Join Us at the 2023 World Economic Conference in Orlando, Florida!

? Dates: November 17, 18, and 19 ? Location: Orlando, Florida, USA (or tune in from home with our virtual ticket options)

Are you ready to unlock the future of economics and finance? Prepare for an unforgettable World Economic Conference experience in sunny Orlando, Florida! This premier event is your gateway to insights, networking, and valuable resources that will supercharge your understanding of the global economy.

?️ What’s Included for In-Person Attendees:

1. Event Admission: Enjoy reserved seating assigned based on the order of ticket sales, ensuring you have a prime view of every presentation.
2. Presentation Slides: Gain access to the presentation slides from all speakers, allowing you to delve deeper into the topics discussed.
3. Video Recording: Can’t make it to a session? No worries! You’ll receive access to video recordings of all conference presentations, so you can catch up at your convenience.
4. WEC Event App: Connect with the conference on a whole new level. Access presentation slides, bonus reports, recordings, and more via the official WEC Event App.
5. Bonus Conference Materials: Get a package of bonus conference-related materials, including exclusive bonus reports and videos (as provided by Martin Armstrong).
6. Morning Information Sessions: Don’t miss out on important morning information sessions, screened on-site in the meeting room on Saturday and Sunday.
7. Networking Opportunities: Exclusive access to the Event App Networking Feature allows you to connect with fellow attendees, both in-person and virtual, fostering valuable professional relationships.
8. Culinary Delights: Savor delicious breakfast and lunch on Saturday and Sunday, prepared to keep you energized throughout the day.
9. Cocktail Reception: Kick off the conference in style at our Friday evening cocktail reception. Meet and mingle with fellow attendees while enjoying refreshing drinks.
10. Swag Bag: As a token of our appreciation, each in-person attendee will receive a swag bag filled with goodies, including an Armstrong Economics notebook, pen, and an event collector’s mug!

Unable to travel? We also have two different ticket options for those wishing to attend virtually! 

Don’t miss this opportunity to be part of a global gathering of economic and financial minds. Secure your spot at the World Economic Conference in Orlando, Florida, and gain the knowledge, connections, and resources you need to thrive in the world of finance and economics.

Space is limited, so act now and reserve your seat! Visit our Events page to register and join us in sunny Orlando this November.

Now available at all major retailers!

The eBook will be available shortly.

The second edition of “The Plot to Seize Russia – The Untold History” is now available for purchase in paperback and hardcover on Amazon and Barnes and Noble. The ebook will be available shortly.

Book description:

“Take care of Russia,” Boris Yeltsin said as he departed his presidency in August 1999. These words were directed at current Russian president, Vladimir Putin. Yeltsin specifically picked Putin as his predecessor to prevent the takeover of Russia.

So, who was Yeltsin warning against? Newly declassified documents from the Clinton Administration prove that there was a plot to rig the Russian election of 2000. These never-before-seen documents confirm numerous attempts to implement pro-Western policies using the Russian oligarchy headed by Boris Berezovsky.

On the other side were the communists who desired a return to the glory days of the Soviet Union. As one of the largest international hedge fund managers, author Martin Armstrong found himself in the middle of perhaps the greatest espionage, or attempt at a regime change for Russia, in modern history.

The Plot to Seize Russia pulls back the curtain to expose the most extraordinary attempt to seize power in modern history, but with the pen rather than armies. These declassified documents reveal a plot that has altered our thinking about the relations between the United States and Russia. The thirst for power comes seething through every line of these papers that alter our perception of reality, change the course of history, and now threaten us with World War III.

The European Union just sent another €3.9 billion to Ukraine to buy drones. This is not humanitarian aid. This is war financing. Reuters reported that the latest transfer is part of the EU’s new €90 billion loan program designed to keep Kyiv funded through 2026 and 2027. The money is being directed toward Ukraine’s drone procurement, meaning European taxpayers are now openly financing the weapons system that has become central to this war.

Do not let anyone pretend Europe is a neutral party. The EU Council itself says support for Ukraine has reached €211.3 billion since the war began. That figure includes military, financial, humanitarian, and refugee-related support. Now Brussels is adding a €90 billion loan on top of that to cover Ukraine’s budget and defense needs for the next two years. This is not charity. This is Europe admitting it intends to keep the war going because Ukraine cannot finance it on its own.

The EU sent nearly €2.8 billion earlier in June, Reuters reported another €3.2 billion tranche under the broader loan structure, and now another €3.9 billion is being pushed out for drones. Ukraine’s reconstruction costs are estimated at $588 billion over the next decade, while Kyiv is signing more than 160 recovery agreements worth over €10 billion. Europe is no longer merely supporting Ukraine. It is building the financial architecture for a permanent war economy.

This is precisely what I have warned about with the War Cycle. Governments buried under sovereign debt always need an external enemy. Europe cannot pay for its welfare state, its green agenda, its migrant crisis, its collapsing pensions, and now a permanent military commitment to Ukraine. Yet Brussels keeps borrowing, spending, and pretending this is sustainable. It is not. Debt becomes the weapon. War becomes the excuse.

They told the people this was about defending democracy. Then they censored dissent. They told taxpayers this would be temporary. Now they are financing Ukraine through 2027. They told everyone sanctions would collapse Russia. Instead, Europe entered depressionary conditions while Russia adapted. Now they are funding drones because the battlefield has shifted into a technological meat grinder.

The most disturbing part is that Europe is already acting as if it is at war. It is restricting Ukrainian men of military age from receiving new refugee protections, increasing defense spending, discussing conscription, and financing weapons production. The European Commission wants temporary protection extended until March 2028, but newly arriving Ukrainian men of military age without authorization from Kyiv may be excluded.

Europe is not trying to end this war. It is funding the next phase. The computer has warned that 2026 is a Panic Cycle, 2027 carries the serious risk of broader war, and 2028 brings the economic consequences. This latest €3.9 billion is not just another payment. It is another step down the road to a conflict Europe’s leaders seem determined to create.

Politicians continue insisting that mass migration carries no economic consequences. Anyone who questions the policy is immediately accused of being anti-immigrant. That has always been the tactic. Rather than debate the economics, they attack the person asking the question. Yet reality eventually catches up with political slogans, and now even economists are beginning to quantify what common sense should have told us years ago.

A new working paper from economists at the Federal Reserve Bank of Dallas examined the unprecedented surge in unauthorized immigration between 2021 and 2024. The researchers estimate that unauthorized immigrant workers accounted for roughly 30% of employment growth in the average metropolitan area during that period. More importantly, they found that in markets where housing supply could not expand quickly enough, a 1% increase in unauthorized worker inflows was associated with approximately a 2.2% increase in home prices and about a 1.4% increase in rents.

When population rises rapidly while housing construction fails to keep pace, prices climb. More people competing for a limited number of homes means higher prices. Demand rises faster than supply. The laws of supply and demand do not disappear because politicians prefer open borders. The Federal Reserve researchers also noted that housing construction did not expand sufficiently to absorb the additional demand, leaving existing residents competing for the same inventory. This is basic economics that governments have chosen to ignore.

The numbers illustrate just how severe the housing shortage has become. Freddie Mac estimates the United States remains short roughly 3.7 million housing units. The National Association of Realtors has repeatedly reported that existing home inventory remains well below historical norms, while the median existing-home price reached another record high during 2025. Meanwhile, mortgage rates have remained around 6% to 7% for much of the past two years, dramatically increasing monthly payments and pushing homeownership further out of reach for younger Americans. The result has been exactly what our computer projected years ago, employed adults increasingly remaining with their parents because housing has become unaffordable.

Politicians will inevitably try to blame investors, landlords, or speculators. Those factors exist, but they are only part of a much larger picture. Housing costs have also been driven higher by inflation, elevated interest rates, soaring insurance premiums, rising construction costs, zoning restrictions, and years of underbuilding following the 2008 financial crisis. Mass immigration adds another layer of demand on top of an already constrained market.

Civil unrest rises whenever governments ignore economic reality. Housing affordability has become one of the defining issues across the Western world, not just in the United States but throughout Canada, Britain, Australia, and much of Europe. You cannot continue adding demand while restricting supply and expect prices to remain stable.

Military strategists are still fighting the last war while the battlefield has already changed. Every major conflict throughout history has been defined by a technological revolution. Gunpowder ended the age of castles. Tanks transformed World War II. Precision missiles reshaped modern warfare. Now we have entered the age of the drone. The military that cannot dominate the skies with unmanned systems will lose, regardless of how many tanks, aircraft, or soldiers it possesses.

South Korea has reached the same conclusion. Its Defense Ministry announced that it will train approximately 500,000 soldiers, sailors, airmen, and marines as “drone warriors.” Defense Minister Ahn Gyu-back said every service member should become as proficient with drones as they are with their personal weapons. The plan calls for procuring 11,000 commercial drones by the end of 2026, expanding to 60,000 training drones by 2029, while also acquiring more than 20,000 low-cost combat drones by 2030. Seoul is accelerating production of loitering munitions, AI-enabled drone swarms, laser weapons, and microwave systems designed to destroy incoming drones.

They are responding to the lessons of Ukraine, where inexpensive FPV drones costing only hundreds or thousands of dollars routinely destroy tanks worth millions. The battlefield has become saturated with unmanned aircraft. Ukraine plans to manufacture roughly 7 million military drones in 2026 after producing about 4 million in 2025. According to Ukrainian officials, drones now account for the overwhelming majority of battlefield strikes, fundamentally changing military doctrine. Entire branches of both the Ukrainian and Russian militaries are now dedicated solely to unmanned systems.

A modern drone operator can eliminate armor, artillery, supply convoys, or individual soldiers from miles away while sitting in relative safety. Fiber-optic drones have largely defeated electronic jamming. AI-assisted targeting is reducing operator workload. Swarm attacks can overwhelm traditional air defenses that were designed to intercept aircraft, not hundreds of inexpensive autonomous systems arriving simultaneously. Ukraine has even developed interceptor drones whose sole mission is to hunt other drones, creating an entirely new layer of aerial combat.

South Korea is not alone. Russia formally established its Unmanned Systems Forces, with Ukrainian military estimates claiming the branch could expand from roughly 80,000 personnel today to more than 165,000 during 2026 and perhaps over 200,000 by 2030. NATO countries are pouring billions into drone production, counter-drone technologies, autonomous weapons, and electronic warfare. The United States, China, Israel, Turkey, and Europe are all racing to build domestic drone industries because they understand the next war will not be won by the side with the largest army. It will be won by the side that can produce, replace, and innovate faster than its opponent.

This is precisely why I have warned that the War Cycle is changing the global economy. Wars no longer require decades to build fleets of battleships or thousands of heavy tanks. A nation with sufficient manufacturing capacity can produce tens of thousands of drones every month. The barriers to entry have collapsed. Software updates now matter as much as ammunition. Engineers have become as important as infantry.

The defense industry is no longer limited to traditional contractors producing aircraft carriers and fighter jets. Semiconductor manufacturers, AI companies, battery producers, optics firms, communications specialists, robotics companies, and rare-earth miners have all become part of the defense sector. This is why governments are scrambling to secure critical minerals, expand chip production, and protect supply chains. They are preparing for a world where industrial capacity determines military survival.

Our computer has consistently projected that 2026 marks the acceleration of the international War Cycle. The military transformation unfolding before our eyes confirms that forecast. The next great conflict will not resemble Iraq, Afghanistan, or even the opening stages of Ukraine. It will be fought by autonomous systems, artificial intelligence, electronic warfare, and millions of inexpensive drones operating continuously across every battlefield. The drone has become what the machine gun was in World War I and what the tank became in World War II. Anyone who fails to recognize that reality is preparing for a war that no longer exists.

Audrey Pulvar, deputy mayor of Paris for international relations, on social media.

Blames Trump for the 1300 deaths in France from the Heat Wave

She wrote:

“Dear American journalists and social media ‘influencers’: for days, some of you have been criticising and making fun of Paris because the city does not have A/C in every room…OMG, this is so rich!”

“As the second-largest emitter of greenhouse gas emissions in the world, you bear a significant amount of responsibility for global warming and the consequences we, in France, are experiencing. Your cities, which are 90 per cent air conditioned, are not unrelated to this.”

No wonder Macron wants WWIII. Perhaps Russia will nuke all the air conditioning in the US to save France

For six decades, I’ve had a front-row seat to how the world actually works—not from a classroom or a newsroom, but from the trading floor, the negotiating table, and behind closed doors with governments across the globe. That experience isn’t something you can Google. It’s earned, and it’s what I’ve finally put into book form. There will be two other books on the Economic Confidence Model and the Geometry of Time. I am 76 year old, this is what I am leaving behind. I am not doing this for profit or to solicit money for management. Everyone has a shelf-life – that’s just physics and the Second Law of Thermodynamics does apply to markets and the economy. Like Frank Sinatra said, I did it My Way. Everyone who has asked me to pass it on to the Next Generation, I am giving it a shot.

This  July 25th Conference for the Next Generation event marks the first edition of that knowledge—the raw, unvarnished truths I’ve spent a lifetime collecting. If the printer finishes on time, every attendee will receive a copy. But this isn’t a mass-market launch. It’s a one-time gathering, and I won’t be doing this again.

We’re keeping this strictly at cost—no frills, no livestream, no markup. Why? Because I want anyone who truly wants to learn to be able to walk through the door, not priced out by production gimmicks. Even so, just renting a room today runs $10,000, so we’re cutting every corner we can to make this accessible.

As a preview, I’m making the first 86 pages available for download right now. Read them. See if this resonates. And if it does, come join us in person—because this conversation won’t be repeated.

NEXT Generation-F Part I

The United States is now chasing critical minerals because Washington finally realized that outsourcing everything to China was national suicide. Tungsten is not some luxury commodity. It is used in missile warheads, fighter aircraft, semiconductors, and defense technology. Kazakhstan has one of the largest undeveloped tungsten deposits in the world, and the project could eventually produce around 12,000 metric tonnes per year, roughly equal to America’s entire annual imports.

But here is where the story begins to stink. According to India Today, before the Kazakhstan deal was finalized, the Trump administration was prepared to back the project with up to $1.6 billion in federal financing. Within weeks of negotiations, companies linked to Donald Trump Jr., Eric Trump, and Commerce Secretary Howard Lutnick’s family acquired financial interests in entities connected to the mining project.

Documents reviewed by The New York Times, as reported by India Today, show that Dominari Securities, an investment firm based in Trump Tower and partly owned by Donald Trump Jr. and Eric Trump, joined investors in acquiring a 20% stake in a company tied to the Kazakhstan venture. Around the same time, Cantor Fitzgerald, formerly led by Howard Lutnick and now overseen by his sons Brandon and Kyle, helped ASP Isotopes raise $210 million. Those transactions can generate millions in fees for an investment bank.

This is exactly why people no longer trust government. They are told every deal is about national security, then the same political families and connected banks somehow appear near the money. The article reports that companies connected to the Trump or Lutnick families have financial interests in at least 14 mining ventures pursuing projects backed by the U.S. government, involving more than $8.9 billion in federal financing or regulatory approvals. That does not prove illegality, but it absolutely raises the question every taxpayer should ask, who benefits?

The White House denied wrongdoing, saying, “The only special interest guiding the Trump administration’s decision-making is the best interest of the American people.” Eric Trump said he was “a passive investor with absolutely no management role.” Fine. Then disclose everything. If taxpayer financing is involved, if federal approvals are involved, and if the sons of the president or commerce secretary are financially positioned around the deal, the public has every right to demand full transparency.

This is how empires rot. Strategic resources become political prizes. Government financing becomes a pipeline for insiders. The public is told it is all for national security while the connected class quietly buys into the projects before the money flows. I have no problem with America securing tungsten. I have a problem when those close to power appear positioned to profit from government-backed deals.

The deeper trend remains clear. The world is moving from globalization into resource nationalism. Critical minerals are the new oil. China controls too much of the supply chain, and the United States must rebuild access to strategic materials. But if Washington turns that necessity into another insider enrichment scheme, then it will only accelerate the collapse in confidence. The resource war has begun, and the political class is already circling the spoils.

Everyone is talking about artificial intelligence as though it is simply the next technology boom. They are missing the bigger picture. The country that controls the chips, the data centers, the electricity, and the manufacturing capacity will hold the strategic advantage for decades. This is no different than steel before World War I or oil during the twentieth century. Nations are no longer competing over cheap labor. They are competing for technological dominance.

South Korea has now announced one of the largest industrial investment programs in modern history. President Lee Jae Myung unveiled a national strategy centered on semiconductors, physical AI, and AI data centers, with more than $576 billion in planned investment. At the center of that plan are Samsung Electronics and SK Hynix, the world’s two dominant memory-chip manufacturers, which together produce roughly two-thirds of the global memory chip market. Samsung alone plans domestic investments totaling 2,450 trillion won through 2040, while SK Group is committing roughly 2,100 trillion won across semiconductor and AI projects.

People still think this is about ChatGPT and faster computers when the scope for power is greater than one could imagine. Every AI system requires enormous computing power, advanced memory chips, electricity, cooling infrastructure, and secure data centers. Those same technologies are indispensable for military intelligence, autonomous weapons, cyber warfare, robotics, satellite systems, and surveillance. South Korea understands that whoever controls AI hardware controls the future. Europe, meanwhile, continues regulating everything while others are building it.

This is exactly what the computer has been projecting. Globalization is breaking apart. Governments are abandoning the fantasy that everyone can depend on everyone else. The United States is racing to secure critical minerals. China continues investing aggressively in semiconductors despite sanctions. Japan is rebuilding its industrial base. Now South Korea is making perhaps the largest strategic industrial commitment in its modern history. These are not isolated announcements. They are all preparing for the same world, one defined by geopolitical confrontation rather than free trade.

Investors also need to understand what this means for capital flows. Capital always moves toward strategic industries during periods of geopolitical uncertainty. In previous generations that meant railroads, oil, automobiles, or aerospace. Today it means semiconductors, AI infrastructure, energy production, and critical minerals. This is why companies such as Samsung and SK Hynix have become some of the most valuable corporations in the world. AI is no longer a speculative theme. It has become strategic infrastructure. Only a week ago, SK Hynix overtook Samsung as South Korea’s most valuable listed company, driven by surging demand for AI memory chips.

Our computer has warned repeatedly that the sovereign debt crisis and the War Cycle are converging. Nations preparing for geopolitical conflict invest first in production capacity. They secure energy supplies. They stockpile strategic resources. They build semiconductor fabs. They expand defense manufacturing. South Korea’s announcement is another confirmation that governments are preparing for a very different world than the one politicians continue describing to the public. The AI race is no longer about innovation alone. It has become the latest front in the global economic war, and that trend will only accelerate into the Panic Cycle and beyond.

How many times have politicians stood before the American people claiming Social Security is “running out of money?” That is the biggest fraud of all. I have said for decades that Social Security is nothing more than a Ponzi scheme. Your payroll taxes are not sitting safely in an account waiting for retirement. They were spent by Washington years ago. The so-called Social Security Trust Fund is filled with government IOUs, not real assets. Every administration kicked the can down the road while pretending there was a trust fund. There never was. They borrowed every dime and spent it on everything except what workers were promised.

Now look at what has surfaced inside Obamacare. According to Health and Human Services Secretary Robert F. Kennedy Jr., more than one million Obamacare enrollments lacked Social Security numbers. Kennedy stated, “The Obamacare marketplace is plagued by fraud in large part because the Biden administration dismantled basic program integrity guardrails.” He then asked the question every taxpayer should be screaming at Congress: “Why are we paying people we don’t know if they actually exist?” The administration says it has already removed roughly 2.8 million improper enrollments after reviewing eligibility and broker activity, yet they estimate over one million broker-assisted enrollments were submitted without Social Security numbers. That should terrify every American who pays taxes.

Dr. Mehmet Oz exposed another layer of the scandal. “Some of these agents refuse to follow basic rules like providing their clients’ Social Security number. That, my friends, is a huge red flag.” CMS officials say certain brokers enrolled people without their knowledge simply to collect commissions from taxpayers. Once again, Washington’s answer is never accountability. Billions disappear, fraud flourishes, nobody goes to prison, and then politicians return to the microphone demanding more money from the productive class.

Meanwhile, they continue claiming Social Security is going broke because Americans are living too long. Give me a break. In 2025 alone, Social Security paid roughly $1.6 trillion in benefits to more than 73 million Americans. Workers continue paying 12.4% of wages into the system through payroll taxes, yet every surplus collected for decades was loaned directly to the federal government and spent. Today, the Trust Fund holds Treasury securities, promises from a government already drowning in over $40 trillion of federal debt. They stole from one pocket, stuffed an IOU into the other, and now expect everyone to pretend the money is still there.

This is what governments do when they reach the end of the sovereign debt cycle. They waste trillions overseas, finance endless wars, expand every bureaucracy imaginable, tolerate massive fraud, and then have the audacity to tell retirees they must sacrifice because “the system isn’t sustainable.” No, Washington isn’t sustainable. Social Security did not fail because retirees collected too much. It failed because politicians treated workers’ retirement savings as their personal checking account.

Do not expect this to improve. Governments never admit failure. They always look for someone else to blame. First, it was the rich. Then it was retirees. Tomorrow, it will be anyone with savings left. As confidence in sovereign debt continues to erode into the next phase of this crisis, every entitlement program becomes another political weapon. The real crisis has never been Social Security. The real crisis is a government addicted to debt that has spent future generations into oblivion while pretending every promise can somehow be honored.

For this July 25th Conference for the Next Generation, I have written a book that those attending will be able to get if the printer finishes it on time. This will be the first edition of knowledge I am trying to pass on. We won’t be able to live stream this event because are trying to keep costs to a minimal so that anyone can join. I am including the first 86 pages here as a preview, which you can download. I won’t be doing this again. We are trying to keep this at cost. Even renting a room these days is $10,000.

NEXT Generation-F Part I