Posted originally on Mar 6, 2024 By Martin Armstrong
Everyone knows I became friends with Milton Friedman. Back in 1970, Milton exposed how Stakeholder Economics was inefficient and stupid long before Schwab claimed he invented it. Milton stated that such a role was that of government, not corporations, whose #1 fiduciary obligation was to its shareholders. Under Schwab, I could say, “OK, I will go public; everyone sends in money. I will give you shares in return and then say — OMG, there are people starving in Africa!” So, I decided to give 50% of all the profits to them and not my investors. This is Stakeholder Economics.
The New York Times wrote on September 13th, 1970:
“WHEN I hear businessmen speak eloquently about the “social responsibilities of business in a free‐enterprise system,” I am reminded of the wonderful line about the Frenchman who discovered at, the age of 70 that he had been speaking prose all his life. The businessmen believe that they are defending free enterprise when they declaim that business is not concerned “merely” with profit but also with promoting desirable “social” ends; that business has a “social conscience” and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution and whatever else may be the catchwords of the contemporary crop of reformers. In fact they are—or would be if they or any one else took them seriously— preaching pure and unadulterated socialism. Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades.”
Posted originally on Mar 6, 2024 By Martin Armstrong
The Biden Administration implemented a new rule that will cap credit card late fees at $8. The Consumer Financial Protection Bureau has praised the measure, estimating it will save Americans over $10 billion annually in late fees, or around $220 annually per person as 45 million Americans have experienced these fees within the last year, but this measure may be more harmful than helpful.
Credit card debt in America is at an all-time high of nearly $1.13 trillion and continues to rise as around 56 million Americans carry credit card debt. The typical late fee payment is around $32, but this is merely the fee for missing a payment and does not account for compounded interest. It seems like common sense, but one must realize that the average person is not financially literate. The concept of basic finance is not a mandatory requirement for the public education system, leading many people to live off debt, well beyond their means, with no chance of recuperating. America has the leading median level of credit card debt among all developed nations. There is a widespread belief that one can afford certain goods if they are approved for a line of credit, which only benefits the banks.
Now, the banks are certainly profiting on late fees, which account for about 15% of credit card profits based on the CFPB’s 2021 Consumer Credit Card Market Report. Do these fees deter reckless spending? A 2022 ABA-led survey found that 46% of respondents said they made it a priority to pay off their credit cards on time to avoid late fees. That particular study found that a fee of $10 was enough to redirect one’s attention to their financial obligations. Another study by the Harris Poll and NerdWallet found that Americans were more likely to make a payment of their cards if a $30 fee was implemented.
Again, one must understand that the average person cannot compute the cost of compounding interest. Borrowing money is not a legal right and should be done with the utmost caution. Simply forgetting or dismissing financial obligations has consequences.
The banks will find a way to profit off the people in other ways. It is the nature of banking. Rob Nichols, the president and CEO of the American Bankers Association, explained that other measures could be implemented that will hurt everyone. “The Bureau’s misguided decision to cap credit card late fees at a level far below banks’ actual costs willforce card issuers to reduce credit lines, tighten standards for new accounts and raise APRs for all consumers – even those who pay on time,” Nichols said. This is yet another Biden Admin policy favoring the financially irresponsible at the expense of others.
So, what is the CFPB recommending as an alternative? CBDC. The agency is first suggesting digitizing banking so that consumers have instant access to their credit scores and spending habits. Again, these numbers are disregarded by a portion of the population. The agency is patronizing all Americans by stating we are not intelligent enough to know when to pay off our monthly debts without digital notifications and reminders.
Financial literacy is desperately needed in America. So, while the Biden Administration is breaking its arm patting itself on the back for this surface-level win for the everyday man, the ruling does nothing to combat the growing personal debt crisis.
Posted originally on Mar 4, 2024 By Martin Armstrong
Nikki Haley has finally won none other than the LEFTIST stronghold – Washington, DC. If you get pulled over by a cop there, you may hear that line coming from the new movie Civil War – What Kind of American Are You?
The Democrats have been funding Haley, and anyone with common sense would end their campaign. So why is Haley going endlessly? Because the word is if the Supreme Court or all the legal cases somehow manage some way to prevent Trump from running or he magically contracts COVID version 35 and dies before November, Haley will take the nomination by default. The Democrats will rejoice along with the Neocons, who will be popping champagne bottles for they will get World War III fully on board.
She has already come out and said she will NOT support Trump if he runs in November. If you have children or grandchildren, their future will be uncertain with Haley as President. Victoria Nuland will rejoice.
Posted originally on Mar 4, 2024 By Martin Armstrong
Those outside the US believe we have outstanding health care due to the high price tag associated with every service. Healthcare workers have been leaving the field in droves since the COVID-19 pandemic. The American Association of Medical Collegesbelieves that there will be a shortage of 122,000 physicians, 400,000 home health aides, and 29,400 nurse practitioners by 2025, but that may be an optimistic forecast.
A friend of mine in the area recently needed stitches after an injury and their nearest Urgent Care facility was closed. The second Urgent Care (America’s version of a smaller hospital) had a sign saying that it would not open until late afternoon due to a staffing shortage. The third Urgent Care facility was closed over the weekend, also likely due to staffing shortages. By the time she found the fourth provider, the wait was multiple hours due to only one physician being on staff that day.
These essential care employees are overworked and exhausted. People are less likely to take on hundreds of thousands in student loan debt for a grueling job that they must carefully keep by avoiding litigation while watching patients suffer due to high costs passed down from insurance and drug companies.
Healthcare providers are being replaced through AI programs while others are going remote. Amid hospital closures in small towns, remote nurses and doctors are entering hospital rooms on screen. This means hospital administration can hire fewer people and ask the less experienced employees who cost less to retain to perform crucial functions. The virtual nurse or doctor will not be able to help if the patient codes or something goes wrong.
Nursing job vacancies spiked by 30%from 2019 to 2020 as a direct result of COVID regulations and working conditions. A 2021 Washington Post-Kaiser Family Foundation poll showed that another 30% of healthcare workers considered leaving their profession in general after the pandemic, while 60% said the pandemic negatively affected their mental health. These people were also required to receive the vaccine against their will and promote treatments for the virus that may not have aligned with what they believed to be the best treatments. Estimates vary, but every agency agrees that there will be a serious shortage in the near future. The American Hospital Association believes there will be a shortage of 3.2 million healthcare workers by 2026.
The largest portion of our population is aging and will require health care in the near future. Not many can afford the costs of becoming ill, and sickness remains the leading cause of bankruptcy in the world’s financial capital. An aging population paired with overwhelming staffing shortages will lead to serious trouble in America’s healthcare system in the short term, not to mention the additional 7.2 million and counting new illegal residents who are receiving free health services at the cost of the taxpayer.
Posted originally on the CTH on March 1, 2024 | Sundance
If you ever needed a good point to highlight the nature of political Lawfare, this is a great example.
Julie Kelly essentially notes that Special Prosecutor Jack Smith is asking DC Judge James Boasberg to decide what evidence should be given to Florida Judge Aileen Cannon.
Julie Kelly (Via Twitter) – “It appears that records related to the grand jury proceedings in DC on the classified docs case remain under seal and have not been transmitted to Judge Cannon or defense.
Recall that almost the entire investigation into the classified docs matter took place in Washington DC–not southern FLA even though it is the controlling jurisdiction since the alleged “crime” of retaining classified records/national defense info happened at Mar-a-Lago in Palm Beach.
DOJ then Jack Smith kept the case in Trump-hating DC courthouse so they could get favorable rulings from then-chief judge Beryl Howell–which they did. For example, Howell cited the crime fraud exception to justify piercing atty-client privilege between Trump and his lawyer, Evan Corcoran, to force Corcoran to turn over his records to DOJ.
Highly unlikely that would have happened in FLA especially before Judge Cannon. But right before indictment, Jack Smith moved the case to Florida. Reports at the time indicated DOJ read summaries of its grand jury evidence to a FLA grand jury in order to secure the indictment.
So, how is it almost nine months post-indictment that trove of evidence remains under seal? When the issue was raised, David Harbach said DOJ was “in the process” of asking the current DC chief judge James Boasberg to review the file, add redactions if needed, and transmit to FLA court. (link)
There is a certain level of cognitive disassociation needed by the media to ignore how the DOJ is using a DC court system to prosecute a Florida case against Trump. Go Deep on Boasberg HERE
Boasberg, an ally of SSCI Chairman Mark Warner, has intercepted several cases that brought sunlight upon the corrupt DC system. In each case Boasberg ruled in favor of maintaining the corruption, including his willfully blind support of the FBI searching NSA databases to conduct illegal surveillance of Americans, and including Boasberg’s personal appointment of Mary McCord to run defense on behalf of the corrupt DOJ main office.
Posted originally on Feb 29, 2024 By Martin Armstrong
The Dow exceeded the January high and closed February at 38,996.39. The NASDAQ composite has yet to exceed the 2021 high despite the AI Bubble. This still reflects the international capital flows, and our Chaos Models show there will be a trend emerging with a gap between the main turning points ahead. The atmosphere of WAR is impacting the market and the capital flows. Comments from Macron calling to send in troops to Ukraine to prevent somehow its fall, which is inevitable, has only led Putin to say that then opens the door to nuclear warfare.
They are determined to start a war this summer before the 2024 US elections. Both European leaders, NATO, and the Neocons are living in sheer terror of a Trump victory, for he is anti-war, CBDCs, and climate change. If they cannot prevent Trump from taking the White House, I fear they will assassinate him, for there is way too much at stake for these people. I would be very concerned about July, for things appear to be heating up and going into Panic Cycles in many markets come August/September.
We have reached our target of 40,000 we set back in 2011. Our resistance now in the Dow, given a continued rally, is forming at the 42,000-43,000 area. Exceeding that overhead barrier opens the door to a test of 50,000.
I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
This is a library of News Events not reported by the Main Stream Media documenting & connecting the dots on How the Obama Marxist Liberal agenda is destroying America
Centinel2012 