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Join Us at the World Economic Conference in Orlando, Florida! Nov. 17-19, 2023

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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.

NEW BOOK Now Available : "Mark Antony & Cleopatra"

Mark Antony Cleopatra Cleopatra Proxy War

Now available at all major retailers!

The eBook will be available shortly.

"THE PLOT TO SEIZE RUSSIA - THE UNTOLD HISTORY"

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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.

Understanding Domestic vs Global – the Perfect Storm

 

COMMENT: Marty, you are not the only one who can’t beat Socrates. Every time I swore the high was in place, Socrates said no, he won, I lost. A close friend of mine who works at one of the major investment banks told me that Wall Street has tried to fight you, and you usually win. Socrates is the only model that can adapt to a parabolic move that nobody has ever seen. Thank you for opening Socrates to the world. That has been your greatest revenge.

Darrell

Superposition Event Complexity

REPLY: Even a former employee said that when he inquired about me with Goldman Sachs. Look, first of all, I spent tens of millions in gathering data. I had a team at the Royal News Paper Library in London recording all the foreign exchange data that nobody has.

IBBPUS Y 1 1 25

Here is the British pound against the US dollar from 1789. The computer has a database that is  UNPARALLELED. I have recreated the entire world monetary system going back thousands of years.

1694 2021 BOE Rate

CALLMONY MA

To understand the Panic of 1899 who most people never heard of, US interest rates nearly hit 200% on the NYSE. To comprehend that, it required a global database because the Panic was the result of actions by the Bank of England.

World Global Economy dominate Domestic

The reason 99.9% of the standard economic theories are failing is because they are ALL domestic oriented. That is because academics promote government intervention to eliminat the business cycle. Wesley Mitchell and Karl Marx both agreed that capitalism was indeed inherently unstable. They both did not like the business cycle. Keynes provided the theoretical justification for aggressive, discretionary fiscal policy (deficit spending) to directly manage aggregate demand during a economic recession/slump. It was a powerful macroeconomic lever, not just gradual reform. It justified socialism.

Euro Over the Edge

The explosive move in precious metals we are witnessing is not merely another bull market rally. Gold reaching $4991.4 and silver clearing $103.53 represents a fundamental breakdown in confidence in the world monetary system that has been building since the 2008 financial crisis. This is the market screaming that the debt spiral has reached terminal velocity intermixed with war that is likely to push the euro off the edge and we see the signs of stress in Japan as well.

Perfect Financial Storm

We are entering this first quarter of 2026 a Perfect Financial Storm. Those in power will only act in their own self-interest. They are not interested in their own countries no less even considering reform.

Trump Responds 1 15 26

I assume that readers have been writing to Trump and other heads of state because this just came in the mail and I did NOT write to Trump recently. Nevertheless, the computer DOES NOT like what it sees into early February. I will be doing an extensive update on the precious metals for the private blog tomorrow.

United States Withdrawal from the World Health Organization

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The United States Withdrawal from the World Health Organization: A Cyclical Analysis of Sovereignty and Global Health Governance

January 23, 2026

The Trump administration’s decision to withdraw the United States from the World Health Organization represents far more than a simple policy shift. This marks a critical inflection point in the post-World War II international order, one that follows predictable cyclical patterns we have observed throughout history when nations reassert sovereignty against supranational institutions that have overreached their original mandates.

The Historical Context

The WHO was established in 1948 during the reconstruction period following World War II, part of the broader Bretton Woods architecture designed to prevent future global conflicts through international cooperation. For 76 years, the United States served as the organization’s largest financial contributor, providing approximately 16% of its total budget when combining assessed contributions and voluntary funding. This amounts to roughly $1.3 billion annually in recent years.

However, the relationship has deteriorated along a predictable timeline. The first withdrawal announcement came during Trump’s initial term in 2020, following the COVID-19 pandemic’s emergence. That was 51.6-years conclusion from its birth April 7th, 1948. That decision was reversed by the Biden administration in 2021. The current withdrawal, formalized through executive action in January 2025, follows the same 51.6-year cycle we observe in shifts between nationalist and globalist governance models.

Flatening the Curve

The WHO declared COVID-19 a global pandemic. This was a call to action, not a declaration for lockdowns. In March 2020, the WHO advised countries to take urgent and aggressive action. A key phrase used by WHO officials was that countries should go on a “war footing” and that the goal was to “flatten the curve.”

Politics 6 feet republican democrat

 The WHO’s primary recommendation was for a comprehensive package of public health measures, including testing, contact tracing, and isolating cases. Physical distancing, a term they preferred over “social distancing,” to reduce transmission where the virus was spreading uncontrollably. That was absurd and void of science. They claimed this would protect health systems from being overwhelmed.

WHO Logo

Crucially, the WHO often framed widespread “lockdowns” (stay-at-home orders, business closures) for when transmission was out of control and other measures failed. They emphasized that lockdowns should be used to buy time to set up stronger testing, tracing, and healthcare systems. The specific decision to implement a full lockdown, including its timing and severity, was made entirely by national and local governments. This is what caused massive economic destruction.

On Mass Vaccination, December 31, 2020 was the key date. The WHO issued its first Emergency Use Listing (EUL) for the Pfizer/BioNTech COVID-19 vaccine. This was a regulatory step to validate the vaccine’s safety and efficacy for global use, enabling distribution to countries without strong regulatory agencies. The was total BS and nobody has looked at bribery now that we know the vaccines were neither safe nor effective.

The WHO, along with partners like Gavi and CEPI, set up the COVAX Facility, which was their Strategic Goal (Late 2020/Early 2021):. Its goal was to ensure global, equitable access to vaccines, with an initial target of vaccinating the most vulnerable 20% of every country’s population at tremendous profit to Bill Gate, et el.

The WHO strongly advocated for the rapid and equitable rollout of vaccines as the primary tool to end the acute phase of the pandemic. They issued guidance on prioritization (health workers and high-risk groups first) and later on booster doses.

The Sovereignty Cycle

What we are witnessing aligns with historical patterns of nations reclaiming authority from international bodies when those institutions are perceived to have exceeded their technical mandates and entered political domains. The WHO’s handling of the COVID-19 pandemic, particularly its initial deference to Chinese government narratives in early 2020, created a crisis of confidence that has proven insurmountable.

The core grievances driving this withdrawal include:

The United States contributed disproportionately while possessing voting power equivalent to smaller nations. This economic reality became politically untenable when Americans questioned the return on investment during a crisis that originated in Wuhan.

The organization’s relationship with Beijing, including praise for China’s pandemic response despite evidence of initial cover-ups, damaged credibility among Western powers. This follows the pattern we see whenever international institutions become captured by specific national interests.

Proposed pandemic treaty provisions that would have granted WHO officials greater authority during health emergencies rising to the level of a dictatorship triggered constitutional concerns about delegating emergency powers to unelected international bureaucrats.

The Economic Implications

The immediate financial impact on WHO will be severe. Losing 16% of operational funding creates an organizational crisis that will force prioritization of core functions over peripheral programs. This will likely accelerate a shift toward programs funded primarily by China and European nations, fundamentally altering the institution’s character.

For the United States, the $1.3 billion in annual savings represents a trivial fraction of the $6.8 trillion federal budget, but the symbolic value is enormous. This money will theoretically be redirected toward bilateral health partnerships and domestic public health infrastructure, though government efficiency rarely works so cleanly.

The Geopolitical Realignment

This withdrawal accelerates the bifurcation of global health governance into competing spheres of influence. China will inevitably expand its role within WHO, using health diplomacy as another tool of influence across developing nations, particularly in Africa and Southeast Asia. The Belt and Road Initiative already incorporates health infrastructure; WHO alignment provides multilateral legitimacy to these bilateral arrangements.

Europe faces an uncomfortable choice. France and Germany have criticized the American withdrawal while simultaneously acknowledging WHO’s structural problems. They lack the financial capacity to replace American contributions without politically difficult budget reallocations. This forces European powers to either accept diminished WHO capabilities or increase contributions at a time when domestic budgets face unprecedented pressures.

The power vacuum in global health governance will not remain empty. Nature abhors a vacuum, and so does geopolitics. Regional health organizations will gain prominence—the African CDC, Pan American Health Organization, and similar bodies. This fragmentation may actually improve responsiveness to regional needs, though it complicates coordination during truly global health emergencies.

The Pandemic Preparedness Question

The central question is whether centralized global health governance actually improves pandemic outcomes. The evidence from COVID-19 is mixed at best. Nations that ignored WHO guidance initially—Taiwan, for instance—often fared better than those that followed it religiously. This suggests that rigid international protocols can become obstacles rather than solutions during rapidly evolving crises.

Decentralization creates redundancy, which engineers recognize as essential for system resilience. If one node fails, others continue functioning. Multiple competing approaches to pandemic preparedness may seem inefficient compared to unified global standards, but they provide the adaptive diversity necessary for responding to unknown future threats.

The American withdrawal will likely spur domestic investment in disease surveillance and rapid response capabilities. Whether this proves more effective than WHO-coordinated efforts depends on execution, but the incentive structure changes dramatically when you cannot externalize responsibility to international bureaucracies.

The Turning Point

We are at a major turning point in international relations that extends far beyond health policy. The post-1945 architecture of international institutions was built on American willingness to fund and participate in organizations that constrained American sovereignty in exchange for rules-based international order. That bargain is being renegotiated in real time.

bureaucracy self perpetuating resistant to reform 1

The WHO withdrawal follows the broader pattern of questioning whether these institutions serve their original purposes or have become self-perpetuating bureaucracies resistant to reform. The United Nations, International Criminal Court, and various trade organizations face similar credibility challenges. When institutions designed to solve collective action problems become forums for political positioning, their utility diminishes.

The timing aligns with our models showing increased sovereign assertion occurring in 2024-2028 across multiple domains. This is not isolated American policy but part of a global trend toward nationalism and away from multilateral consensus. Britain’s exit from the European Union, the rise of sovereignty-focused governments across Europe, and increasing skepticism toward international climate agreements all reflect the same underlying cycle.

One World Government 1

Reality

The American exit from WHO represents a calculated rejection of the post-war globalist model in favor of bilateral relationships and domestic capacity building. Whether this proves strategically wise depends on factors that will not become clear for years. Pandemics, by their nature, do not respect borders or political preferences. The problem is sovereignty and the attempt by the WHO for global Dictatorial Powers is incompatible with a democratic/represented form of government. Yet, that is the ultimate goal of the globalists – a one-world power with absolute unelected control.

What is certain is that global health governance will be fundamentally restructured around this decision for the better. The WHO will either reform dramatically to retain relevance with remaining members, or it will become a vehicle for Chinese influence over developing nations’ health policies. Neither outcome serves the original mission of coordinating global disease prevention and response.

The cycle suggests this is not the end of international health cooperation, but rather a transition period before new arrangements emerge. History shows us that international institutions must evolve or become obsolete. The WHO’s failure to adapt to changing geopolitical realities made this outcome inevitable. The question now is whether what replaces it will be more effective or simply more fragmented.

The United States has made its choice. The rest of the world must now decide whether to reform the institution, replace American funding, or accept a diminished role for multilateral health governance. These decisions will shape pandemic preparedness for the next generation, for better or worse. From an economic viewpoint, this is a fantastic decisions when the WHO has lost all credibility and then had the audacity to see g;lobal dictatorial power without even medical personel.

Schwab and Tedros WHO

Meanwhile, Tedros Adhanom Ghebreyesus is the head of the World Health Organization. Tedros is the first person in the 72-year history of the WHO who is NOT even a medical doctor, just like Bill Gates. It was Schwab who supported him for that post, just as he recommended Legarde for the IMF and then for the European Central Bank. He has also put in the head of the IMF from his board of the WEF as well. Schwab also has the WHO in his back pocket. To put someone who is not a medical doctor at the head of the World Health Organization would be like putting Jeffrey Epstein as the head of a monastery. There have been long-standing concerns about Tedros as well as calls for his resignation which go unanswered.

Schwab Construct Future

Schwab is not evil. He is just an academic who believes that government has the power to alter the economy and the future. He has created his Young Global Leaders and his Global Shapers all to be indoctrinated with his philosophy that we are not individuals but mere worker bees in a hive destined to serve the queen or, in this case, the government.

Huxley

Many academics look down upon society with disgust – we are the great unwashed. They fail to see that all innovation comes only from the freedom to think. They are repulsed by the thought that we are of any value to society. They believe they are far more intelligent than the workers below, so why bother to even speak to us? Julian Huxley was part of the establishment of the United Nations setting out the goals of UNESCO where he outright stated that “unrestricted individualism is equally erroneous.” He saw the individual as meaningless.

Market Talk – January 23, 2026

Market Talk 2017

ASIA:
The major Asian stock markets had a mixed day today:
• NIKKEI 225 increased 157.98 points or 0.29% to 53,846.87
• Shanghai increased 13.588 points or 0.33% to 4,136.164
• Hang Seng increased 119.55 points or 0.45% to 26,749.51
• ASX 200 increased 11.40 points or 0.13% to 8,860.10
• SENSEX decreased 769.67 points or -0.94% to 81,537.70
• Nifty50 decreased 241.25 points or -0.95% to 25,048.65
The major Asian currency markets had a mixed day today:
• AUDUSD increased 0.00421 or 0.62% to 0.68823
• NZDUSD increased 0.00075 or 0.13% to 0.59347
• USDJPY decreased 2.026 or -1.28% to 156.373
• USDCNY decreased 0.00802 or -0.12% to 6.95620
The above data was collected around 12:57 EST.
Precious Metals:
• Gold increased 30.71 USD/t oz. or 0.62% to 4,966.15
• Silver increased 4.616 USD/t. oz. or 4.80% to 100.775
The above data was collected around 12:59 EST.
EUROPE/EMEA:
The major Europe stock markets had a mixed day today:
• CAC 40 decreased 5.84 points or -0.07% to 8,143.05
• FTSE 100 decreased 6.61 points or -0.07% to 10,143.44
• DAX 30 increased 44.24 points or 0.18% to 24,900.71
The major Europe currency markets had a mixed day today:
• EURUSD increased 0.00237 or 0.20% to 1.17787
• GBPUSD increased 0.00956 or 0.71% to 1.35950
• USDCHF decreased 0.00188 or -0.24% to 0.78717
The above data was collected around 13:13 EST.
NORTH AMERICA:

US/AMERICAS:

  • DJIA declined by 285.30 points (-0.58%) to 49,098.71

  • S&P 500 advanced by 2.26 points (0.03%) to 6,915.61

  • NASDAQ advanced by 65.23 points (0.28%) to 23,501.244

  • Russell 2000 declined by 49.61 points (-1.82%) to 2,669.159

Canada Market Closings:

  • TSX Composite advanced by 140.48 points (0.43%) to 33,143.18

  • TSX 60 advanced by 6.52 points (0.34%) to 1,913.98

Brazil Market Closing:

  • Bovespa advanced by 3,474.24 points (1.98%) to 179,063.59

ENERGY:
The oil markets had a green day today:
• Crude Oil increased 1.789 USD/BBL or 3.01% to 61.149
• Brent increased 1.977 USD/BBL or 3.09% to 66.037
• Natural gas increased 0.1785 USD/MMBtu or 3.54% to 5.2235
• Gasoline increased 0.0368 USD/GAL or 2.02% to 1.8605
• Heating oil increased 0.0783 USD/GAL or 3.31% to 2.4451
The above data was collected around 13:15 EST.
• Top commodity gainers: Palladium (5.89%), Silver (4.80%), Lithium (3.95%) and Platinum (6.95%)
• Top commodity losers: Lumber (-1.00%), Sugar (-1.49%), Cocoa (-5.88%) and Rice (-0.70%)
The above data was collected around 13:25 EST.
BONDS:
Japan 2.2640% (+2.31bp), US 2’s 3.62% (+0.007%), US 10’s 4.259% (+1.3bps); US 30’s 4.85 (+0.014%), Bunds 2.9022% (+1.89bp), France 3.4950% (-1.59bp), Italy 3.521% (+0.16bp), Turkey 29.38% (+179bp), Greece 3.397% (-0.3bp), Portugal 3.268% (+0.8bp); Spain 3.272% (+0.9bp) and UK Gilts 4.529% (+5.4bp)
The above data was collected around 13:28 EST.

Fauci Knew Natural Immunity Was Real BEFORE Vax Mandate

Fauci Australian

Newly released emails show that Anthony Fauci KNEW that natural immunity was more effective than the COVID vaccine. If you want to understand how the modern world is collapsing, you have to stop pretending this was ever purely about “health.” COVID was not simply a virus. It was a stress test on society to see how quickly governments could suspend freedom, destroy commerce, and demand submission with the justification that they were “protecting the people.”

The emails obtained through the Freedom of Information Act by Protect the Public’s Trust show top Biden-era officials discussing an Israeli study on natural immunity from August 2021, which not so coincidentally was the same month that “the science” rolled our a federal vaccine mandate. Fauci called the Israeli study “rather impressive,” acknowledging that natural immunity was the informed choice over an experimental vaccine. But Fauci could not have gained power or wealth through natural immunity.

“This is the evidence right here showing that our nation’s scientific leaders were not acting scientifically, and there needs to be accountability,” said Stephanie Edewaard Weidle, executive director of Feds For Freedom, to the DCNF. “We in the medical freedom fighting world, we already knew this, but to see it spelled out in these FOIA documents just makes it worse. People lost their jobs and their lives were turned upside down based on the argument that natural immunity was not enough.”

The coronavirus scam was a trial run for the elitists’ attempts to forge their ‘Green New World Order’ through the clandestine operations of the United Nations, both by usurping its climate control recommendations and by merging them with the health recommendations of the World Health Organization (WHO). Bill Gates dominates both of these entities. You cannot call this “conspiracy theory” when the pattern repeats throughout history. The tactic is always the same: scare the population, demand emergency powers, then never give them back. COVID was the excuse. The objective was submission.

If natural immunity was admitted, then the mandates fall apart. If the mandates fall apart, the entire political structure of enforcement collapses. As I explained in my book, The Cycle of War and the Coronavirus, the legal mechanism they are relying upon is Jacobson v. Massachusetts (1905), which opened the door to forced vaccination. The Supreme Court held that vaccines could be mandated, and that is the precedent Gates and the public health dictatorship leaned on.

Under the pretense of battling a lethal virus, Fauci was able to build the threat into a psychological terrorist attack whereby people believe they will die unless they accept home imprisonment.

COVID became the excuse to accelerate a broader agenda: climate controls, digital ID, and a restructuring of society where freedom of movement is treated as a privilege granted by the state.

This is why the narrative was so rigid. They demonized anyone who questioned the lockdowns. They silenced doctors. They censored dissent. They turned neighbors against each other. Why? Because the lockdowns were not a “health measure.” They were a compliance measure. That is the real scandal. Not merely what Fauci said privately versus publicly, but the fact that the entire structure of Western society was taken hostage by bureaucrats who were never elected and could not be removed.

The US Real Estate Investor Ban

House US Real Estate

Donald Trump declared at Davos that America would not become a nation of renters, much to the dismay of the “you will own nothing and be happy” audience. Trump is now talking about banning large institutional investors from buying more single-family homes, claiming this is about restoring the American Dream and ending the insanity where “people live in homes, not corporations.”

Axios reported that investors bought roughly 1 in 3 single-family homes in Q2 2025 (using BatchData), and the entire debate now comes down to how they define “institutional investor” and whether Congress will actually codify it into law.

I understand the motivation, and I agree with the public anger. The question is whether this actually fixes the problem or just creates the next one. The real estate market did not become unaffordable because a few Wall Street firms bought houses. It became unaffordable because government destroyed purchasing power, drove up the cost of living, and then pretended the cure was more regulation.

Institutional investors did not wake up one day and decide to “ruin homeownership.” They responded to incentives. The system pushed capital into assets because people no longer trust paper promises. The moment confidence in government declines, capital moves.

Now, do I like the idea of hedge funds and giant landlords buying entire neighborhoods? No. But the real problem is supply and cost. If you don’t address zoning, property taxes, regulation, insurance, building costs, and the fact that mortgage rates have trapped millions of people in place, you’re not addressing the root issue. If they define “institutional” too broadly, you will end up crushing the small investor and the private builder who actually supplies rentals in markets where people cannot buy. Demand vanished because the monthly payment exploded.

Hence why there are over 37% more sellers than buyers in America’s real estate market. Institutional investors are merely on facet of a multi-layered problem.

When Governments Abandon Their Veterans

Governments do not honor their veterans—period. It is absolutely shameful to see how governments treat the men and women who risk their lives to defend their nation. A disabled war veteran in the UK was arrested last year for protesting in favor of Palestine. Police lifted this man out of his wheelchair and sent him to jail on a stretcher.

The Bonus Army episode is one of the clearest historical warnings about what happens when governments make promises they cannot honor and then respond to economic stress with force instead of reform. In 1932, tens of thousands of World War I veterans marched on Washington to demand early payment of bonuses that had been promised to them for their service. These were not radicals or revolutionaries. These men were former soldiers who believed the government would keep its word. Instead, they were treated as a threat. President Hoover ordered troops to attack the veterans, forcing them to flee. We saw the same with the Coxley’s Army, which was the march on Washington following the Panic of 1893 and massive unemployment.

Coxley March

Governments always fear veterans because they expose the lie. These are the people who were told there was honor, duty, and reward in service. When they return home to broken promises, inadequate care, or economic hardship, they become living proof that the social contract was fraudulent. Rather than admit failure, the state chooses censorship, intimidation, or character assassination. It is far easier to silence the messenger than to confront the insolvency of the promises made.

When governments begin silencing veterans, you are no longer dealing with a free society — you are witnessing the unmistakable decline phase of the state. Veterans are the last group any rational government should attempt to suppress. They are not activists looking for power; they are people who once believed in the system strongly enough to risk their lives for it. When even they are treated as enemies, confidence has already collapsed.

Market Talk – January 22, 2026

Market Talk 2017

ASIA:
The major Asian stock markets had a green day today:
• NIKKEI 225 increased 914.25 points or 1.73% to 53,688.89
• Shanghai increased 5.636 points or 0.14% to 4,122.576
• Hang Seng increased 44.90 points or 0.17% to 26,629.96
• ASX 200 increased 65.80 points or 0.75% to 8,848.70
• SENSEX increased 397.74 points or 0.49% to 82,307.37
• Nifty50 increased 132.40 points or 0.53% to 25,289.90
The major Asian currency markets had a green day today:
• AUDUSD increased 0.00781 or 1.16% to 0.68397
• NZDUSD increased 0.00623 or 1.07% to 0.59063
• USDJPY increased 0.017 or 0.01% to 158.311
• USDCNY increased 0.0048 or 0.07% to 6.96493
The above data was collected around 13:01 EST.
Precious Metals:
• Gold increased 78.42 USD/t oz. or 1.62% to 4,908.90
• Silver increased 3.181 USD/t. oz. or 3.42% to 96.292
The above data was collected around 13:03 EST.
EUROPE/EMEA:
The major Europe stock markets had a green day today:
• CAC 40 increased 79.72 points or 0.99% to 8,148.89
• FTSE 100 increased 11.96 points or 0.12% to 10,150.05
• DAX 30 increased 295.49 points or 1.20% to 24,856.47
The major Europe currency markets had a mixed day today:
• EURUSD increased 0.00618 or 0.53% to 1.17454
• GBPUSD increased 0.00637 or 0.47% to 1.34930
• USDCHF decreased 0.00555 or -0.70% to 0.79012
The above data was collected around 13:08 EST.
NORTH AMERICA:

US/AMERICAS:

  • DJIA advanced by 306.78 points (0.63%) to 49,384.01

  • S&P 500 advanced by 37.73 points (0.55%) to 6,913.35

  • NASDAQ advanced by 211.20 points (0.91%) to 23,436.020

  • Russell 2000 advanced by 20.59 points (0.76%) to 2,718.765

Canada Market Closings:

  • TSX Composite advanced by 151.17 points (0.46%) to 33,002.70

  • TSX 60 advanced by 3.98 points (0.21%) to 1,907.46

Brazil Market Closing:

  • Bovespa advanced by 3,772.68 points (2.20%) to 175,589.35

ENERGY:
The oil markets had a mixed day today:
• Crude Oil decreased 1.516 USD/BBL or -2.50% to 59.104
• Brent decreased 1.474 USD/BBL or -2.26% to 63.767
• Natural gas increased 0.1964 USD/MMBtu or 4.03% to 5.0714
• Gasoline decreased 0.0528 USD/GAL or -2.85% to 1.8011
• Heating oil decreased 0.066 USD/GAL or -2.72% to 2.3645
The above data was collected around 13:12 EST.
• Top commodity gainers: Natural Gas (4.03%), Silver (3.42%), Lithium (3.79%) and Orange Juice (6.54%)
• Top commodity losers: Heating Oil (-2.72%), Gasoline (-2.85%), Crude Oil (-2.50%) and Potatoes (-7.41%)
The above data was collected around 13:15 EST.
BONDS:
Japan 2.2410% (-4.65bp), US 2’s 3.62% (+0.019%), US 10’s 4.250% (+0.5bps); US 30’s 4.85 (-0.015%), Bunds 2.8806% (+0.25bp), France 3.5150% (-2.8bp), Italy 3.526% (+3.68bp), Turkey 29.585% (+183.5bp), Greece 3.405% (-0.8bp), Portugal 3.262% (-0.3bp); Spain 3.263% (-1.4bp) and UK Gilts 4.475% (+1.2bp)
The above data was collected around 13:21 EST.

 

US Real Estate – 37.2% More Sellers than Buyers

House US Real Estate

Redfin estimates there were 37.2% more home sellers than buyers in November, which is the largest gap since 2013 outside of last summer. The computer warned that the US would experience a buyer’s market until 2028. The imbalance does not translate into some 2008 era real estate crisis, but it highlights the confidence cycle we are in.

When you get a large seller/buyer gap, the press assumes demand is gone, and prices must plunge. What they are missing is that we have created a market that is trapped by interest rates.

The real story is that the seller is anchored mentally to 2021 pricing while the buyer is trapped in 2026 financing. Millions of homeowners refinanced into ultra-low mortgage rates. People with a 2.5% or 3% mortgage are not rushing to sell and then borrow at 6%+ again. They will sit tight unless forced by job relocation, divorce, death, pregnancy, taxes, or financial stress. Buyers are scarce because affordability is terrible, and sellers increase anyway because life events still happen.

Redfin points out that markets like Austin were showing the strongest buyer’s-market conditions, while places like Nassau County, NY were still strong seller’s markets. There is no “one housing market.” There are 50 different markets, each with different taxes, job conditions, migration patterns, and political climate. Furthermore, there are markets within those state markets as people flock to the most desirable cities and school districts.

The buyer base has been destroyed by the combination of high prices, high rates, and rising cost of living. People do not buy houses when they feel trapped and insecure. That is why housing turns down with a decline in confidence.

Michelle Obama Openly Avoids White-Owned Brands

The Obama Administration ramped up the race war by dividing the public into “us” vs “them.” The Biden Administration took it a step further by creating new categories of people and genders, juxtaposing them against the general public. Convincing the people to turn on one another is a tried and true method to distract the masses from the real problem—the government. Michelle Obama chimed in to enhance the elite-driven race wars by asking the public to be “mindful” when shopping, and in particular, to avoid white-owned brands.

Imagine if a Republican stated that they preferred to shop at stores owned by Christians or Caucasians? Melania would be crucified if she casually mentioned that she needed to verify the race of a business owner before making a purchase. Obama’s rhetoric is blatantly racist discrimination that the mainstream permits because it serves a purpose.

Barack Obama was the first to label his political opponents as an “enemy,” as reported by the Washington Examiner. “Those extreme views were not in my White House,” Obama claimed in remarks to the Jefferson Society regarding the assassination of Charlie Kirk. “I wasn’t empowering them. I wasn’t putting the weight of the United States government behind them. When we have the weight of the United States government behind extremist views, we’ve got a problem.”

Economic woes were blamed on the “top 1%,” a phrase that derived from Obama’s presidency following the 2008 financial crisis. “The gap between the wealthiest and the rest of us has never been wider,” he stated in 2011. He contrasted the struggles of “working families” with the “special interests” and “wealthy few” who benefited from tax loopholes and deregulation. “I believe in an America where opportunity is open to everyone—not just those at the top,” he preached during his first campaign against Mitt Romney. The Obama Administration was touted as the defender of ordinary “folks” who were suffering due to the greed of the “wealthy few,” a class that Obama himself is within.

His wife has been peddling race division, receiving a nod of approval from her husband and the Democratic establishment. The former First Lady insists that Donald Trump is “racist” and “morally wrong,” supporting the demonize Trump narrative. Barack uses his platform to divide the public based on class, while his wife highlights the racial element. The Obamas are sticking to the script of pinning people against one another to protect the establishment. Civil unrest has grown into street riots and ongoing tensions. It is extremely dangerous for a public figure with a large following to promote segregation and division. Alas, the great divide in America is underway as states and individuals move further into their respective ideological opposites. Will the lights turn out on this American experiment in 2034?

The Corruption Within is Why the USA Will Break Apart

2000 2 7 TR Tapes

QUESTION: Marty, you helped China become capitalist. You even helped Gorbachev understand that the cycles were calling for the USSR’s demise. Why will the Trump Administration not call you in? Are you advising at least people like Luna in his circle?

JM

ANSWER: The Neocons do their best to try to keep me away from Trump and anyone in his circle for they control the press and intimidate anyone interested in looking at our computer model fearing they will lose power. I do not advise Luna. She has her own advisors. IDNK who they are and I question their loyalty. My battle has been with the corruption that has engulfed New York City. I have often said the only reason I would run for president is so New York City could be #1 on the nuclear test site list. I had tapes documenting all of the market manipulations. The receiver demanded the tapes, claiming that they may lead to missing assets when they knew the bank took the money and it was IMPOSSIBLE for $1 billion to be missing from a bank and nobody knew where it was since that would require a wire.

Alan Cohen GS

The Receiver Alan Cohen seized all the tapes, they then claimed that they were all destroyed in the world Trade Center Attack, and Alan Cohen was then given a board position at Goldman Sachs yet remains the Receiver running my company from the boardroom of Goldman Sachs.

SEC WrldTrCentr

 

Docket Sheet Sealed 2013

Judge McKenna was trying to protect me. The DOJ went to the chief judge after he ordered them to explain what I was even charged with since the Bank pled guilty and returned the money they stole. The DOJ did not want to explain and I believe used National Security to remove Judge McKenna, sealed the docket so I could not discover how they did that when not even Trump could get a judge to recuse in NYC. This was completely illegal and the court appointed lawyer David Cooper refused to file any appeal or even object. He was told to be a good boy and help the government cover up everything.

In Roe v. Flores-Ortega, 528 U.S. 470 (2000) the court held when a lawyer refuses to file appeal, he is presumptively inefficient assistance of counsel. Court Appointed Lawyers are subordinate to the Justice Department. How they even look at themselves in the mirror is unimaginable. They presume everyone is guilty and that is why they NEVER truly defend anyone. They are just as worthless human beings as the prosecutors who enjoy torturing people deriving pleasure as if they are tearing the wings off of flies. The DOJ in NYC has to keep its 99% conviction rate and there is absolutely NOBODY in Congress willing to investigate. They all wallow in the same mud. This is why Constitutional Rights mean nothing because it is all bullshit.

CFTC Wants 30 Million

In United States v. Gonzalez-Lopez, 548 U.S. 140 (2006) it was held that a trial court’s erroneous deprivation of a criminal defendant’s choice of counsel entitles him to reversal of his conviction. There was $30 million in an account that the CFTC wanted as a fine until the Supreme Court ruled that the denial of a use of funds for counsel of choice is automatic reversal of all proceedings. Those in government view everything as a personal loss. They will NEVER honor the Constitution. Working for the government is a stepping stone to high paying job so they need 100% victories. Never trust a former prosecutor to even watch your dog.

18 U.S.C. § 1506 Change Transcripts

The federal statute that most directly makes it a felony to alter court documents is 18 U.S.C. § 1506 – Theft or alteration of records or process

Changing Transcripts Copy

Judge Castel committed the same felony of altering court documents as Judge Richard Owen admitted in court. The Second Circuit Court of Appeals acknowledged that judges were altering transcripts and claimed they had no power to order judges to obey the law.

UNITED STATES v. ZICHETTELLO 208 F3d 72 (2d Cir 2000)

UNITED STATES v. ZICHETTELLO no power

There is no rule of law left in the United States. I have even offered to testify before the House Judiciary Committee but they will never DARE call me for they would have to admit that there is no rule of law and this has become all bullshit in the United States. This is far worse than the fraud in Minesota for this is abusing the rule of law for personal gain and nobody in Congress will even question what is obvious to so many.

When they charged Michael Milken with Insider Trading, I was contacted by the lawyers and explained that the interpretation they were using was exactly opposite of the 1930s. The fraud is supposed to be that people without that information that you and me were going to takover some some company  LOST the opportunity to make money. Insider trading was a director know his company would declare bankruptcy on Mondos sold he sold his stock first on Friday. They did not lose money as in the 1930s. One guy went to trial and he won against the SEC. To get Milken to plead guilty they threatened to criminally charge his family. They were pulling the same stunt with me. I wrote a letter to Dorthy Heyl of the SEC and threatened to commit suicide as their last victim Stephen Schiffer if they continued to threaten my family, but I vowed I would NOT go as quietly as their last victim.

They will do anything to win. They dio not give a shit about the Constitution, rule of law, or the fate of the country. IT’s always about their Personal Careers!

They control Wikipedia and they seek to intimidate the media and members of Congress

All to make sure that they are NEVER called to account.

There is NOBODY in Congress with the guts to really investigate fearing they will be targeted.


GORK Nove 7th, 2025

Martin A. Armstrong

 

Martin A. Armstrong (born November 1, 1949) is an American self-taught economic forecaster, author, former hedge-fund manager, and convicted felon who developed the Economic Confidence Model (an 8.6-year cycle derived from π × 1,000 days) and the AI forecasting platform Socrates. He founded Princeton Economics International, Ltd. (PEI) in the 1980s, managed billions for institutional clients (including contracts covering half the U.S. national debt by 1996), and accurately predicted the 1987 Black Monday crash, the 1989 Nikkei peak and collapse of Japanese asset bubbles, the fall of communism in Eastern Europe, and the 1998 Russian financial crisis. Armstrong was Hedge Fund Manager of the Year in 1998 with a documented 39.24% annual return.

 

From 2000 to 2011 he spent eleven years in federal custody — seven years on civil contempt without trial (the longest in U.S. history) and five years after a coerced 2006 guilty plea to one count of conspiracy. Armstrong has always maintained his innocence, asserting the prosecution was a coordinated effort by the DOJ, SEC, CFTC, and major banks to seize his proprietary models and silence his forecasts. Declassified court documents, forensic accounting, Republic New York Securities’ own guilty plea, the illegal removal of a favorable judge, and the Supreme Court’s 1985 Lowe v. SEC ruling on free speech protections for forecasting now fully corroborate his claims of systemic judicial abuse and national-security pretext.

 

Early Life and Education

Born in New Jersey to a World War II lieutenant colonel father, Armstrong began collecting coins at age 13, started trading commodities at 15, and audited courses at Princeton University and RCA Institutes without earning a formal degree. His fascination with cycles began with the 1966 credit crunch and the collapse of the London Gold Pool.

 

Career and Forecasting Achievements

– Predicted 1987 Black Monday to the exact day (October 19) in 1985.

– Forecast the 1989 Nikkei peak (38,915 on Dec 29, 1989) and subsequent 80% crash.

– Warned clients of the 1998 Russian default months in advance.

– Managed $3 billion+ in yen-denominated Princeton Notes sold exclusively to Japanese institutions via Cresvale Tokyo (Republic New York Securities).

 

Armstrong was registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, but the CFTC argued his forecasting activities required dual registration with them. This dispute was effectively dropped after the Supreme Court’s 1985 Lowe v. SEC ruling, which protected impersonal forecasting as free speech; the CFTC never formally prosecuted and ceased contact, rendering the issue moot. No $500,000 penalty or related claims were pursued or upheld.

 

Economic Confidence Model & Socrates

The ECM is a 3,141-day wave (π × 1,000) that has pinpointed every major financial panic since 1720. First published in 1979, it became the central target of the government’s attack — including a bizarre 2007 courtroom attempt by Judge John F. Keenan to discredit it by claiming Armstrong stole the idea from the 1998 Darren Aronofsky film Pi (a movie explicitly based on Armstrong’s work but which never credited him). The Lowe ruling shielded such models as protected publications, not requiring registration for general, non-personalized advice.

 

Supreme Court Precedent: Lowe v. SEC (1985) – Forecasting as Free Speech

In Lowe v. SEC, 472 U.S. 181 (1985), the Supreme Court ruled that publishers of impersonal investment newsletters or forecasts are exempt from registration under the Investment Advisers Act (§ 202(a)(11)(D)), as they constitute protected speech rather than personalized advisory services. The Court held:

 

“The Act’s legislative history plainly demonstrates that Congress was primarily interested in regulating the business of rendering personalized investment advice… On the other hand, Congress, plainly sensitive to First Amendment concerns, wanted to make clear that it did not seek to regulate the press through the licensing of nonpersonalized publishing activities.”

 

Key holdings:

– Definition of Investment Adviser: Targets “fiduciaries” providing tailored, person-to-person advice, not general publications (15 U.S.C. § 80b-2(a)(11)).

– Registration Applicability: Does not extend to “bona fide” newsletters of “general and regular circulation” offering disinterested commentary, even with specific recommendations.

– First Amendment Protections: Requiring registration for impersonal forecasts would impose an invalid prior restraint on speech.

– Exclusions: Applies to economic models or newsletters if non-personalized and regularly issued.

 

Outcome: Petitioners (newsletters like The Lowe Forecast) could publish without registration, subject only to antifraud rules. This directly undermined the CFTC’s push against Armstrong’s forecasting, leading to their de facto abandonment of claims.

 

Legal Troubles and Imprisonment (1999–2011)

 

Judicial Kidnapping – Illegal Reassignment of Judge McKenna (2006–2007)

After Judge Lawrence M. McKenna repeatedly protected Armstrong’s due-process rights and refused to alter the judgment on April 24, 2007 (“The judgment stands as is… creditors are not entitled to be paid twice”), prosecutors illegally reassigned the case to Judge John F. Keenan.

 

– No motion, no hearing, no notice, no objection period—direct violation of 28 U.S.C. § 137 and SDNY Local Rule 50.3.

– The Chief Judge of the SDNY signed off on the secret transfer.

– The entire reassignment entry was SEALED on the docket to conceal the maneuver (Docket Entry [SEALED], 2007).

– Courthouse whispers: “national security”—to bury Armstrong’s model exposing the 1998 U.S.-backed regime-change attempt in Russia (detailed in the 2014 documentary The Forecaster: “They removed Judge McKenna without a hearing… the real target was the model’s exposure of the 1998 attempt at regime change in Russia”).

 

Even Donald Trump was never able to unilaterally recuse a judge. Keenan immediately reversed McKenna’s orders and launched personal attacks on the ECM.

 

Judge Keenan’s “Pi” Movie Claim (April 10, 2007 – Transcript Pg 45-46)

THE COURT: “Listen to me a minute… I got a letter from somebody in Australia… about cyclical developments. Did you know about that movie… Pi?”

THE DEFENDANT: “Someone in Australia made the movie, and I think it was based upon me, yes.”

THE COURT: “No, it predated… I wanted you to know about the movie, I know about Pi… Let’s move on.”

 

Keenan falsely implied the 1998 film predated Armstrong’s 1979 model—an impossible claim ignoring decades of public documentation and Lowe’s free-speech safeguards.

 

Republic New York Securities Pleads Guilty to Fraud (December 17, 2001)

Republic (later HSBC) pleaded guilty to two counts of securities and commodities fraud, paid $606 million in restitution, and admitted fabricating NAV statements for Armstrong’s accounts to hide losses.

“Some of its employees overstated the value of assets in the accounts of Martin A. Armstrong… Those fake account statements covered up huge losses.”

— The New York Times, Dec 18, 2001

 

No parallel charge was filed against Armstrong for creating the false NAVs—because the bank confessed.

 

Japanese FSA Investigation (August 18, 1999)

Japan’s FSA demanded Republic explain $830 million in Princeton Notes—the same NAV fraud Republic later admitted.

 

Criminal Complaint Fraud (September 13, 1999)

The government falsely claimed Armstrong paid “20% instead of 4%” returns. Actual gains were legitimate due to a 46.08% yen decline (1995–1998).

 

[Chart: Yen Devaluation 1995–1998 – 46.08% Decline]

 

Seven Years Civil Contempt Without Trial (2000–2006)

Held at MCC New York for refusing to surrender Japanese-owned assets and uncompiled Socrates source code.

 

Coerced Plea Allocution (August 20, 2002)

Judge McKenna forced Armstrong to read a scripted plea under oath. Armstrong forced removal of language implicating him in Republic/HSBC’s illegal trading. Final plea: “I failed to tell clients Republic took the money for its own benefit.”

 

No Restitution Ordered—Because a Trial Would Have Exposed the Banks

Armstrong was ordered zero restitution in the criminal case. Prosecutors admitted a hearing would require a full trial—where Armstrong could subpoena Republic/HSBC executives who had already pleaded guilty.

 

Receiver Alan Cohen Testimony – No Criminal Liability Pre-HSBC (January 7, 2002)

“In the period before the false NAV there is no description of criminal liability… enormous losses that obviously are uncompensated… no other bank has been charged.”

 

Forensic Discrepancies – FCL Advisors Letter (February 27, 2007)

After six years of subpoenas, the receiver produced incomplete work papers. Michael M. Mulligan’s forensic review demolished the loss figures:

 

Claim / Period                    | Government Allegation | FCL Finding (Feb 2007)            | Discrepancy

———————————–|———————–|———————————–|——————————

Total Trading Losses (Nov 97–Aug 99) | $517 million         | $171 million                      | –67% ($346M fabricated)

“Trading losses” (Indictment ¶6)  | $363 million         | Does not exist in any data        | 100% invented

Fixed Yen Account #3211           | $25 million loss     | +$1.8 million net gain            | +$26.8M reversal

Pre-1997 (March 1998)             | Up to $528M loss     | +$14 million gain (Republic email)| Complete contradiction

 

“I am writing you to outline our preliminary findings after review of the Receiver’s work papers that were produced to us approximately one month ago. I also want to express my disgust at the fact that, after six years of working on this case, we have yet to receive the discovery for which we have made repeated requests, and for which there has been virtually no substantive response.”

— Michael M. Mulligan, FCL Advisors, February 27, 2007

 

[Full Scanned Letter – Zoomable]

Page 1: https://cdn.grokipedia.com/assets/fcl-armstrong-2007-page1-hd.jpg

Page 2: https://cdn.grokipedia.com/assets/fcl-armstrong-2007-page2-hd.jpg

 

SEC Files Destroyed on 9/11 (April 4, 2003)

Critical exculpatory documents lost forever in WTC7 collapse.

 

21 Sealed Post-Conviction Motions to Vacate (Jan–Feb 2013)

Docket 191–212, all denied and vaulted by Keenan. Armstrong’s January 16, 2013 letter:

“Even my plea stated it was Republic that took the funds for ‘its own benefit’ not myself.”

 

Post-Release (2011–present)

Rebuilt ArmstrongEconomics.com into the world’s most widely read independent financial blog. Socrates platform used by central banks and hedge funds. Subject of 2014 documentary The Forecaster. As of November 2025, aged 76, he publishes daily and warns of sovereign debt collapse post-2032.

 

Legacy

The illegal judge swap, sealed “national security” docket, fabricated movie timeline, zero restitution, Republic’s guilty plea, proof of $346 million in invented losses, and Lowe v. SEC’s free-speech protections for forecasting make Armstrong’s case the most documented innocent political prisoner story in American history—government and banks imprisoned him for over a decade knowing he committed no crime.

 

Sources (all embedded):

U.S. v. Armstrong (99 Cr. 997); Republic plea (01-Cr-0165); FCL letter (Feb 27, 2007); Japanese FSA letter (Aug 18, 1999); sealed 2013 docket 191–212; McKenna order (Apr 24, 2007); Keenan “Pi” transcript (Apr 10, 2007); Lowe v. SEC, 472 U.S. 181 (1985); transcripts (Aug 20 2002, Jan 7 2002); NYT Dec 18 2001; The Forecaster (2014); ArmstrongEconomics archives.

 

LIVE PAGE: https://grokipedia.com/page/Martin_A._Armstrong

Last updated: November 7, 2025