Credit card balances in the US have surpassed $1 trillion for the first time, with balances up almost 20% from a year ago. The Federal Reserve Bank of New York reported that total credit card debt stood at $986 billion in the first quarter of 2023, unchanged from the record hit at the end of 2022. The average credit card interest rate offered in the US over the last three months of 2022 stood at 21.6%, according to WalletHub, a jump from about 18% a year prior. Americans are now tapping into their retirement funds to make ends meet.
Hardship withdrawals allow employees to pull money out of their 401K for an “immediate and heavy financial need.” No one would recommend doing this unless the situation was dire. Bank of America reported that 15,950 employees enrolled in 401K programs made a hardship withdrawal during the first three months of 2023, a 36% rise from Q2 22. Individuals must show evidence that the money will be used for a major hardship in order to avoid the 10% early withdrawal fee imposed for those under 59.5.
It costs more money to borrow thanks to rising interest rates. The majority of Americans do not have money stashed away for a rainy day, and those who do are rapidly draining their accounts to keep up with Biden’s economy. The CPI report in June showed a rise of 3% YoY, but look around, absolutely everything is more expensive. Shelter costs have reached an all-time high and the price of food is on the rise, especially with wheat price manipulation going on using the war in Russia as a guise. Why are we sending hundreds of billions to a foreign nation when our own people cannot afford to live? The masses need to wakeup and get mad at their current predicament before the next election if we even have one.
QUESTION: Mr. Armstrong, We met when you came to lecture here in Poland. Everything you warned about has unfolded right down to a dollar high in 2022, followed by a low in 2023. The majority now are against the government. We, too, fear that the election may be rigged later this year. Putting all these troops on the border with Ukraine, which includes 40,000 Americans, has raised grave concerns that our government will cross the border in hopes of getting Russia to attack our troops to justify NATO invoking Article V. Some are starting to wonder if our government needs to get Russia to attack us to suspend elections as Zelensky has done in Ukraine.
What do you see for Poland ahead?
Aleksy
ANSWER: Yes, it has been quite a while. Thank you for recommending Krakow. It was beautiful. Loved the architecture and vast square. I know the concerns there about the upcoming elections. We have a Panic Cycle in November. I am also aware of the idea of Polish troops crossing the border and taking the Western portion of Ukraine, which used to be their territory. Putin has warned about this, but the Western press calls it misinformation and Russian propaganda. Then you have Yevgeny Prigozhin in Belarus with his eyes on Poland. Your government is indeed pushing the envelope.
The risk remains that the greenback will rise into 2027, which seems to be more on the threat of war. You have Poland, Lithuania, and Estonia with severe concerns about Russia retaking the region. The Russian people are not really interested in that. Much of that propaganda has been spread by the ISW and NATO, which is desperate to remain relevant.
I think Zelensky’s days are numbered. If he is assassinated, it will be for what he has done to Ukraine. The social media in Ukraine shows funerals and images of the dead. The kill ratio is 5 Ukrainian soldiers to even one Russian and that comes from Ukraine – not Russia.
Ukraine is losing badly. That is my concern that the Polish/American Troops will cross the border begging for Russia to attack them so they can indeed invoke Article V. The share market is going to roll over. Closing below last week’s low should spark a correction, and the volatility should start next week.
Insofar as this election being rigged, I appreciate the concern. Poland will reach a critical turning point on October 26th, 2023, which is now 34 years from the overthrow of communism on June 4th, 1989. There should be a shift in politics; ideally, the present government should lose. That remains to be seen.
We seem to be begging to start another proxy war against Russia in the middle of Africa. There was a coup overthrowing the government, and you have people chanting chanting “Wagner” and raising Russian flags. The whole problem has been the Neocons and their private propaganda machine, the ISW, keep projecting that Russia is weak and they can take it down. Russia can manufacture all the weapons it needs, and it is one of the wealthiest countries on the planet regarding natural resources. These people are putting out fake news to encourage war, telling everyone the West can win.
This is more akin to the US Civil War, where the North had all the capacity to manufacture weapons, and the South had been primarily an agrarian society. The South needed money and supplies from Europe.
Secretary of State William Henry Seward (1801–1872) for the North was deeply concerned that no foreign nation would intervene in the conflict on behalf of the Confederacy. Russia came to Seward’s aid to protect the US from a European invasion. Russia sent its warships to protect New York City and San Francisco in 1863 against the British and French, who perhaps considered the American Civil War an opportunity to conquer the United States.
In contrast, the Confederate diplomats desperately attempted to convince the stronger European countries to come to their aid and intercede on their behalf. These diplomats were successful in helping to convince Great Britain and France, two European countries that had much at stake in the outcome of the American conflict, to legally confer belligerent status upon the Confederacy, which recognized it as a nation engaged in war. In other words, they recognized the South as independent. In contrast, today, the West refuses to grant that to the Donbas in Ukraine despite the Minsk Agreement and the fact that the people there are Russian, while Ukraine outlaws their language and their religion.
In fact, Abraham Lincoln drew his Emancipation Proclamation taking the actions of Tsar Alexander II (b: 1818; 1855–1881), who issued his own Emancipation Manifesto on March 3rd, 1861, emancipating 23 million Russian serfs. American abolitionists cheered his action and pushed for Lincoln to do the same, which he finally did on January 1st, 1863. Russians were actually shocked when the American states descended into armed conflict over the issue. In Russia, the serf owned nothing, and they were not happy. They embraced Marxism, and the first Russian Revolution followed in 1905, 43 years later (8.6/2).
A new survey by Clever Real Estate shows that 64% of Gen Xers have stopped saving for retirement. These are the people born between 1965 and 1980. Retirement has become a luxury, and people are working well into their golden years out of necessity. The cost of living is so high that the majority cannot afford to save for the future. Social Security will not be there to soften the blow, pensions are failing for those lucky enough to secure one, and we soon will have a nation of elderly individuals with no financial means. This is a great premise to usher in the Great Reset, where the government usurps all power, as people may have no other option.
According to the survey, 56% of respondents have less than $100,000 in savings, while 22% have absolutely nothing saved for retirement. Most (69%) would like to retire before the age of 65, but only 37% believe that is a possibility. In fact, 19% do not believe they will retire before 80, and 11% believe they will be working until the day they die.
The average 401K match from employers is at an all-time high of 4.7%, but people are still unable to stow away funds. Of those who never saved for retirement, 73% said they simply could not afford to save, while 30% said they were focused on paying off debt. Over half (52%) said they have over $10,000 in non-mortgage outstanding payments. Around 44% blame the poor economic conditions of the US for their dilemma.
Americans are falling deeper into debt and have no plans for financial management. Americans raked in a record $17.05 trillion in debt during Q1 of 2023 alone. Credit card debt is at an all-time high, and the cost of borrowing continues to rise. Public schools do not educate people on the importance of saving for retirement, and we are all paying into Social Security with no guarantee that it will be paid back to us. America is heading toward a retirement crisis.
Inflation was transitory. Now, the credit rating of the United States plummeting from AAA to AA+ by Fitch is “arbitrary,” according to Treasury Secretary Janet Yellen. “In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the rating agency said in a statement. The last time an AA+ rating was issued was August 5, 2011, and the market took a hit.
In 2011, Standard & Poor cut its rating also after a debt ceiling crisis caused by politicians. The global markets felt the impact of that news. Fitch has been warning of a possible downgrade since May 2023, due to the massive debt burden and political mismanagement. The White House continued its spending spree and our politicians could not agree on a limit for the debt ceiling. The warnings were there.
It is concerning that Yellen is trying to stifle this news. “I strongly disagree with Fitch’s decision. The change announced today is arbitrary and based on outdated data,” Yellen insisted. Again, this is the same woman who insisted, along with Powell, that inflation was transitory and nothing to be concerned about. Yellen believes some of Fitch’s models do not accurately indicate the state of the US. Yell said “governance,” under Joe Biden, has improved due to mass infrastructure packages and investments in America that will make the country more competitive.
Yellen and others refuse to admit that the United States has deteriorated under the Biden Administration. “Governance” is one of the nation’s weakest points right now, but that would put blame on the current administration. The right and left are more polarized than ever and cannot agree on anything. The US government is heavily investing in one foreign government to fuel the proxy war while lining the pockets of “the big guy.” This administration has ruined America and there is no sugar coating what’s to come.
QUESTION: What do you make of the US debt downgrade? Do you think this has anything to do with indicting Trump in three courts? I know many people decided to donate to Trump today, even for the first time, as a sign of disapproval of the Biden Administration and the RINOs.
HJ
ANSWER:
It is time for the Credit Rating Agencies to knock off the BS. Yes, Fitch Ratings downgraded US long-term debt late on Tuesday from AAA to AA+, citing this spring’s debt ceiling standoff as a significant reason. That is nonsense. NO government ever intends to pay off its debts. Historically they ALWAYS default. The global financial system has relied on the promise that the US government will always repay its debts. Some wrongly believe that this is what makes the US dollar the most widely held currency worldwide. The backing behind the dollar is twofold.
Largest Consumer-based economy in the world that everyone needs to sell into
The deepest financial market in the world to park money as well as finance projects and float stocks
This is why the US markets barely reacted to the news in after-hours trading on Tuesday, and US Treasuries were holding steady. Of course, you have the traditional bearish prognosticators who claim the last time there was a downgrade, and the market crashed by 6.5%. The real question is – sell stocks, and the traditional flight to quality is you buy bonds – which were just downgraded. Hm? Many are starting to wake up that the only safe place for wealth will be in tangible assets, for this Biden Administration is completely desperate and out of control. You cannot threaten China and Russia with war and then ask them to buy your debt. China is disinvesting in US government debt ASAP. That is also the reason for the downgrade.
These indictments against Trump, while Biden and Hunter actually could be charged with Treason, have undermined the confidence in the United States government internationally more than anything. They are trying to prevent Trump from running in 2024, for the Neocons know they would be fired if not put on trial for treason themselves. Trump vowed to run for office from prison. RFK should join as the VP and abandon the Democrats, for they will NEVER allow him to gain a toe in their Washington club.
Yes, I have gotten many emails saying people are donating to Trump’s 2024 campaign as a matter of protest against this Biden Administration. All I can hope is that even Democrats wake up before it is too late and stop this hate-Trump nonsense, for what lurks in Washington is so much worse. This judge in Washington will put Trump in prison in the blink of an eye. This judge has been handing out time in excess of the prosecutor’s recommendations. That is unheard of. You are about to witness the complete collapse of the Rule of Law in the United States, and once that goes – it is time to turn out the lights.
The US will eventually descend into civil war at worst, just as China and Russia did when faced with the rise of the LEFT. Some states will separate from this absolutely corrupt government. We cannot rule out the Biden Administration canceling the dollar before the 2024 election, for the Neocons do not care about the economy – only their geopolitical goals. With the Neocons in such a desperate position, they may not wait for the election and connect a dollar cancelation to some geopolitical event. The EU would most likely do the same on a coordinated basis, and both Canada and the UK will follow suit with Japan, Australia, and South Korea.
If the Neocons manufacture a geopolitical conflict before the election, beware of the 2nd quarter next year. That does NOT mean we should lose all hope. You cannot create a new system without purging the old one. Keep your fingers crossed for post-2032, and we get to start anew just as the Founding Fathers overthrew the monarchy and created a new political system.
A man attempted to purchase strawberries with cash at an Aldi grocery store in the UK, possibly leading to his arrest. They want us to adjust to the cashless society that will implement globally by the World Economic Forum under its Digital Currency Governance Consortium. Some call cash “hard currency” to further differentiate it from the coming digital world of finance. Piers Corbyn, who happens to be the brother of British Labour Party leader Piers Corbyn, has gone viral for what many are calling an act of rebellion against the globalists.
The Aldi in Greenwich only accepts payments through the Aldi App. Aldi implemented this measure during COVID and never repealed it. Stores are commonly banning all cash transactions, and it is legal for them to deny cash. These stores may not realize that the WEF will soon implement one “globally coordinated approach to [digital currency] regulation” and their individual apps will be obsolete.
As for Corbyn, he placed his cash on the counter and left the store with his strawberries. People cheered as he left the store. Aldi employees called the authorities. “I’m offering exactly the right amount of money here,” he announced, “I’ve paid my legal tender.”
“Legal tender” is merely any form of payment accepted by law. So while the “hard currency” produced by the Royal Mint may be considered legal tender to some, the grey area here is that sellers do not need to accept it as a form of payment. So what was once a commonly accepted legal tender is now fiat, containing no intrinsic value without the backing of CONFIDENCE.
When the gold coin was money during the 19th century, it rose and fell in purchasing power no different than any paper currency. You cannot walk into a grocery today and pay in gold. People only accepted paper money because they knew others would accept it as a form of payment. Fiat is simply an arbitrary decree.
Governments are telling the people loud and clear that cash will be phased out. They are making us accustomed to the idea, gaslighting us into thinking digital is more convenient. The truth of the matter is that the day will come when they ask us all to turn in our “hard currencies” in exchange for CBDC. I applaud this man for his act of bravery and hope he was not arrested over a pint of strawberries.
QUESTION: You said that when Rome fell it took 700 years before gold coins reappeared. Are we facing something like that again?
PO
ANSWER: Yes, when Rome fell, gold continued in the East under the Byzantine and Islamic Empires. However, in Europe, the last Western emperor was Romulus Augustus (475-476AD) who was a puppet anyhow. He was a young son, whereas today, we have senile leaders who are puppets and incapable of independent rational thought. The first gold coin to reappear in Western Europe was that of Frederick II of Sicily (1231-1250AD). The Augustale was a gold denomination of about 5 and a half grams which Frederick II introduced to Sicily in 1231AD, and it was primarily issued for international trade.
Actually, Fibonacci (1170-1240 AD) published in 1202 his “Liber Abaci” (Book of Abacus). He introduced Hindu-Arabic numerals into Western culture. Suddenly, this allowed the calculation of numbers that were not taught in schools and was unknown in Christian circles. Only a very small group of intellectuals had access to translations of the Arab mathematician al-Khwarizmi (780-850 AD). The techniques that Fibonacci introduced were groundbreaking to re-establish a culture that lost its identity with the fall of Rome. Fibonacci illustrated practical problems on how to calculate profit margin, money changing, barter, conversion of weights and measures, partnerships, and, last but not least, interest. He also introduced some geometry and algebra.
However, Fibonacci’s work was so earth-shattering it became the topic of discussion and caught the attention of King Frederick II of Sicily. I believe it was Fibonacci’s introduction to mathematics that also inspired Frederick II to even reintroduce gold coinage in order to trade with the outside world. At the time, that included the Arabs as well as the Byzantines. The gold dinar was the Islamic medieval gold coin first issued in 696–697AD by Caliph Abd al-Malik ibn Marwan with a weight of 4.25 grams. Frederick II made his coin about 1 gram heavier in order to project economic power.
The introduction of CBDC is highly dangerous in war; even a nuclear blast also sends out an EM pulse that will destroy electronics. If I were Russia or China, I would NOT move to any sort of digital currency and then use an EMP against the United States. The entire economy would collapse. People would not even be able to buy anything. We have idiots in power who are so greedy, looking at the power this will place in their hands, they are ignoring the risks. This could mark the collapse of Western society, sending us back to the days of Barter.
The Post-2032 era would most likely be fragmented rather than national states as we know them today. There will most likely emerge regional currencies, as we have witnessed throughout history many times. Even during the Great Depression, over 200 US cities resorted to issuing their own money.
I want to stress that I have been getting emails that the same trend is emerging in the United States. Some banks have embraced WOKE, and with it, they are engaging in DISCRIMINATION. This equality only works when you agree with them. If you disagree, you are to be cast out of society, de-banked, and unable to even survive, pay a mortgage, or food.
Chase had debanked Dr. Mercola. I too was debanked by Chase after sending bonuses to our overseas employees. They did not ask for any explanation – they just closed the account. This is becoming common these days.
1. Due to the draconian rules the US digital currency shall operate under, would you consider the coming US digital currency to be the worst form of currency—worst store of value—worst asset to hold, and if so would it be better to get entirely out of cash before the US Dollar is canceled and the digital currency introduced? 2. When the US Dollar is canceled, will the entire value of all bank and brokerage accounts be automatically converted by banks and brokerage firms to the new digital currency? 3. Do you think there will be draconian rules, such as digital ID’s, instituted to be able to access the internet in 2025 to be able to access and cash out of bank and brokerage accounts? 4. What use will it be to invest in anything post 2024 if money in brokerage and bank accounts automatically becomes digital currency subject to draconian rules with draconian rules to access or take possession of the funds in one’s bank or brokerage account? 5. In the interview you did on May 20th you mentioned “they” are talking about bank bail-in’s. Aside from bank accounts, could bail-in’s be done from people’s brokerage accounts? 6. If one does not “opt in” to the new digital currency and if every legal financial transaction from the point the US introduces the digital currency must be made via the new digital currency, how will one be able to pay their taxes and property tax and will such a person lose their house and their assets be confiscated for not paying their taxes and property tax if they choose not to take part in the digital currency, digital ID and digital health pass? 7. Do you think inheritance will come under rules so draconian that sane children would prefer to forgo their inheritance rather than opt into anything that could harm their health and limit their freedom? Or do you think “they” will just abolish inheritance altogether? Would you recommend putting all assets and accounts in one’s children’s names now, to avoid this possible scenario as far as it can be avoided? 8. During World War 3, if the US gets nuked or if at any time in the future there is an EMP attack or a severe cyber-attack and the grid goes down for an extended period of time, what shall become of bank and brokerage accounts? Thank You Sir
D.I.
ANSWER: Undoubtedly, this entire scheme of digital currencies will be the death of Western Civilization. The Founding Fathers prohibited Direct Taxation which was repealed during the Marxist movement toward creating the Income Tax. Once the income tax was imposed, the government then needed to know everything you did. That is why the Founding Fathers prohibited any form of direct taxation. Now even a journalist, if he fails to comply with the demands of the government, is targeted by the IRS. This allows them to go after anyone unless you are the son of a senile president who does as he is told. So yes, this will be the WORST currency in human history and it will be the final nail in the coffin of freedom.
They will most likely cancel all currencies AFTER the US 2024 election. It will need to be coordinated to prevent capital flight. Whatever is in bank accounts or brokerage accounts will be re-denominated in the new digital currency. The IMF is pushing hard to replace the dollar with its version. The likelihood of the collapse of the IMF and world institutions will probably arrive in 2031.
Big Tech will comply. They are already stripping us of our freedom of speech. This will become IMPERATIVE to oppress all freedom in hopes that they can establish this new totalitarian state which is the dream of Klaus Schwab and his band of merry thieves at the World Economic Forum. So the Internet will be highly monitored and restricted.
The point of investments post-2024 will be to hold on to tangible assets. They will make the transition from one currency to the next.
As far as bail-in’s being applied to people’s brokerage accounts the answer is yes. That was already done by Judge Martin Glenn who presided over M.F. Global bankruptcy and created the first BAIL-IN without Congressional Authority. He was the first one to engage in FORCED LOANS by abandoning the rule of law to help the bankers and protect Corzine from losses by taking client accounts to cover M.F. Global’s losses. That is no different from what we saw in Cyprus. He simply allowed the confiscation of client funds when in fact, the rule of law should have been that the bankers were responsible and M.F. Global’s losses, and it should have been reversed. Never should the client’s funds be taken for M.F. Global’s losses to the NY Bankers.
You will have NO “opt out” avenue. Taxes and commerce will all be digital. This is why they are pushing 5G in order to create instant transfers to enable them to replace cash transactions.
Regarding inheritance, the LEFT is also ready to push behind the curtain that upon death, everything should belong to the state. I fear this will only unleash civil war. Nevertheless, there is the crazy leftist in Australia proposing just that. It is unfair for one person to have wealth and another nothing. Concerning putting all assets and accounts in one’s children’s names now, avoiding this possible scenario as far as it can be avoided carries tremendous risk. It all depends on your country. When I bought a house 30 years ago, I simply added my children’s names. Today, you can’t do that, for it becomes taxable to them.
While we cannot rule out tactical nuclear weapons, the risk of an EMP attack will be devastating. That will wipe out the economy and take down the internet. The prospect of whatever you have in an account could simply vanish. That is one primary reason I am against the whole crypto-CBDC agenda, for in times of war, an EMP could devastate an adversary. I think this simply warns you should have some old silver coins pre-1965.
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!
This is a library of News Events not reported by the Main Stream Media documenting & connecting the dots on How the Obama Marxist Liberal agenda is destroying America
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