QUESTION: Mr. Armstrong, it’s been a long time. I attended you May 1997 conference in London and I found the transcript on your site. You indeed said: “The UK will still be part of the EU, but they won’t have the currency risk. Under those circumstances the pound is going to rise. ”
Subsequently, you have acknowledge your connection at the time with our former PM Lady Thatcher. I also think you did acknowledged that you were called it to get Mercedes and Daimler Benz out of their short pound trade that they lost $1 billion following the newspaper forecasts that the pound would fall, which did not happen.
I don’t believe you ever names your source for the central bank that was feeding you all the inside notes and meetings behind creating the euro. You have said on podcasts that it was Hermut Kohl who stopped the consolidation of the debts. Was your source the Bundesbank?
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ANSWER: The way this works is pretty straight forward. Even in journalist there is on and off the record. Journalist have been thrown in prison on contempt like me for refusing to reveal sources. In my case, it was to turnover my source code. You cannot have sources unless you are trustworthy. They have three major incidents of throwing journalists in prison also on contempt of court.
- Judith Miller (United States, 2005): The New York Times reporter was jailed for 85 days for refusing to testify before a grand jury about the source who leaked the identity of CIA operative Valerie Plame.
- Vanessa Leggett (United States, 2001): A freelance journalist jailed for refusing to testify before a grand jury or hand over notes regarding a murder case. She was held for 168 days.
- Tim Crook (United Kingdom): A journalist who faced contempt proceedings for refusing to reveal a source, though this is a less widely known case internationally.
If you are NOT trustworthy, you will NEVER have reliable sources. In that case concerning the formation of the Euro, yes it was the Bundesbank that was feeding us the notes of the meetings. WHY? Because they disagreed with Kohl. They were against joining the the Euro and they knew what I was warning about was correct. The failure to consolidate the debt would only shift the volatility from the currency market to the bond markets. This was all 30 years ago so the people involved are all gone. Being called in by China back in 1997 is also beyond the 20 year line of demarcation on sources.
NATO Secretary-General Mark Rutte on January 26, 2026, when addressing the European Parliament in Brussels, he warned the EU lawmakers in blunt terms about Europe’s limitations without American support. His core message was that the idea of Europe defending itself entirely on its own is unrealistic. He stated, “If anyone thinks here that the European Union, or Europe as a whole, can defend itself without the US. Keep on dreaming. You can’t. We can’t. We need each other.” He did not use Macron’s name, but my sources were saying it was Macron all along. I could not reveal my sources.
I know people who disagree will say I don’t reveal my sources so it could be BS. They just disagree with the info. Nobody in journalism can reveal a source when told its off the record. In the case of Margaret Thatcher, she publicly spoke at our conference so that was not an off-the-record evernt.