COMMENT: Good day;
The great public pension fraud here in Ontario, Canada allowed the public service unions to endorse Liberal candidates who would give them their 3% raises every contract. This gave them an 18% head start (the number of public sector employees) to win an election that only required 34% to gain power.
The percentage of Liberal voters rises since children of public employees are likely to vote the same as their parents.
Even when Conservative’s hit the campaign trail, they too promised better civil pay because they knew 1/5th the voters worked for the government. Corrupt as hell!
Your comment on government pensions hits the mark. Ontario is the largest by population of 14 million. The number of public service employees is nuts, 18.6% (1.3 million) of the total employed. The pension burden is enormous. As private wages have stagnated for 2 decades now, pension and benefit costs came out of the employee’s wages, but our civil servants got the raises and the benefits.
Suspicions are the current employees are paying today’s pensioners but data is held close to the chest.
Analysts find it difficult to gather data on public pension funds. Go figure, we funded it. But it is clear they are finding excuses to either hire more or at least keep current levels.
What is upsetting, I never found anyone besides you who realized these changes. And you’re not even Canadian. It’s terrible how politicians could create this divide between the working people in both public and private classes. The fuse is ready to light.
Stick around for the fireworks, it’ll be a show.
RH
REPLY: The pension crisis is not unbelievable. A blind man can see that this system is simply going to meltdown and lead to serious civil unrest. Why I am often the only one saying things is fairly simple. It is not that I am the ONLY person capable of seeing such a trend. The problem stems from the fact that I am INDEPENDENT and we are not a one-man-band newsletter. We have the resources and are global and have always been. Therein lies the distinction. Because we are global, we have to monitor the world. We have been the LARGEST institutional adviser with more than 25,000 institutions stemming from back in the 1990s.
Now, how did that ever happen? It was actually explained to me at lunch in Geneva by one of the heads of a major Swiss bank. He pointed out that there were no real European analysts that anyone listened to because that all had to be politically correct. The top analysts are at banks and brokerages. They CANNOT come out and say the euro will crash or the system is screwed because that will then be attributed to the bank or brokerage house and they will instantly lose their job.
Here is an Advertisement by Merrill Lynch from 1975 as the economy was crashing into the worst economic recession since the Great Depression. Paul Volcker explained in 1979: “By the early 1970s, the persistence of inflationary pressures, even in the face of mild recession, began to flash some danger signals; the responses of the economy to the twisting of the dials of monetary and fiscal policy no longer seemed quite so predictable. But it was not until the events of 1974 and 1975, when a recession sprung on an unsuspecting world with an intensity unmatched in the post-World War II period, that the lessons of the ‘New Economics’ were seriously challenged.”
There is no bank or brokerage house that has EVERforecast the top in a market. They do not try to do that unless they are trying to sell you bonds. There is a new documentary film coming out soon. I managed to get a few RETIRING bond dealers who worked in banks to appear and explain how the ECB has destroyed the bond market. They could NEVERspeak out when working for the bank. The central bank would be on the phone demanding they be fired.
You must understand that 99% of the professional analysts work for institutions that must be politically correct. We were the FIRST to do FOREXglobally. That is why we grew internationally. There were 37 countries represented at the WEC in Orlando. Nobody puts together such global audiences. No analyst could say the pound would crash or the D-Mark because it was not politically correct no matter what they personally believed. Consequently, there is no other analytical firm that even visits central banks on all continents. We have no conflicts of interest. That is ESSENTIAL. The top analysts at major banks or institutions cannot get in the door for they represent proprietary trading by institutions which presents conflicts of interest.
So the reason it is often me standing alone is complicated, but it all stems from politics. By no means am I really the only person who sees what is coming. Other Canadian analysts cannot come out and say, “OMG!” their employers would respond, “OMG! You’re fired
Believe it or not, Illinois confiscated and sold 50,000 cars because people had tickets that they could not pay. They still have to pay the banks on their car loans. The tickets are for expired “city stickers” that were implemented to collect more taxes from Chicago drivers. So these are not even tickets for parking or speeding. These are stickers to allow you to drive in the city. Worse still, if they get more than you owed, they keep it and it is not applied to your debt. This is no longer a government for the people. It is a hostile environment against the people at every turn
Merkel and Macron, two politicians who cannot muster even a majority of their people for support, signed a Franco-German friendship treaty which has allowed them to boast that this is the first step to creating a European Army. There is a mad rush behind the curtain to create a European Army, not to protect Europe from Putin, but to protect the government in Brussels from the people they rule. They are very much aware that the best way to secure power is to have a foreign army.
In Constantinople during the Byzantine Empire, Emperor Justinian faced the same issue as Macron — a rising discontent. The local lack of support from both the police and military of the Emperor embolden the people to rise up. They went as far as to declare a new emperor, Hypatius. Justinian was about to flee the city for his life when his wife stopped him. She pointed to an army outside the city which was not made up of local Greeks. He ordered the army to enter the city to protect him. They slaughtered what we would call today the Yellow Vests, killing some 30,000 protesters.
This lesson of the Nika Revolt (January 13, 532 AD) is perhaps not openly discussed in public circles, but it is WELL KNOWN behind the curtain. This is why they need a European Army for Greeks would have no problem killing Germans when ordered and Germans would have not problem killing Italians when ordered. The key to maintaining order is always to use police/troops that are NEVER local.
Hopefully, that political ploy will fail before it can really come into play
I have been asked many times why I was friends with Margaret Thatcher. I’ve also been asked if I have known any other politicians since who I was proud to call a friend. This video explains a lot as to why we were friends. We shared a view that really no longer exists in government be it among the Republicans in the USA or the Conservatives in the UK.
I have not met any politicians ever since who truly understands the role of government and its impact upon the people. I suppose I am not suited for this time period. I cannot change the course of events for the whole. All I can do is watch the consequences of our own stupidity.
I am proud to have met Maggie. She had a brilliant mind. I named that report “It’s Just Time” after her remark when we were discussing politics. She predicted Tony Blair would win in Britain long before he even appeared. When I asked her why, she replied, “It’s just time,” and that the Conservatives had been in power too long.
Maggie addressed our 1996 World Economic Conference. For a head of state to come to our WEC and publicly address the audience was an endorsement of the fact that Maggie herself understood cycles existed.
QUESTION: Happy New Year;
Am I correct in noticing a global connection in the money supply, M1 & M2? You directed us to this long ago.
The global banks have found the turning point so this affects everything no? Even the US consumer is sliding to the cautious side of spending – fewer mortgages, cars, etc. The coffee shops are now worried about a market melt-down.
Martin, you’re starting to make my brain hurt. But it’s a good hurt.
Thank you;
RH
ANSWER: Yes, but there is another influence — rising taxes. The economy declines when taxes rise for the simple reason that when politicians raise taxes, they are reducing the net disposable income. Simply put, if I give you $100 and then demand you give $90 back, but the year before I gave you $80, you can point to the fact that your income rose. However, you can only spend what you have left in your pocket. Women may have won the independence they were protesting for in the 1960s, but now they have lost the right to stay home and raise the kids. What use to take one income to support a family BEFORE the payroll tax now requires two. Once the government began income taxes (DIRECT TAXATION) economic growth rates gradually declined. We have been in a protracted decline since World War II. Tax revenue in France is 46% of GDP as people leave to invest elsewhere.
While the dollar haters are constantly calling for its demise, when we look at the stats, we see a very different picture. Since 2005, the euro’s share of bank loans has collapsed from 30% of the world market to just 20%, while the Greenback has soared from 60% to now 70% of world debt transactions. I have warned that the Fed is being lobbied from every angle to stop raising rates because the number of dollar loans outside the USA is staggering.
The Greenback remains the number one currency in foreign exchange transactions. The euro has collapsed from 38% of the transactions back in 2001 to about 30%, and is about to break that level in 2019. The British pound is rising in market share, reaching 13%, running fourth behind the Japanese yen with the Swiss franc in 5th place
QUESTION: Mr. Armstrong; So if I am correct, you have no problem with the inequality of wealth because you have it. Correct?
JS
ANSWER: Let us look seriously at this issue. All of these people who talk about the disparity or inequality of wealth, claiming it is evil, completely fail to even understand the subject. The wealth of someone like Bill Gates and others who created companies like Henry Ford have been looked at or regarded as the super rich and thus evil. The problem boils down to assets v income. Pretend you bought a house in a modest area, say Atlantic City, and then the state passed a law that allowed casinos. Suddenly, your house goes from $100,000 to millions. So you are now “rich.” Since the land value rose, does that mean you should now pay more income taxes every year that may exceed your salary since you own a house that is worth more than average?
Those who talk about the “rich” look at their total asset values and not actual income. The value of someone is based upon their stock holding in a company they created. That is NOT cash. So should they be compelled to surrender that holding? If so, to whom? The government? So now Microsoft is seized by the government. If they sell it in small packages to the average person, the company will not be worth what it once was when the creator is driven out. Apple had to bring back Steve Jobs.
The “super rich” will pay taxes on their income every year but not on their assets, which fluctuate up and down. You may be surprised that most billionaires do not even have $1 million in a checking account. If we tax assets, then you will wipe out all small business that creates 70% of employment. How many farmers died and their heir had to sell off chunks of land to pay death taxes instead of continuing the family business?
You will hear about some billionaire who paid little taxes. That is simply the difference between asset values they did not sell and income. If you bought IBM in 2009, should you be taxed every year on its value that you held but did not sell? So you paid taxes one year when the market peaked, and the next year it is down 50%. You could have paid more in taxes in a bull market than the stock is worth when you sell it. That is the problem with real estate. Add up all the taxes and interest you pay and see if you really made any money bottom line. Most people lose in purchasing power terms.
Silvio Berlusconi announced his candidacy for European elections in May due to a “sense of responsibility.” Indeed, this may be the best thing that ever happened. The EU pulled off a coup secretly behind the scenes to drive him from office because he wanted to take Italy out of the euro to save his country. Our deep sources all confirmed the EU intervened in the Italian elections to remove Berlusconi, which was effectively a coup back in 2013.
Southern Europe has been seriously disrupted from joining the euro. They were forced to convert their past debts to euros and then the euro doubled in value, causing their real world national debts to double in terms of international value. Is it any wonder their economies have been in a death spiral? Unemployment among the youth has reached 60% in some regions, and they are now known as “The Lost Generation.”
The May elections for the EU are looking like a lot more anti-EU and people will be taking up seats in Brussels.
Gun sales in Germany have soared because of what they call the “Rapeugees.” Three years ago, more than 2,000 German girls were raped/sexually assaulted on New Year’s Eve in several German cities. Then a leaked document surfaced reporting that 2,000 men assaulted and raped 1,200 girls across Germany on New Year’s Eve in 2015/2016.
Initially, there was dead silence from officials and the press was not reporting the truthafter joining the cover-up conspiracy. Only after reports hit the internet (we even had clients contacting us) did the truth begin to surface. The government then told the police to remove the word “rape” from official reports to allow politicians to deny what took place. The police were even told to remove the word “RAPE” from all reports on the Cologne attacks. Police Chief Wolfgang Albers, age 60, was fired after criticizing the police’s lack of involvement during the incident.
Merkel responded by introducing classes to teach them not to touch women. Well, when a politician refuses to admit a mistake, what do you do? You go all the way. Believe it or not, Germany is creating flirting courses to help refugee men get lucky. Yes, taxpayer money is now being used to get the refugees lucky with German girls. So if you thought you have seen it all, well, the insanity never ends. There is always room for more when politicians are involved.
That simply did not go over well. Most German girls did not wish to get involved with refugees who have no real respect for women or women rights. So it should come as no surprise that there has been a surge in gun sales, and girls in their 20s have been one of the major buyers of guns.
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