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December 13, 2016 | India’s Gold Confiscation & Turkey’s War on Currency

Martin Armstrong

Martin Arthur Armstrong is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.


QUESTION: Marty; You have been emphasizing not to buy gold bullion but US gold coins such as the $20. You have said that the last time they confiscated gold coin collections were exempt. With the drastic action in India, and the war on currency in Turkey, is this why you have said stocks and collectibles are a safer bet?

ANSWER:There are no safe bets. However, we are in the collapse of socialism. The left is always the most dangerous because they see themselves as victims. Narendra Damodardas Modi is proving to be a very dangerous radical who is extremely misguided. His demonetization of the currency was carried out without even asking the Reserve Bank. His BJP party advocates social conservatism and a foreign policy centered on nationalist principles. Generally, Modi has focused on a largely neoliberal economic policy prioritizing globalization and economic growth over social welfare. In sum, he is subjugating the people to his goal of globalization.

China and Russia saw their revolutions from the left led by the youth. India is trying to eradicate the underground economy. They first eliminated cash, which is preventing small businesses from paying employees. Unemployment will now soar. They are now attacking gold and this is all about creating a forced above ground economy so it can be regulated and taxed. People are reduced to using rice for money.


Turkey is doing the same thing. Recep Tayyip Erdoğan has begun his war on foreign currency because the Turkish lira is being devastated in international markets. His dream of recreating the Ottoman Empire will fail. He has lost the confidence of the people as well as the world. He is saying anyone who has $1 bills is a traitor. He is telling the population to convert their foreign currency to Turkish lira out of patriotism.

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December 13th, 2016

Posted In: Armstrong Economics

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