QUESTION: Marty; Why is Legarde pitching Euro Green Bonds when they lose money?
JL
ANSWER: If she can use the climate change nonsense to shame Germany into agreeing to issue Eurobonds, it would be a step to eliminate the refusal to issue a single European debt. If Legarde can sell that issue, then it will restructure Europe’s debt position
COMMENT: Marty; I want to thank you for a great conference. It is clear you are the only true institutional adviser. Our board is very impressed. The FT reported that there is still no single factor that caused the dislocations in the repo market in mid-September. You are the only one who explains the event authoritative.
Thanks
JG
ANSWER: Nobody will talk publicly. Everyone is scared to death of starting a panic. This is the BEST kept secret I have ever seen in my career. The real test comes at year-end when banks typically step back from the repo market so that their balance sheets are smaller for December 31 regulatory calculations. We will see what really happens then on the chaos scale of 1 to 10. I find it really funny how there are articles calling it the new QE to where the Fed is clandestinely buying T-Bills through repo. This really seems to be an orchestrated effort at disinformation. It is hard to say if the people who make this up are deliberate agents of the government hired to keep people looking in the wrong direction.
QUESTION: Hello!
More and more people in western Europe are talking about the coming civil war between the Muslims/Arabs and the Europeans. Guillaume Faye has even written a book about it. I personally believe that it will break out between 2025 and 2050 and that it will start in France. Me and my friends are looking for some place to go before it starts. We are looking at eastern Europe. Have your computer anything on this coming civil war?
Thank you for your hard work.
IR
ANSWER: Economics is at the root of the crisis. In 1844, tensions rose and there were gun battles on the streets in Philadelphia against the Irish Catholics. This occurred in the middle of a depression from the Panic of 1837 with the sovereign debt defaults by states. Religion was involved to some extent, but the argument became that the Irish immigrants were taking the jobs and were willing to work for less.
In this case, the refugees get handouts from the state and then the state raises taxes on the citizens. This still is fueling the tensions and there is indeed a risk of civil conflicts and separatist movements. This is also the period where we should expect more anti-establishment parties rising because people are losing their lifestyles thanks to the career politicians who have created an economic catastrophe.
QUESTION: I understand that the Koch brothers bought ancient coins. Is there any truth to that?
WJ
ANSWER: Oh, yes. William Koch was involved in a very famous case involving the Athenian decadrahms. There was a hoard discovered in Antalya by a television repairman and two other people back in 1984. They found a hoard of 2000 ancient silver coins with a metal detector. The hoard contained the rare Athenian decadrachms, which were produced as a commemorative 10-drachma coin. There were only 7 previously known examples. The Elmali Hoard contained 14 of them and became known as the “The Hoard of the Century.” The first one sold for $600,000 dollars, easily breaking the old record. The billionaire, William Koch of Boston, bought 1,800 of the coins for $3.5 million dollars. The Turkish Government knew that the treasure had been smuggled out of the country, but after it was taken across the border they didn’t have the slightest knowledge of its whereabouts. The treasure disappeared.
Based on the evidence, the Turkish Government started legal proceedings in Boston. The judge gave an important interim judgment in Turkey’s favor. Koch lost the hoard to Turkey
REQUEST:
Hi Martin, I trust you are well. Would you post the chart you showed of how the UK has performed since joining the EU? I’ve been ploughing through your emails but am unable to find it. In short, I want to show my partners son the chart, who is a vehement ‘remainer’. Ie, evidence that the Uk would be better off leaving the EU.
Thanks for your help,
Cheers
Charlie
COMMENT: Mr. Armstrong; I am from Venezuela and became an American citizen 20 years ago. I have brought my father here to live for his pension in Venezuela will not even buy him a cup of coffee as you have mentioned. I can only wish that the democrats would visit Venezuela and witness first hand what their ideas would do to America. You have a country with the largest oil reserves in the world and even gold reserves yet its people are starving. Qatar has the highest net worth per capita which shows that capitalism is so much better than socialism. You are correct. Venezuela proves governments are incapable of managing a bubblegum machine.
HD
ANSWER: It is truly an example to the entire world. The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 297 billion barrels (4.72×1010 m3). For example, a crude oil contract on the futures market is 1,000 barrels of oil. At $55 per barrel, the notional value of the contract is $55,000. That is 297 million contracts of $16 trillion in reserves. The main coalfields are located in the western Zulia State, on the border with Colombia, and they have known proven reserves of natural bitumen (42 billion tons). On top of all that, they have gold reserves which are estimated to be 10,000 tons (29,166.7 ounces per ton). That is about $40 million per ton or $4 billion. From a resource perspective, Venezuela has more than $20 trillion in reserve values equal to almost the entire US national debt. If they really want socialism, privatize the resources, let professionals manage it, and hand out profits equally to all the people. But no, the government has to control everything.
There is a tiny little country most people have never heard of and assume it is in Africa. In Guyana, they have just discovered oil. This economy is going to explode next year and it will probably be the highest growth in the world. You will quickly see the difference between capitalism and socialism.
QUESTION: Dear MR. Armstrong,
As a long time subscriber to your basic level Socrates,I’m very grateful for the guidance I’ve received.I have a question. In the hunt for taxes my Canadian government just assessed me over $80,000.00 for unreported income. I pay my taxes Mr Armstrong, the Canadian government pulled my bank records and although what I said was verified by those records, they refused to accept them! Even my tax lawyer was astounded.Now a difficult question for me.I’m retired and have no income presently.But I do own my on home.To pay off the CRA I’m considering getting a Reverse Mortgage on my home.They charge 6% monthly on the unpaid settlement so if I can get the RM at say 5% and use the extra to buy gold, perhaps over 5 years I can beat this burden.Would you recommend this strategy to your Mother or what else can I do.
Best Regards,
RW
ANSWER: Perhaps that is all you can do. The tax authorities are pulling those tactics far more often because they are broke and it will get far worse. I strongly advise to get a retirement visa from Thailand. You may have to just change your domicile to get away from this hunt for taxes that will continue to get worse. You are already hit. They will usually shift the burden of proof to you and just assume everything you have belongs to them. This is part of the economic tyranny we face.
It really is best to sell fixed assets in countries with aggressive tax agencies so they cannot take your home. Another thing they do, like the USA, is to cancel your passport if you owe them more the $50,000. We are economic slaves. We have truly lost all our freedoms.
I do not know what else to say, You are dancing with the devil and the rule of law has vanished. Justice died with the beginning of direct taxation embracing the income tax and Marxism. Justice is indeed just the will of the government.
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!
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