Is this the Next Great Depression? Bond Defaults from 1931 By Martin A. Armstrong August 27, 1998 Copyright Princeton Economic Institute The collapse of Russia is having a profound impact upon the entire global financial markets from stocks, commodities and gold to currencies and bonds. Of all the great financial panics in history, this one […]

The Crash of ’98 Continues By Martin A. Armstrong August 14, 1998 Copyright Princeton Economic Institute While our clients have been amazed that our computer model called for the peak in the stocks markets as July 20th, 1998 more than 4 years ago, some visitors to this site have sent their emails of disapproval. We […]

WARNING Global Meltdown? By Martin A. Armstrong © June 1st, 1998 Princeton Economic Institute Capital is currently fleeing from emerging markets on a wide scale basis. The immediate problems that are surfacing in Russia should come as no surprise. Russia has been unable to collect taxes; unable to make payroll for months; unable to control […]

PREFACE The produce of the earth — all that is derived from its surface by the united application of labour, machinery, and capital, is divided among three classes of the community; namely, the proprietor of the land, the owner of the stock or capital necessary for its cultivation, and the labourers by whose industry it […]

BOOK FIVE OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH CHAPTER I: Of the Expenses of the Sovereign or Commonwealth ——————————————————————————– PART 1 Of the Expense of Defence THE first duty of the sovereign, that of protecting the society from the violence and invasion of other independent societies, can be performed only by means of […]

BOOK FOUR INTRODUCTION ——————————————————————————– OF SYSTEMS OF POLITICAL ECONOMY POLITICAL economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, […]

BOOK THREE CHAPTER ONE ——————————————————————————– OF THE DIFFERENT PROGRESS OF OPULENCE IN DIFFERENT NATIONS Of the Natural Progress of Opulence THE great commerce of every civilised society is that carried on between the inhabitants of the town and those of the country. It consists in the exchange of rude for manufactured produce, either immediately, or […]

BOOK TWO – INTRODUCTION OF THE NATURE, ACCUMULATION, AND EMPLOYMENT OF STOCK ——————————————————————————– IN that rude state of society in which there is no division of labour, in which exchanges are seldom made, and in which every man provides everything for himself, it is not necessary that any stock should be accumulated or stored up […]

The Origins of Money By Martin A. Armstrong First “Official” Coinage minted in Lydia (Turkey) 700 BC The origin of money extends back in time far beyond the recorded history of civilization. Indeed, the definition of money is much broader in scope than many would typically expect. The oldest surviving written records are in cuneiform […]

[s_ticker_display] Available to those who have Registered Global Market Watch We will be posting the Global Market Watch here on this site since it is best to update after US hours closing or after 9PM EST. We will be providing an annual subscription service when this is finished with additional secondary pages. DJIND-M GMW 1929-2013 […]