The Sovereign Debt Crisis that began to show its head in Europe is demonstrating that socialism just does not work. The whole idea of a central managed state and highly regulated pro-worker policy has reduced job growth and exploited labor to such an extent with taxes that the euro countries can no longer fulfill their […]

The Swiss began secrecy when Adolf Hitler came to power in 1933 and declared it to be illegal to for a German to have an account outside of Germany. The Swiss adopted their secrecy laws in 1934. This time, the Swiss are giving up everything and its bureaucrats that made these deals have no clue […]

To make it clear, people have a window to exchange the notes. No one loses money if they exchange the notes within that window. The reason behind this maneuver is to PREVENT people from hoarding cash tax-free. For the normal person having a reasonable amount of money, there is no problem provided you act within […]

QUESTION: Mr. Armstrong; I have never heard of cancelling a currency and replacing it where the old notes are worthless. This is routine in Europe? Thanks ANSWER: Yes. The old 50 pound notes in Britain are cancelled as of April 30th. Then in 2016, Britain will cancel all its currency again coming out with plastic […]

Interview by Kerry Lutz of Martin Armstrong

Ecuador hands Goldman Sachs 466,000 ounces of gold worth roughly $580 million at today’s ruling price. Ecuador under its socialist President Rafael Correa is seeking sources of cash after they borrowed over $11 billion from China because they defaulted on $3.2 billion of foreign debt five years ago. This is the consequence of debt and in the […]

There has been a prevailing piece of propaganda used by the dollar-haters to support this idea that the dollar is really the Petrodollar and that the move in the Middle East to create a single currency like the Euro and the Russia-China energy deal will make the yuan soar and the dollar collapse are just […]

The two Daily Bearish Reversals are 1240 and 1186. We are holding the 1240 level for now with a minor Daily Bullish forming at 1262 and 1294. We see a turning point next week and the week of the 23rd. We do not see the meltdown yet without a monthly closing below 1190 area. We also […]

While they have been proud to announce that 77,000 foreign institutional have already signed up before July 1st, they did postpone it until July 2015. Nonetheless, the damage has been done long ago when this was passed. The huge fines they are imposing on foreign banks is further undermining the European and Swiss banking systems […]

QUESTION: Why do governments borrow? Why do they never reduce the debt? Jeff ANSWER: Because they can. They actually think they are the exception to normal economics. People ask all the time, can’t they see this debt crisis? No. When I raise the topic in different discussions with various governments the reply is always the […]