by Martin Armstrong, Armstrong Economics:
QUESTION: I had an argument with my son that what they teach in school is never the truth, not even about history. I was trying to find that writing you did years ago that the GI Bill was enacted only because they defaulted on the soldiers twice before. If I remember correctly, I think you said Congress fled Philadelphia because of a riot by the soldiers from the Revolution that they also defaulted on as they did with the debts from the Continental Congress. My son said he never heard such a story and called it a conspiracy theory. We seem to be drifting further apart. We cannot agree on much of anything these days.
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I guess Mark Twain’s comment about his father is still valid. It reminds me of that song in The Living Years. Perhaps we are in this endless generational war. Is this part of 2032?
Paul
ANSWER: Yes, Paul. It seems that these times are even dividing families. From the emails I get, I see that this is not unique. It appears to have begun with COVID. I had dinner with a friend who said his sister is in California and they have not spoken in years. My old partner Jack King, out of the blue, turned to me and said if he died, make sure his children got nothing and protect his second wife. Another two friends also no longer talk to their kids. Perhaps this is just part of the cycle going into 2032. We are witnessing that publicly with RFK as well.
My father wanted me to be a lawyer, but I did not want to follow that path. But when he was on his deathbed, we settled our differences with respect, and I am thankful for that. He was proud of me but would say that only to friends. Likewise, I always respected my father and what he taught me. I guess I had not told him how much I was also proud of him. At least we came to that understanding before he died. I guess those days of pride and respect are old-fashioned ideas in these days of chaos and uncertainty.
Perhaps your son respects you but cannot get the guts to tell you. Hopefully, he will come to see that what they teach in school is never the full story. There are no courses that connect all the dots. The only thing I regret is that the family name will die with me, although I am Martin VII. I have no heir to carry the name, so I guess that also dies in 2032. A neighbor is in his early 70s. He married someone in their 30s, and they are a great match. His wife is having twins. I am very happy for him since he is estranged from his prior children.
Turning to your question about defaulting on the military, you remembered correctly. As I pointed out, the new United States defaulted on ALL debts of the previous Continental Congress despite Article VI expressly stating in the Constitution that they would honor those debts. When George Washington became the first US president in 1789, the capital city of the United States was New York. Then, in 1792, he was re-elected for his second term. However, the capital district had moved to Philadelphia. They may teach that Philadelphia was the capital for ten years. Yet, before becoming the capital, Philadelphia had been the home to Congress. That is where even the Declaration of Independence was signed. But there is a lot more to it than just that.
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