French judges found Ms Lagarde guilty of negligence for failing to challenge the state arbitration payout to the friend of former French President Nicolas Sarkozy. But of course, following a week-long trial in Paris, Largarde was not given any sentence and will not be punished. The benefits of being of the elite class.
I agree a civil war is very likely that was what the progressives wanted after all for it was the only realistic way they could get rid of the Constitution.
It is more believable that it was DHS rather than Russia and that is a fact!
QUESTION #1: Dear Mr Armstrong, you recently wrote that if you are in any bond fund, better get out. Do you also mean corporate short-term/medium-term bonds or are those expected to rise when people realise government debt is the real bubble ?
Kind regards.
WL.
QUESTION #2: Mr. Armstrong- I enjoyed my first WEC immensely! In the blog and other place’s you warned that you should get out of bond funds. I understand government bonds of all kinds should be sold including date certain and funds. I am curious though about high-quality corporate bond funds. Should one get out of corporate bond funds and move to individual issues? The funds are easier for a working person of course.
Thank you,
KO
ANSWER: We are entering a phase of rising interest rates, so bond funds will do poorly. We are not yet at a stage where U.S. government bonds would default or be swapped. Therefore, my recommendation has only to do with rising rates. What you should do is stay short-term, like 90-day paper or less, be it corporate or government. This is just an interest rate play moving into 2018.
As we move into 2018, we will look at corporate vs government shift. That will become the play, but that will most likely unfold after we begin to see serious problems with government debt outside the United States. In Japan, the ownership of public debt by the private sector is in freefall. Debt to GDP held by the private sector before Abe came to power was 177%, which had collapsed to 100% in 2012, and has continued to decline to about 75%. The Bank of Japan through its quantitative easing now owns more government debt than the private sector. Japan is in VERY SERIOUS trouble and there is no possible way to reverse this nightmare.
The European Central Bank now holds 15% of Germany’s national debt. The central banks have been running out of positive-yielding safe-haven bonds. Yes, the Federal Reserve holds $2.4 trillion is less than 10%. The volume of repo loans using Treasury debt as collateral has collapsed from $2.6 trillion to about $1.8 trillion according to Barclays.
Despite all the complaints that QE has failed, we must ask how deep deflation would be without it. True, QE has not produced inflation. It has not stimulated the economies of Europe or Japan because the confidence of the people is not there. The central banks are trapped and politicians, not hedge fund managers, run government. These people are ignorant at best if not outright deaf, dumb, and stupid. They cannot see how this system of government borrowing will continue if the public no longer buys their debt.
This is by no means going to end nicely. So keep the power dry. We are in for a real crisis come 2018
COMMENT: Mr. Armstrong; I am fairly new to your blog. I was told by two friends that you said not just that Trump would win and Brexit, but that the stock market would breakout to new highs and gold would decline for more than the last two years. I followed most of the big names who all said the stock market was going to crash and gold would rise. I argued against my friends these past years only to see they and you were right.
Upon reflection, I have concluded that indeed the press is rigged for they put the same people on TV talking about the markets who are never right. The mere fact the major press is not giving you any credit for being the only one out there who has forecast gold, stock market, fall of the euro, and politics flawlessly, made me realize one thing. They cannot possibly be independent in the media or they would be interviewing you and asking how did you do this. That would then lead to a discussion about your AI computer and which would then cause people to think again how do these things really work. So it is obvious. They cannot give you credit without discrediting themselves. That would mean they do not have the power to manipulate society as they hoped for as illustrated by Brexit and the Trump victory.
Stay safe. You are sweeping the cobwebs from our stale thinking process.
BV
REPLY: Perhaps you are right. The only major press that I do interviews with are outside the USA. Even the Barron’s article back in 2011 that reported we were calling for new record highs did not call me for an interview. I believe it was more of a tongue-in-cheek report because they never expected that forecast to be correct.
Overseas, I was asked to teach at one of the top five universities in the world. When I asked if they were aware of my situation, they said, “Oh yes. We reviewed your case and it appears to have been ‘stitched up.’” in a very British way of putting it. Others said it merely proved that I was not one of the corrupt b*****ds from New York so they knew they could trust me. Still, others said, “How can they keep you in contempt for 6 years after Republic/HSBC pled guilty and received no jail time, provided they returned all the money they stole to your clients?” The simple math shows they could not hold me in contempt when it was impossible for me to owe anything.
The fact that not a single major newspaper in the USA would dare call the banks or government into question when it was so obvious to the rest of the world proves this is not a real free press. Heck, they blocked the movie “The Forecaster” from playing in the USA and Switzerland, which tends to show how in-bed the press really is with government and the banks. The only two countries where the film was blocked is where the banks dominate the government.
The press gave it their best shot to rig the election for Hillary. They lost big time, for they blew all their own credibility on this one. You are right. The mainstream press could never interview me fairly without calling into question their own integrity. We just have to wait until the whole thing collapses and the press is freed from all this corruption. It will come. Let’s see who will be first.
It’s finally over: Donald Trump has secured 304 Electoral Votes following the Texas vote (with 2 faithless electors), officially securing the presidency of the United States. Of course, the now official President-Elect Trump took to twitter to confirm the victory:
Texas’ 36 electoral votes for Trump pushed him over the edge at around 4:30 Central Time, even though two rogue electors’ defections deprived Trump of one of those votes. That gave Trump 304 total electoral votes.
A quick recap of the day’s events from the WSJ:
Members of the Electoral College meeting in state capitals across the country on Monday confirmed President-elect Donald Trump’s victory in the 2016 election, ending a last-ditch campaign to deny him the presidency. Mr. Trump amassed at least 270 electoral votes on Monday afternoon—enough to officially become the president-elect over his Democratic rival, Hillary Clinton, according to a tally of votes by the Associated Press.Typically just a formality, this year’s Electoral College vote attracted an outsize amount of attention after a group of mostly Democratic electors made a late push to block Mr. Trump’s path to the White House. They argued the Electoral College had a constitutional duty to act independently of the will of the voters in extraordinary circumstances. Protesters gathered in several state capitols across the country to encourage electors to reject Mr. Trump.
Four Democratic electors in Washington state broke ranks—with three casting ballots for former Secretary of State Colin Powell, and one for Native American activist Faith Spotted Eagle. In the vice presidential vote, the Washington vote was even more unusual, with electors casting votes for a trio of female U.S. senators: Elizabeth Warren of Massachusetts, Maria Cantwell of Washington and Susan Collins of Maine. Another elector cast a ballot for Winona LaDuke, an environmental activist.
Several other attempts by electors to cast ballots failed. The Associated Press reported that attempts by Democratic electors in Colorado and Maine to vote for Vermont Sen. Bernie Sanders failed. In Maine, the elector was ordered to vote again, while in Colorado an elector was replaced.
The final count:
The statement released by the GOP on Trump’s victory:
* * *
Earlier:
For those following today’s Electoral College vote, here is the latest vote tally as of 4:50pm ET:
Moments ago, Montana cast 3 votes for Donald Trump which means he is two Electoral votes away from being elected president of the United States.
Those looking for surprises in today’s vote will be disappointed, at least so far: All of the electors in Indiana, Tennessee, West Virginia, South Carolina, Mississippi, Pennsylvania, Arkansas, Arizona, Louisiana, Ohio, Kentucky, North Carolina, Kansas, Georgia, Alabama, Idaho, Wisconsin, South Dakota, Oklahoma, Nebraska, Florida, Michigan, Utah, Wyoming, Missouri and North Dakota voted for Trump, as per their states’ votes on Election Day. Illinois, Vermont, Virginia, Delaware, Connecticut, New York, Rhode Island, Maryland, Minnesota, New Hampshire, New Mexico, Colorado and Oregon have all backed Clinton, in line with their states’ votes.
Trump also won a vote from one of Maine’s two congressional districts, which awards a vote to the popular vote winner. Clinton received the other three, as per the results on Election Day. Eight of Washington state’s 12 electors voted for Clinton–but four went rogue, two voting for Colin Powell and two voting for “faith spotted eagle” according to the AP, as reported earlier.
* * *
Courtesy of AJC, here is a running tally of who has voted so far, and how, as well as any notable incidents during the day.
Reading from partly prepared remarks, Russia’s President Vladimir Putin spoke briefly to state media in advance of a meeting with key officials of the Russian government. Worth noting is how,…
Source: Vladimir Putin Issues Statement on Assassination of Russian Ambassador (Video and Transcript)…
IMF chief Christine Lagarde found guilty of ‘negligence’ over huge payout to business tycoon, but of course there is no jail time. Because of her position, the court chose not to punish her or give her a criminal record. She had faced a one-year term and a €15,000 (£13,000) fine. Many assume this is why she wanted to remain as the head of the IMF to prevent jail time. However, the questionable way the court dealt with her appears far too political and this may yet derail her from becoming the first woman ever to become finance chief of a Group of Eight (G8). An IMF spokesman said they would meet soon to consider the outcome, but the IMF previously said they stood by her that she did no wrongdoing and even this looks to be more like another political-white-wash. To rise in power to this extent means you are also exempt from the law and any accountability. Anyone else would have received one year in prison and a criminal record.
…“and we will win, and you will win, and we will keep on winning, and eventually you will say we can’t take all of this winning, …please Mr. Trump …and I will say, NO, we will win, and we will keep…
Source: It’s Officially Official – Donald Trump Wins Electoral College Vote…
I hope the state of New York is picking up the tab on that one!
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