Posts Tagged ‘medicare’

The Road to World War III – The Global Banking Cartel Has One Card Left to Play

The Road to World War III – The Global Banking Cartel Has One Card Left to Play

By David DeGraw (h/t ZH)

The following is Part I to David DeGraw’s new book, “The Road Through 2012: Revolution or World War III.” This is the second installment to a new seven-part series that we will be posting throughout the next few weeks. You can read the introduction to the book here. To be notified via email of new postings from this series, subscribe here.

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Editor’s Note: The following is Part I to David DeGraw’s new book, “The Road Through 2012: Revolution or World War III.” This is the second installment to a new seven-part series that we will be posting throughout the next few weeks. You can read the introduction to the book here. To be notified via email of new postings from this series, subscribe here.

I: Economic Imperial Operations

The Road to World War III - The Global Banking Cartel Has One Card Left to PlayWhen we analyze our current crisis, focusing on the past few years of economic activity blinds us to the history and context that are vital to understanding the root cause. What we have been experiencing is not the result of an unforeseen economic crash that appeared out of the blue with the collapse of the housing market. It was certainly not brought on by people who bought homes they couldn’t afford. To frame this crisis around a debate on economic theory misses the point entirely. To even blame it on greedy bankers,…
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Paul Farrell Expects No Recovery Until The End Of Obama’s Second Term… IF He Gets Reelected

Paul Farrell Expects No Recovery Until The End Of Obama’s Second Term… IF He Gets Reelected

Courtesy of Tyler Durden

Paul Farrell’s take on Jeremy Grantham’s recent essay Seven Lean Years (previously posted on Zero Hedge) is amusing in that his conclusion is that should Obama get reelected, his entire tenure will have been occupied by fixing the problems of a 30 year credit bubble, and if anything end up with the worst rating of all time, as the citizens’ anger is focused on him as the one source of all evil. "Add seven years to the handoff from Bush to Obama in early 2009 and you get no recovery till 2016. Get it? No recovery till the end of Obama’s second term, assuming he’s reelected — a big if." Also, Farrell pisses all over the recent catastrophic Geithner NYT oped essay, which praised the imminent recovery which merely turned out to be the grand entrance into the double dip: "In his recent newsletter, "Seven Lean Years Revisited," Grantham tells us why expecting a summer of recovery was unrealistic, why America must prepare for a long recovery. Grantham details 10 reasons: "The negatives that are likely to hamper the global developed economy." Sorry, but this recovery will take till 2016."

For those who have not had a chance to read the original Grantham writings, here is Farrell’s attempt to convince you that Grantham is spot on:

But should you believe Grantham? Yes. First: Like Joseph, Grantham’s earlier forecasts were dead on. About two years before Wall Street’s 2008 meltdown Grantham saw: "The First Truly Global Bubble: From Indian antiquities to modern Chinese art; from land in Panama to Mayfair; from forestry, infrastructure, and the junkiest bonds to mundane blue chips; it’s bubble time. … The bursting of the bubble will be across all countries and all assets … no similar global event has occurred before."

Second: The Motley Fools’ Matt Argersinger went back to the dot-com crash of 2000: Grantham "looked out 10 years and predicted the S&P 500 would underperform cash." Bull’s-eye: The S&P 500 peaked at 11,722; it’s now around 10,000. Factor in inflation: Wall Street’s lost 20% of your retirement since 2000. Yes, Wall Street’s a big loser.

Third: What’s ahead for the seven lean years? Wall Street will keep losing. Argersinger: "Grantham predicts below-average economic growth, anemic corporate-profit margins, and other


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Why The (Obvious) Discomfort Ben?

Why The (Obvious) Discomfort Ben?

Courtesy of Karl Denninger at The Market Ticker

Heh heh heh….

Snippets this time, since I’m on vacation….

The economic expansion that began in the middle of last year is proceeding at a moderate pace, supported by stimulative monetary and fiscal policies. Although fiscal policy and inventory restocking will likely be providing less impetus to the recovery than they have in recent quarters, rising demand from households and businesses should help sustain growth. In particular, real consumer spending appears to have expanded at about a 2-1/2 percent annual rate in the first half of this year, with purchases of durable goods increasing especially rapidly. However, the housing market remains weak, with the overhang of vacant or foreclosed houses weighing on home prices and construction.

Uh huh.  Note the word appears.  In political circles this is known as a "weasel word", and gives the speaker an out if the claim turns out to be pure nonsense down the road (and it will.)

The most-important part of this paragraph, however, is the fact that it recognizes that the government has stepped in and replaced 11% of final demand with borrowed money.

Inflation has remained low. The price index for personal consumption expenditures appears to have risen at an annual rate of less than 1 percent in the first half of the year. Although overall inflation has fluctuated, partly reflecting changes in energy prices, by a number of measures underlying inflation has trended down over the past two years. The slack in labor and product markets has damped wage and price pressures, and rapid increases in productivity have further reduced producers’ unit labor costs.

Note the direct contradiction with the above paragraph (does Ben really think we’re dumb enough not to notice?)

Specifically, slack labor markets and increased output demands per unit of compensated labor means consumer income, that which should be driving spending, is trending downward.…
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Medicare Implodes – Doctors Opt Out of Medicare at Alarming Rate; Fountain of Youth Sought

Medicare Implodes – Doctors Opt Out of Medicare at Alarming Rate; Fountain of Youth Sought

Serbian soldiers prep unexploded ordnance outside the town of Zvornik, Bosnia-Herzegovina,

Courtesy of Mish

Doctors losing money doing "God’s Work" in Medicare, are tired of the losses. Many refuse to take new patients. Others have thrown in the towel altogether.

The Houston Chronicle has the details in Texas doctors opting out of Medicare at alarming rate.

Texas doctors are opting out of Medicare at alarming rates, frustrated by reimbursement cuts they say make participation in government-funded care of seniors unaffordable.

Two years after a survey found nearly half of Texas doctors weren’t taking some new Medicare patients, new data shows 100 to 200 a year are now ending all involvement with the program. Before 2007, the number of doctors opting out averaged less than a handful a year.

“This new data shows the Medicare system is beginning to implode,” said Dr. Susan Bailey, president of the Texas Medical Association. “If Congress doesn’t fix Medicare soon, there’ll be more and more doctors dropping out and Congress’ promise to provide medical care to seniors will be broken.”

More than 300 doctors have dropped the program in the last two years, including 50 in the first three months of 2010, according to data compiled by the Houston Chronicle. Texas Medical Association officials, who conducted the 2008 survey, said the numbers far exceeded their assumptions.

The largest number of doctors opting out comes from primary care, a field already short of practitioners nationally and especially in Texas. Psychiatrists also make up a large share of the pie, causing one Texas leader to say, “God forbid that a senior has dementia.”

The opt-outs follow years of declining Medicare reimbursement that culminated in a looming 21 percent cut in 2010. Congress has voted three times to postpone the cut, which was originally to take effect Jan. 1. It is now set to take effect June 1.

In 2008, 42 percent of Texas doctors participating in the survey said they were no longer accepting all new Medicare patients. Among primary-care doctors, the percentage was 62 percent.

“You do Medicare for God and country because you lose money on it,” said [Dr. Guy Culpepper, a Dallas-area family practice doctor], a graduate of the University of Texas Medical School at Houston. “The only way to provide cost-effective care is outside the Medicare system, a system without constant paperwork and


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US Posts Its 19th Straight Monthly Budget Deficit

US Posts Its 19th Straight Monthly Budget Deficit

Courtesy of Jr. Deputy Accountant 

Surely this does not come as a shock to anyone.

Reuters:

The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month, the Treasury Department said on Wednesday.

It was more than twice the $40-billion deficit that Wall Street economists surveyed by Reuters had forecast and was striking since April marks the filing deadline for individual income taxes that are the main source of government revenue.

Department officials said that in prior years, there was a surplus during April in 43 out of the past 56 years.

Remember, Social Security should have its own fund of around $2 trillion but instead has a stack of IOUs in the form of US Treasurys and no money.

Business Week:

The non-partisan Congressional Budget Office, in a report issued May 10, projected an April deficit of $85 billion. “The decline in non-withheld individual income tax receipts and the increase in individual refunds were partly offset by higher revenues from other sources,” the CBO said in the report.

Revenue and other income fell 7.9 percent to $245.3 billion in April from $266.2 billion the same month last year, the Treasury said.

Corporate tax receipts totaled $77.1 billion for the year to date, an increase of 8.9 percent. Individual income tax collections were down 11.6 percent so far this fiscal year to $500.8 billion.

Spending for the entire government for April jumped 14.2 percent from the same month a year earlier to $328 billion.

Outlays by the Social Security Administration rose to $437.7 billion for the fiscal year to date. Spending by the Department of Health and Human Services, which administers the Medicare and Medicaid programs, rose to $504 billion.

The question now is how the hell we can dig our way out of this hole. The easy answer (without wasting years pursuing a Masters in econ) is we can’t. If you’ve ever been buried in debt, you understand how difficult it is to ever right your financial situation once you’re in over your head. The government seems to believe that normal rules don’t apply because of that whole world reserve currency thing but I imagine there will come a point when the world will…
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AMERICAN PIE

Jim Quinn presents a most dire prediction of our national journey into a hellish nightmare, the worst yet to come. 

Was it all foretold in this incredible song? – Ilene

Don McLean – American Pie – Live On Imus In The Morning

AMERICAN PIE

Courtesy of Jim Quinn at The Burning Platform  

“The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts.”
                                                                                                Bertrand Russell
 
http://stash.norml.org/wp-content/uploads/2009/03/don-mclean-american-pie.jpg 
http://jaksview3.files.wordpress.com/2009/02/musicdied.jpg
 
Don McLean was born in 1945 and grew up in New Rochelle, New York. He was one of the earliest Baby Boomers. He was born at the beginning of America’s last High, as described by Strauss & Howe in their book The Fourth Turning. America’s victory in World War II began a new 80 to 100 year cycle consisting of four turnings of 20 to 25 years. The four cycles are a High, an Awakening, an Unraveling and a Crisis. These cycles have been recurring throughout history due to the generational mood changes as people age. Don McLean grew up during a High. This was an episode of safety and security. He basked in “Dr. Spock permissiveness, suburban conformism, Sputnik-era schooling, Beaver Cleaver friendliness, and Father Knows Best family order.” His idyllic life changed on the morning of February 3, 1959 when he read the headline in the newspaper he was about to deliver.
 
http://30daysout.files.wordpress.com/2009/01/m590203k.jpg http://musicmaven.files.wordpress.com/2009/01/winter_dance_party.jpg
 
A long long time ago
I can still remember
How that music used to make me smile
And I knew if I had my chance
That I could make those people dance
And maybe they’d be happy for a while
But February made me shiver
With every paper I’d deliver
Bad news on the doorstep
I couldn’t take one more step
I can’t remember if I cried
When I read about his widowed bride
But something touched me deep inside
The day the music died
So bye, bye Miss American Pie
Drove my Chevy to the levee but the levee was dry
And them good old boys were drinking whiskey and rye
Singing this’ll be the day that I die


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Zero Hedge

The Ultra Wealthy Are Selling Billions Of Dollars In Stock

Courtesy of ZeroHedge View original post here.

As the market has "rebounded" off its lows back in March, the world's super wealthy are jumping at the chance to offload billions of dollars in stock while global central banks - and most notably the Federal Reserve - keeps a bid under the market and acts as a Mr. Magoo-like counterparty.

Many investors have been prompted to sell by market volatility over the last two weeks, which appears as though it could be signaling an end to the V-shaped recovery. This has likely helped spook the ultra wealthy into take some cash off the table. 

Seo Sang-young, an analy...



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ValueWalk

Markets Crash Two Days In A Row: The American Dream Is Dead

By Eloise Williams. Originally published at ValueWalk.

The American dream is dead, she thinks to herself. After all her hard work. All the blood, sweat and tears. Long nights in the office away from her family.  Diligently saving up every penny so they could have that white picket fence. A big screen television. And even an iPhone 11 Pro.

Q2 2020 hedge fund letters, conferences and more

The American Dream Is Officially Dead

Emma slowly sips her bourbon while sitting on her porch. Deep wrinkles caused by stress are embedded into her once smooth face. A chunk of her blonde hair falls to the ground.&#x...



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Phil's Favorites

What if he doesn't leave?

 

What if he doesn’t leave?

Courtesy of 

If Donald Trump loses the election – by any margin – does anyone see him actually conceding? Me neither. Biden may not be so fast to concede either, especially given the nature of a pandemic at the polls. The (mostly made up) controversy about mail-in ballots is sure to make this an election to remember. Contested elections have been rare in recent history, but not unheard of. How might the market react, before, during and after?

Listen to the new episode of my ...



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Politics

What if he doesn't leave?

 

What if he doesn’t leave?

Courtesy of 

If Donald Trump loses the election – by any margin – does anyone see him actually conceding? Me neither. Biden may not be so fast to concede either, especially given the nature of a pandemic at the polls. The (mostly made up) controversy about mail-in ballots is sure to make this an election to remember. Contested elections have been rare in recent history, but not unheard of. How might the market react, before, during and after?

Listen to the new episode of my ...



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Kimble Charting Solutions

Gold Breakout Triggers Buy Signal, Is $3000 Next Target?

Courtesy of Chris Kimble

90-days ago this cup & handle pattern was discussed on See It Market when Gold was trading at 1717.

Fast-forward to today and Gold is up 15 percent. So it’s time for an update!

As we pointed out 90-days ago, the initial price magnet for the rally was the 261.8 Fibonacci extension that marked the 2011 high at (1).

That high has served as price resistance for nearly 9 years! …But it may be ...



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Biotech/COVID-19

Smoke from wildfires can worsen COVID-19 risk, putting firefighters in even more danger

 

Smoke from wildfires can worsen COVID-19 risk, putting firefighters in even more danger

Firefighters have battled camp crud before, but COVID-19 brings new risks with the potential for heart and lung damage. Robyn Beck/AFP/Getty Images

By Luke Montrose, Boise State University

Two forces of nature are colliding in the western United States, and wildland firefighters are caught in the middle.

Emerging research suggests that ...



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Chart School

Gold Gann Angle Update

Courtesy of Read the Ticker

Golds bullish trend has worked well in 2020, so what is next over the immediate 3 to 6 months? Will we continue to see a golden future.

The US dollar had been strong into COVID 19, since then the FED has printing a lot of money, and they are also considering YCC (Yield Curve Control), last seen during WW2. [Note YCC lasted 9 years over WW2. WOW, that is a lot of money printing.]

The FED is now forecast to over take competing central banks balance sheets in size, and the release valve will be a falling US dollar. Therefore we should continue to see the US dollar maintain is slow leak down over the next 3 to 6 month, say on the DXY 82 to 88. 

Also, US election worries will add to the weakening of the dollar. Of course extreme chaos in W...

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Digital Currencies

Cryptocurrencies Rarely Used To Launder Money, Fiat Preferred

Courtesy of ZeroHedge View original post here.

Authored by Shaurya Malwa via Decrypt.io,

Traditional channels continue to dominate the estimated $2 trillion global money laundering racket instead of cryptocurrencies, a report says.

In brief
  • Money laundering via cryptocurrencies is not a preferred tool for criminals, a report said...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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