Armstrong goes on to say, “We have a serious, serious problem on a global scale. The sovereign debt crisis is really going to start percolating in 2025. It’s probably going to reach a major crisis by 2026 and 2027. Why? They have dictated [to] all these banks and pension funds [that] 70%, generally, must be invested in government bonds. They say it’s ‘safe,’ but it’s the worst debt possible. So, if the government goes into a sovereign default, what happens? You wipe out the banking system and the pensions.”

Does Armstrong think the governments around the world are going to go into a sovereign default? Armstrong says, “Oh yes. How does a government default? We are in this Ponzi Scheme. They have to keep selling new debt to pay off the old debt… When you can’t sell the new debt, that’s when the default happens because you can’t pay off the old debt.”

What should the average guy do now? Does Armstrong think people should get to the bank and get cash? Armstrong says, “Yes, cash, physical paper money. We just had two hurricanes here in Florida. This idea of Bitcoin and CBDCs are very nice, but what’s the reality? The internet was down for 10 days. A credit card did not work. You wanted something, it was cash only. It was the same in Canada when they froze all the accounts of the truckers. They could not even buy food. Unless you had cash, you were dead in the water. This is why I am saying to have cash in this point in time.”