Martin runs an annual event called The World Economic Conference. It was just held on November 12th, in Orlando. Mr. Brexit himself, Nigel Farage, calls Martin’s WEC the antidote to the World Economic Forum (WEF). So I wanted to kick off our conversation by asking Martin to explain who Nigel Farage is. But I also wanted him to talk about the genesis and the purpose of his conference. You can watch our whole conversation here. But, I just received this blog alert from Martin that I wanted to share with you. It was part of his talking-points from his WEC. – Addison Wiggin
The West Is Barreling Toward A Major Catastrophe
“Power is given only to those who dare to lower themselves and pick it up. Only one thing matters, one thing; to be able to dare!”
– Fyodor Dostoevsky, Russian Novelist
I pointed out at the World Economic Conference (WEC) that all my efforts to try to defeat my own model have failed mainly because in our Republics, which are not Democracies, no politicians care about the future – only the next election. Please don’t mistake my World Economic Conference for the World Economic Forum (WEF) which was started by Klaus Schwab two years after my own conference.
Whenever I would be in meetings and warn that we cannot keep borrowing indefinitely with no intention of paying anything off, the response was always twofold (1) they won’t be there in 20 years, it will be someone else’s problem, and (2) we are the government so we are the exception.
The Crisis in the London debt market was profound. The institutions no longer wanted the long-term debt for (1) interest rates were rising, and (2) pouring money into Ukraine for a proxy war with Russia always undermines the currency and leads to inflation. With the expectation of rising interest rates, whatever you buy in the long-term today is worth less tomorrow. It is like trying to buy stocks in the middle of a crash. Of course, those in government are indeed ignorant of how the economy functions in addition to science.
We lack expertise in government and the very structure of our governments being Republics dominated by Socialism, means that politicians are always only interested in the next election and constantly run for election with promises of free giveaways like they used to do 30 years ago – open a new bank account and get a free toaster.
(Source: Armstrong Economics AE Blog Alert)
There is simply no possible way to prevent the collapse of our Republican forms of government. But since the media always promotes one-sided leftist fake news, they will be leading us down the path of authoritarianism for the cancel culture is all about silencing any opposition.
As Sagan points out, without skepticism we are doomed. What we must start planning for is the reconstruction of a new form of government post-2032 when this one collapses like Communism from its own corruption and weight.
No revolution will be even needed.
Martin A. Armstrong
Special to the Wiggin Sessions
P.S. Sam Bankman-Fried (SBF) was arrested in the Bahamas yesterday for being the knucklehead that lost – or hid – $10 billion dollars through his cryptocurrency exchange FTX. His girlfriend, who ran the sister company Alameda Research, who was puffing up… er, buying a lion’s share of the crypto FTT that SBF created, was seen at a coffee shop in New York. At the very least the pair are derelict of their fiduciary responsibility.
The Durden Dispatch speculated this morning Caroline Ellison threw her former boyfriend under the bus. The details of this story are going to be interesting to follow. Who “misplaces” $10 billion dollars? Oops.
Also, I can’t help but wonder about the dude’s name. Bankman-Fried? For a crypto hero turned indicted suspect in a massive fraud and money laundering scheme? You can’t make this stuff up… unless that’s exactly what they did.
The historian Niall Furgeson likened the FTX story to the Mississippi Scheme perpetrated by John Law way back in 1718. When new technologies are introduced – in this case blockchain – fraud and deception are not far behind. We wrote a whole chapter on the subject in our first book Financial Reckoning Day. Good thing we have an update for the book on schedule, eh?