DHS), the FBI and in some cases the CIA would submit these requests and Twitter was fulfilling, albeit sometimes uncomfortable in the compliance demand. WATCH:
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If you have followed the research behind “Jack’s Magic Coffee Shop,” none of this is likely surprising. However, the ramifications and blatant violations of the fourth amendment are quite stark. It was not that long ago when you would have been accused of being a conspiracy theorist for making these now provable claims.
Mr Taibbi continues to provide the most pertinent takeaways from his reviews. And to his credit, Taibbi always notes there is a pre-filter applied to the information he is receiving; so, it’s highly likely the intelligence state is still controlling the scope of public awareness behind the justification of “national security”.
QUESTION: Marty, I think Schwab’s great reset is all about your 2032. He seems to be a Socrates subscriber and is just trying to manipulate the outcome in his direction. What do you think?
Joe
ANSWER: I know, Many people have noticed this trend. This is coming up more and more. Back in 1983/1984, a major player there in Geneva was trying to buy my name to start Armstrong Brokerage. I was offered $5 million and told I did not have to do anything. It did not smell right. I declined. But they put on a huge party in Geneve to honor me which was really about trying to impress me with how powerful they were.
Back then, Geneva was like one masquerade party. You never knew who anyone really was. I ended up managing money TWICE for Muammar al-Qaddafi. Even Aristotle Onasis was a client. When Ferdinand Emmanuel Edralin Marcos fled the Philippines with the February 1986 revolution, that is when the FBI came to me asking me where Marcos had taken the $5 billion in gold reserves. I said I did not know Marcos. It turned out he was a partner with Qaddafi and they were part of the group behind trying to use my name for a brokerage house.
It was October 1985, when the Bank of England and the Monetary Institute of Luxembourg (Luxembourg’s bank regulator) ordered BCCI to change to a single accountant after they became alarmed at reported BCCI losses on the commodities and financial markets. They ended up coming to us for they lost a fortune with the turn of the ECM in 1985 and the Plaza Accord’s desire to manipulate the dollar lower. Geneva has always been a magnet for interesting conspiracies and the WEF appears to be in the middle of interesting times.
The Swiss government has sent in 5,000 troops to protect DAVOS. That is interesting and it does reflect the rising security problem that is surfacing because of Klaus Schwab’s insane authoritarian proposals. I have been told people will often have his photo up in gun target ranges. The lies are staggering. Zelenskyy told the Golden Globes audience: “There will be no third world war.” Back in March 2022, he said that World War III may have already begun. Then in June 2022, he was saying that Russia would invade Europe within a year. He manipulated audiences all the time. That is what he is good at. Some believe he is also in league with Schwab.
The report released ahead of the WEF’s annual conference was based on interviews with 1,200 members of the WEF including academia, business, and politics. They provided their views regarding major short- and long-term risks facing the world in the decade ahead. Naturally, they think that they can be activists to avoid these risks. They include the rising cost of living created by COVID and Russian sanctions, slow economic growth which cannot be solved with rising taxation, and tight global food and energy supplies which they are creating between the Russian sanctions and their anti-fertilizer war for climate change. They focused mainly on an ecological crisis. Some are calling this a ‘polycrisis’ which is defined as a cluster of related global risks with compounding effects.
The WEF report made the same case that while global cooperation is normally a “guardrail” against global risks, geopolitical dynamics in the first half of the 2020s stemming from U.S.-China tensions and the Ukraine war threaten to weaken international ties to tackle climate change and global development when they are most needed.
The WEF concluded:
“In the years to come, as continued, concurrent crises embed structural changes to the economic and geopolitical landscape, they accelerate the other risks that we face.”
It is an idea of Schwab’s that we even have the power to manipulate the future when in fact, it has been these very manipulations that are causing the problem. You have people already experimenting with shooting particles into the atmosphere to cool the planet. The company is named Make Sunset. It is experimenting on its own without any supervision or regulation that can screw up the entire planet all for climate change. What if this entire idea of manmade climate change is wrong? The New Yorker warned we are moving toward using particles to block the sun last November. We can be destroying civilization and sending the earth into an Ice Age with just a couple of volcanoes. Thank you Schwab for making your insanity worldwide acceptance.
I do not know if Schwab’s “Great Rest” is rebranding our 2032 ECM. Perhaps, since whatever I do he seems to copy. But the difference is he sees this as an opportunity to force the resolution into his world of authoritarianism. I believe the solution is to try Democracy just once and end career politicians. He is trying to train and install politicians everywhere to force his ideas upon the world. The one thing that is certain is that 2032 will mark the end of Republic forms of government – the most corrupt in human history.
Will a modern-day Caesar emerge to cross the Rubicon to defend the people and end our corrupt republics all over again? Will the elite assassinate him as they did to Caesar as this coin boasts of Brutus that he killed Caesar on EID MAR (Ides of March, 15th, 44BC)?
COMMENT: The Fed….why would anyone put a greedy fox in charge of the hen house. Mr. Armstrong, you, of all people have more than a passing acquaintance with the corruption of the big banks. And these are the kindly gentlemen that have been appointed to “guide” monetary policy for our greater good. Simply don’t understand why you continue to extend respect & credibility, to a gang of thieves.
HS
REPLY: There is a HUGE difference between the New York Bankers and the Federal Reserve. In fact, I am in favor of barring CEOs from Goldman Sachs to head the Fed, Treasury, or any government agency. The Fed has its own agenda and it is not to flood the economy with money for Biden. Powell has said the Fed will not be into the climate change business which is the opposite of ECM and Christine Lagarde, who is a politician, and why the ECB cannot survive. The Feb may have bankers, but their self-interest is against that of the politicians. Additionally, do not paint all the bankers with the same brush as Goldman Sacks which I agree is a giant squid and I believe is a major threat to the world economy.
The Fed was originally intended to be a private bailout entity to replace J.P. Morgan and what he did during the Panic of 1907. Stimulation occurred through buying corporate paper – not government!
The Fed would expand the money supply during periods of economic decline and it would contract the money supply as the corporate paper was repaid. There was no such authority to perpetually create money at will on some covert perpetual basis. A banking crisis, as we have now in Europe, occurs when banks cannot meet the demand for withdrawals because they lent the money long-term. They would have to sell their portfolios at discounts to raise cash to meet the demands of depositors. Elasticmoney would meet the demands of depositors without having to liquidate the portfolios.
Elastic money was not some evil conspiracy. It was to keep money flowing when banks were contracting. Keep in mind there were also limitations on banks to regions. The Clintons removed all restraints and allowed interstate banking which siphons money from local regions and deploys it someplace else. If we returned the central bank to performing its original function, then the economy would be much more stable. Our problem is we live in a political economy where politicians just cannot keep their fingers out of everyone’s pockets.
There have been such shortages of cash even during Fed expansion policies because people will hoard their cash in times of economic uncertainty. This is why there are still hoards of Roman coins discovered. Human nature has not changed. During the Great Depression, over 200 cities issued their own money because there was such a shortage commerce could not continue.
We have exchanges even issuing Depression scrip backed by the financial markets. There just was not enough money to facilitate the economy. That is why the Federal Reserve has the authority to create money – not the treasury. We even have the first appearance of such private money that took place in 1815 thanks to the War of 1812, but then to the eruption of Mount Tambora which resulted in the Year without a Summer – 1816.
Here is a private note from 1837 due to the Panic and the resulting shortage of money then as well. The entire ability of the Fed to have the power of elastic money was to be able to create money is times of distress. People have focused on the Fed’s balance sheet and spun all sorts of conspiracy theories. What they do not address is what I was warning the Fed about buying in the 30-year bonds was NOT increasing the domestic money supply because the sellers were mainly China. The money was going outside the USA. This confusion led to others claiming MMT is now the economic theory because increasing the money supply failed to produce inflation. Once again, these ideas were entirely based on a domestic fish bowl economic model. We live in a globalized economy and the expansion of the money supply has no real bearing on anything because those theories assumed the money remains domestically – which has not been the case.
When WWI came, Congress ordered the Fed to buy government paper; not corporate. They never returned it to its original design. When Great Depression came, Congress at the direction of FDR usurped all branches and established a single national interest rate and the board was to be appointed by the President. They ordered the Fed to support U.S. debt at par during WWII to prevent interest rates from rising.
As World War II approached, politics took control of the Fed. Once again the Fed was ordered to support US government bonds at par. This decree was not lifted until 1951. The Fed remained fairly independent thereafter until the Vietnam War. Politicians viewed its authority to increase the money supply on an elastic basis as meant that inflation was their problem, not Congress’. Politicians began to spend whatever they wanted to win elections and criticized the Fed if inflation appeared when they had no control over the fiscal spending of Congress.
The is independent and it has been at war with Congress before. The elastic money power is necessary because the Fed has expanded and then contracted the money supply. I would stress that the Fed returns to its original design and it should buy ONLY private paper – not government. The Fed is stimulating the government under the orders from WWI to buy government paper. It should no longer buy government paper – PERIOD!
QUESTION: Mr. Armstrong, Your reputation precedes you. They call you the legend because you have been the only analyst who forecasts events years in advance. Throughout the rise and fall the stock market, you called for only 2 year correction from 2000 and 2008 and the market would remain in a bullish trend. I read that Barrows piece on you where it seemed they laughed at your forecast I think in 2010 when you said the market would rally and make new highs. You did the same in 1987. My question is, do you have a particular indicator that allows you to see the long-term like that in the stock market?
PE
ANSWER: This is why I stress that to be a successful trader, you have to conquer your emotions. I was always institutional. Our reports were too expensive for the retail world for they use to go out over telex, which would cost $75 alone per transmission back then. That is why we opened offices around the world to reduce delivery costs. We would send one transmission to that office and they would redistribute it to the clients in that region. We are gathering all our old forecasts that were in storage and will try to assemble them on annual basis for reference.
When FAX became common, we moved to that delivery system and that brought the costs down dramatically. Today, it is email and that is all free. So that is why we became the largest institutional adviser. However, because our clients were institutional, we had to specialize in reliable long-term forecasting. Day traders were not our focus.
We developed our Extreme Long-term trend indicator. This has successfully calculated that these corrections where everyone calls will be the next Depression were only short-term corrections. The calculations are extensive, but this indicator has been used by our Institutional Clients to provide underlying confidence in what is REALLY unfolding in the markets on a broader basis.
These are the charts I was showing at our institutional sessions around the world going into 1985. This indicator was starting to take off on the Quarterly level in 1982. It was fully outright bullish in 1984 on the Yearly Level one year before the ECM turned in 1985. This is why I ended up advising a few of the takeover players back then who they ended up making the movie Wall Street about with Michael Douglas and his famous speech on greed. What the movie did not explain was that the book value declined so much that we could buy companies, sell their assets, and double or even triple our money. I was warned that we were entering a takeover boom.
We took out the back cover of the Economist in July 1985 to forecast that the deflation was ending and a new Private Wave was beginning that would eventually peak in 2032.
The ECM even picked the high in the interest rates at the Fed. Our long-term forecasts have been amazing. They even impressed me. As I said at the last WEC, nobody has tried to defeat these models more than me. True, I do not like their project into 2032. But that is my personal opinion which is not something clients rely on. We all know that the forecasts can only come from Socrates. These indicators have been reliable and you cannot forecast the future from a personal gut feeling.
Russian Navy ships and submarines have suddenly left their base at Novorossiysk, in the Black Sea, en-masse. This is highly unusual and many fear that this is a change in tactics. The Western Press keeps trying to paint Russia as losing the war so, quite frankly, they can get more people to volunteer to join the military if they think they are on the winning side. There is no question that the US and Russia are waging the most intense confrontation since the 1962 Cuban Missile Crisis. Our model on that confrontation aligned with our major war model showing that 2014 was the end of that period and the beginning of this new period as we head into World War III.
The hardliners are not happy in Russia and President Vladimir Putin is being pushed into a corner. Either he gets more aggressive, or they could be a coup. The hardliners are using nuclear threats and other escalations in what they know is now really a proxy war of the USA and NATO against Russia using Ukraine as the pawn they are willing to sacrifice.
Washington is wielding its own array of pressures to paint Putin as a loser. The good news is that, so far, both strategies have been fairly carefully calibrated. The bad news is that America and Russia are still on a collision course because the end goal is actually to conquer Russia.
Sweden has now instituted a draft. Poland is building its army of up to 250,000 men. All of this is based on the expectation that Ukraine can reduce the Russian army and that will make it a cakewalk to invade and drive tanks from Poland right into Moscow.
Sweden will boost military spending by around 40% over the next five years from 2016 and double the numbers conscripted into the armed forces as it looks to beef up its defence amid growing tensions with Russia post-2014. Meanwhile, France, Italy, Latvia and Lithuania scrapped conscription as they concluded that large-scale defence was no longer necessary before 2014, but now they have all reversed policies.
The Joe Biden administration pledged to defend “every inch” of Nato territory. That has complicated matters for Putin to interfere with Ukraine’s supply lines through Romania and Poland. The Western Press keeps pitching the same propaganda that Putin is spiralling toward defeat in Ukraine and may not survive that outcome politically. Yet I know that the hardliners are there and if Putin does not become more aggressive, they may indeed replace him by May and then holy hell will break loose.
Putin is warning Washington as well as Kyiv that attacks on those territories are tantamount to attacks on Russia itself. The Biden administration has opted not to listen to anything from Putin and only seeks war instructing Zelensky to sacrifice his own people and to reject any peace talks whatsoever. If the US hands Zelensky long-range missiles, he will use them to attack mainland Russia and that will begin World War III.
EVERY President throughout my entire life has always sought peace. The Biden Administration and NATO only talk about pushing war. NEVER have I ever witnessed such irresponsible leadership for this is really about Climate Change.
Your point about foreign money buying US assets and then adding back money to domestic circulation is quite profound. The inflows from Asia, the Middle East, and Europe are enormous. These monies had to come from somewhere. They were a result of globalization, accumulating dollar assets offshore, or having to convert their currencies into US dollar assets. This was never taught in any of my economics, trade, or finance classes back in the 1970’s. Then, the US economy was still a manufacturing-based one and the concept of money taught then was still the Fed and how it conducted OPEN MARKET OPERATIONS. Today, the Fed competes with so many forces it can’t possibly do the job it was designed to do, which was to make the money supply elastic across the US…forget about international money flows, which today are so large, their vast team of financial experts can’t possibly measure much less track them.
The money supply and what is taught in schools are the problem. They have these terms for it: M1, M2, and M3…when in fact in a debt-based economy, money is debt, not paper. What gives it utility is the ability to facilitate exchange, But at its core, the key is confidence in the country that issues it and the citizens who produce the wealth that backs it. The politicians in the US have worked to destroy the currency by consistently abusing it, by spending money without limit, and by convincing people, there is no cost in doing so as long as the US fights every war and defends open markets.
I agree with you that the US dollar will be the last man standing. Because every other country’s currency is simply inferior and the countries that issue it don’t produce enough wealth to consistently make it competitive in world markets.
MS
REPLY: I know. People want to argue with me based on what they read in school or what the press reports. I have been taught by my clients. Being called in to solve problems around the world, I have been fortunate to see how capital really moves. I have met with many central banks, and the IMF, testify before Congress on these subjects, and even attended an OPEC meeting and was called into China for the Asian Currency Crisis. I have been called in by heads of state and summoned by Presidential Commission investigating Crashes. I was even asked if I would teach at one of the most prestigious universities in the world and when I asked why I was told that they “know what they teach doesn’t work.”
Our major clients know this. It takes perhaps someone with experience like you to grasp the reality of the world economy and how it truly functions. We are plagued by Marxist ideas for every economist then thinks that their job is to manipulate society to create the perfect world. Here is Larry Summers saying you cannot predict the economy and if you could, then everyone would follow it and make it so. This is the problem with academics. It is all theory and no real-world experience. This is why they have accused me of manipulating the world because if the forecast is correct, then it’s because I influenced it with our clients. That is why the bankers told the CFTC I had to be silenced. They wanted to manipulate the world, and when they lost, it was always my fault.
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