Posted originally on Feb 14, 2025 by Martin Armstrong
QUESTION: Why are you not at Dubai’s annual World Governments Summit? I have seen you walking out of the central bank in Abu Dabi. Are they just another Davos? If they do not invite you, something is wrong.
JFG
ANSWER: I am not part of that crowd. Yes, they are more of the establishment Davos-like gathering. They are not interested in reality. They certainly do not want to hear me talk about capital flows and the sovereign debt crisis on stage for the world to listen to. What we discuss in private meetings is not for general mass publication. As I have said, this is a confidence game. What they put on is just a dog-and-pony show. You do not air out your dirty laundry in public. It takes a crisis for that to happen. What Musk is doing is that, and perhaps what he accomplishes is far more than merely closing down agencies. He is exposing the corruption, which is what 2032 is all about. These gatherings are pretending nothing is wrong, and they are in control
Posted originally on Feb 14, 2025 by Martin Armstrong
An economist has made headlines for suggesting that Canada unite with the European Union bloc. Could Canada become the 28th member state? Absolutely not.
The very idea that Canada would consider joining the European Union and abandoning the Canadian dollar for the euro is sheer economic insanity. To throw away its sovereignty and monetary independence in favor of the European Union—an entity in economic decline—would be a move that history would mark as an outright betrayal of the nation’s future.
The Maastricht Treaty of 1992 prohibits non-European nations from joining. Article 49 known as the Treaty of the European Union or the Treaty of Lisbon states that EU membership is for EU nations. Canada, geographically and economically, is tied to the United States and North America. Morocco put this treaty to the test in 1987 when it requested membership. The European Council ruled that Morocco was simply not a European country. Canada, like Morocco, cannot point to French ties as a reason to be considered European, nor would most Canadians want to.
For decades, I have warned that the European Union is nothing more than an authoritarian construct designed to strip nations of their sovereignty under the false pretense of economic unity. The reality is the opposite—nations that have joined the EU have lost control over their economies, their tax policies, and even their ability to govern in their own national interests.
If Canada were to abandon the Canadian dollar and adopt the euro, it would hand over control of its economic fate to unelected bureaucrats in Brussels who have already driven Europe into negative growth with failed policies.
The inability of these nations to control their own currency has led to permanent economic stagnation. The European Central Bank (ECB) dictates monetary policy for the entire eurozone, and it does so based on Germany and France’s needs, not the broader interests of individual member states. Canada would absorb the debt of other nations in addition to its own debt that has been rising C$878 per second.
Unlike the Canadian dollar, which is backed by Canada’s ability to print money and manage its own monetary policy, the euro is a debt-backed currency. The entire EU system is built upon the forced cooperation of nations with vastly different economic structures, which is why it has failed to produce real economic growth.
Capital would flee Canada as investors would see even the mere request of membership as a sign that the government had no long-term strategy. Canada is already struggling with high taxation, an ousted prime minister, and has become deeply involved in every globalist alliance from NATO to the United Nations. By tying itself to Europe, Canada would not only lose investment but would push corporations and wealth holders to relocate to the US where monetary policy is more predictable.
Posted originally on Feb 13, 2025 by Martin Armstrong
The two states that are attracting the most investment capital and migration from the notorious Blue States of California and New York are none other that the two states without income taxes – Texas for computers and Florida for finance.
Trump’s announcement of his intention to transform the US into “the world capital of artificial intelligence (AI)” and what is now being called Stargate is said to be the largest project of its kind “by far in history” with the joint venture between tech firms OpenAI, SoftBank, and Oracle. This is said to be investing $500 billion in AI infrastructure over the next four years of the Trump Administration. Big tech is migrating from California and its Silicon Valley is moving brick by brick to Texas. They say 10 data centers are already under construction in the state, 10 more are on the way, and the project’s first one-million-square-foot data center will be based in Abilene in western Texas.
The flight out of New York has been underway since, especially with the COVID-19 pandemic. That was the final nail in the coffin of NYC. Wall Street executives have been shifting operations and jobs to Florida, fleeing New York City. Well over 200 financial firms have left, and some of the biggest fund managers. The shift is now over $2 trillion, showing no sign of letting up. The peak for NYC actually came in 2016, which was right on target with the 224-year cycle of political change from the founding of the New York Stock Exchange, which traces its origins to the Buttonwood Agreement signed by 24 stockbrokers on May 17, 1792.
Moreover, tax exemption for municipal debt could be chopped with the Tax Cuts and Jobs Act (TCJA) of 2017 slated to expire at year-end 2025. Tax loopholes will be high on Republicans’ legislative agenda. However, an extension or expansion of TCJA’s provisions could grow the federal budget deficit sharply. Tax-exempt municipal bonds date back to the earliest federal income tax in 1913 and have been a pillar of state and local project funding ever since. It is not that they have managed the debt efficiently. According to the National League of Cities, municipal bonds are a $4 trillion market and have financed approximately 75% of US infrastructure—with hospitals, schools, airports, water and sewer systems, public power facilities, and toll roads among the many beneficiaries.
Detroit went bankrupt in February 1933, before U.S. municipal bankruptcy laws were enacted, the city defaulted on its $350 million in outstanding debt (equal to $6.4 billion today). Many of its suburbs joined in the insolvency. On the American side of the border, Dearborn, Farmington, Pontiac and Royal Oak all defaulted; on the Canadian side, Windsor, Ont. went bankrupt. In fact, in Canada, East Windsor, Sandwich and Walkerville all were in default by 1934. A 1935 act of the Ontario provincial legislature consolidated these cities and their debts into contemporary Windsor, and the debt was slowly repaid. The tax free status in the US was also to overcome the defaults and suspension of debts during the Great Depression in addition to widespread defaults of nations in 1931 onward.
As this migration continues from the Blue States to the tax-free Red States, we will see a rash of defaults at the muni and state levels post 2026.
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