by Martin Armstrong, Armstrong Economics:
QUESTION: Mrt. Armstrong, Socrates has been a real lifesaver. It is refreshing not to have someone spinning their political views into everything. Socrates called for the high in GDP here in 2023 and that the high took place in May. Here, we have Biden creating money without regard for fiscal responsibility. Socrates has shown the economy peaked in May. This is truly remarkable. Is this strange situation our fate into 2024?
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KL
ANSWER: I understand that Socrates has forecast what is the opposite of every economic theory out there. It shows a recession has been unfolding since May, but this is on the aggregate level. On top of that, we have a Panic Cycle next year in 2024 in GDP. When I drill down into its forecasts per state, what becomes painfully apparent is what I have been writing about. There is a massive migration from blue states to red states initiated by COVID-19 but accelerated by tax increases. Thus, real estate is declining in the blue states, and those who didn’t want to move because of the higher mortgage rates will find their houses unsalable regardless of the mortgage rates. This will be particularly true in New York, Chicago, San Francisco, Seatle, and Los Angeles, to mention a few. They had their chance. With the onslaught of migrants into those areas, those cities are raising taxes to cope with the aliens who pay no taxes.
Add to all of this chaos, Biden’s open border policy has let in terrorist cells, so nobody bothered to check anyone. Geopolitically, starting a war in the Middle East was insane. The Democrats should just admit that the real head of state in Blinkin and his VP is Victoria Nuland. They are the people running the country into the ground. We will see domestic terrorism thanks to the open border, and this time, World War III will be coming to a theater near you.
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