The U.S. Dollar is at a 14 year low. Investors bailing for the Yen.
Also dampening the mood was the slumping dollar, which weakened to a new 14-year low below 85 yen, dragging down shares of Japan’s exporters like automaker Nissan and electronics maker Sharp.
“Investors were searching for shelter against the increased volatility and falls in risky assets,” Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong, said in a note. “Many chose to opt for the Japanese yen.”
But look how well ‘our image around the world’ has improved.
In a continuing effort to inform Florida voters about the only person running for Governor of the State of Florida who has an economic recovery plan, one that does not include more borrowing and taxing, meet Dr. Farid Khavari. The beauty of his plan is that it represents a blueprint for long term economic prosperity instead of a pothole patch.
And, it is a plan that other states can also benefit from. Economic security is not exclusive to Florida. Expect other states to catch on to this Bank of the State of Florida concept too! More information about his platform is on his website and in his latest book, Toward a Zero-Cost Economy, available in stores or for free download at his website, www.khavariforgovernor.com.
Please share this press release from the Khavari campaign.
Khavari: The era of commercial banks is over; state banks are the future.
Miami, FL Nov. 23 — Noted economist Farid Khavari, a Democratic candidate for Florida governor, has gained national and international attention for his plan to create a state-owned bank in Florida.
“Not since the Great Depression has it been so clear,” said Khavari. “We need banks that work for the benefit of the people, not people working for the benefit of the banks. There is no mystery why we are facing another depression: the banks got greedy and stupid, and now they are making us pay for it.
“The economy is collapsing due to lack of demand. The economy needs money, but the banks are cutting credit, and then sucking all the cash out of the economy by raising interest rates to make sure no one has any cash left at the end of the month. The cost of interest is built into the cost of everything. People already work ten years of their lives just to pay interest in one form or another. The Bank of the State of Florida will end that for Floridians. And this model will work for every state.
“We can start the BSF at no cost to taxpayers. We can pay 6% interest on savings. Using the same fractional reserve rules as all banks, we can create $900 of new money through loans for every $100 in deposits. We can loan that $900 in the form of 2% fixed rate 15-year mortgages, for example, and the state can earn $12 every year for every $100 in deposits. That means Floridians can save tens of billions of dollars per year while the state earns billions making it possible for them.
“2% fixed-rate mortgages will create a thousand times more jobs than any so-called stimulus can. By reducing the total interest cost on a home by over 85%, the average family will save hundreds of thousands of dollars, and that money stays in Florida,” Khavari said.
“State and local government budgets will balance without higher taxes when the BSF cuts interest costs,” Khavari said. “6% BSF credit cards will save people billions per month, money that stays in Florida instead of going to the big banks—and the state will make huge profits on that, too. Saving billions in interest costs will create millions of jobs without subsidies just by keeping those billions circulating in Florida. Eventually the state will earn enough to reduce and eliminate state and local taxes while every Floridian has economic security in a recession-proof Florida.”
Asked whether a state-owned bank is socialism, Khavari smiled. “Are public schools socialism? Public roads, police and fire protection, municipal water? Socialism is where everyone works for the state. In these cases, and with our Bank of the State of Florida, the state is working for everyone. I call that general capitalism.”
Farid A. Khavari, Ph.D. is an economist and author of nine books, including Environomics.His latest book, Toward a Zero-Cost Economy, is available in stores or for free download at his website, www.khavariforgovernor.com.
On Saturday, November 21, 2009, the Senate of the United States voted to move health insurance reform (the Democrat version) to the floor for debate. This represents to the ‘T’ what Rahm Emanual meant when describing the political strategy he called ‘rule one.’ Which is “Never allow a crisis to go to waste, they are opportunities to do big things.”
So for now and the coming weeks, the American people will be able to see one side trying to get support to pass this takeover of one sixth of the private sector, clearly and obviously without any Constitutional authority to do so, and one side trying to stop it. That is our only choice since the GOP’s plan to reform health care within the private sector and without a government takeover is off the table.
What we can expect to see if this bill passes the Senate with zero chance that Obama will veto it, is this:
New taxes on everyone that consumes medical care from a health care provider that is not ‘government’ approved.
New taxes on those that buy health care insurance if your policy in not ‘government’ approved.
New taxes on those that choose not to buy health care insurance. And the IRS will see to it that you will pay. Or, go to jail. How’s that for Choice and Competition?
New taxes on everyone that provides medical care to Medicare patients. To the tune of $500 billion in cuts in payments to Medicare providers. And that is over and above the discount rates the government currently demands from them. An exodus of doctors in the profession and more people to cover means long waiting periods, lower quality health care, and rationed health care. All that good stuff.
New taxes on those that find cures, both therapeutically and otherwise, like pharmaceutical and medical technology companies.
New taxes on all who use certain medical devices. Like your father’s pacemaker and grandmother’s stint and your wife’s or girlfriend’s new breasts.
New taxes on businesses with over 50 employees that don’t offer health insurance. Now there’s a job creator. Not.
Expansion of Medicaid, the federal-state health program for the poor, to include tens of millions more dependents and including illegal aliens. Without increasing the debt and without decreasing the quality of health care?
Expansion of government subsidies for the poor and even middle-income people to help them ‘pay’ for it all. Subsidies for a plan that was supposed to decrease premium prices? Instead, we will have more people dependent on government. All without increasing the debt one dime?
The plan would give states the option not to participate. This does not include an option not to pay for it. Just not to participate in it. Make any sense to you?
Insurance companies would be barred from excepting pre-existing conditions. (Probably the one and only problem sick people have that the government needs to be involved with, and accounted for in the GOP alternative.) Barred from interstate competition. Barred from offering customer-based insurance policies. Raising insurance premiums for everyone. But this plan was suppose to decrease premiums.
You will be forced into the government health insurance plan (you can’t keep yours if you want to) whenever you make any change in your current plan, like adding a dependent or changing your deductible, or changing your coverage in any way.
A government-run insurance company, with artificially lower rates than private-sector carriers (see pre-requisites above) that will eventually cause that private sector industry to rot on the proverbial vine.
ultimately leading to the SINGLE PAYER HEALTH CARE SYSTEM that Obama wanted. Before he didn’t want it.
So, despite 60 years of history of the American people rejecting the notion of turning over their power and responsibility of health care to the federal government, most recently in 1993 with Hillary-care, we have come to this point. This is a hit right between your eyes. A hit on freedom and liberty, a hit on the Constitution, and a hit on your family’s health and finances for generations to come. The days of incrementalism are over. If this bill becomes law, there’s nothing except the next election that can restrain this power grab in Washington. And no industry will be safe from government control.
The health bill that House Speaker Nancy Pelosi is bringing to a vote (H.R. 3962) is 1,990 pages. Here are some of the details you need to know.
What the government will require you to do:
• Sec. 202 (p. 91-92) of the bill requires you to enroll in a “qualified plan.” If you get your insurance at work, your employer will have a “grace period” to switch you to a “qualified plan,” meaning a plan designed by the Secretary of Health and Human Services. If you buy your own insurance, there’s no grace period. You’ll have to enroll in a qualified plan as soon as any term in your contract changes, such as the co-pay, deductible or benefit.
{Despite what President Obama says, you can’t keep your plan if you like it. This is how the private insurance industry will rot on the vine. In this respect, this new plan is the same as the old plan, H.R.3200}
• Sec. 224 (p. 118) provides that 18 months after the bill becomes law, the Secretary of Health and Human Services will decide what a “qualified plan” covers and how much you’ll be legally required to pay for it. That’s like a banker telling you to sign the loan agreement now, then filling in the interest rate and repayment terms 18 months later.
Protestors wave signs in front of the Capitol on Thursday.
On Nov. 2, the Congressional Budget Office estimated what the plans will likely cost. An individual earning $44,000 before taxes who purchases his own insurance will have to pay a $5,300 premium and an estimated $2,000 in out-of-pocket expenses, for a total of $7,300 a year, which is 17% of his pre-tax income. A family earning $102,100 a year before taxes will have to pay a $15,000 premium plus an estimated $5,300 out-of-pocket, for a $20,300 total, or 20% of its pre-tax income. Individuals and families earning less than these amounts will be eligible for subsidies paid directly to their insurer.
• Sec. 303 (pp. 167-168) makes it clear that, although the “qualified plan” is not yet designed, it will be of the “one size fits all” variety. The bill claims to offer choice—basic, enhanced and premium levels—but the benefits are the same. Only the co-pays and deductibles differ. You will have to enroll in the same plan, whether the government is paying for it or you and your employer are footing the bill.
• Sec. 59b (pp. 297-299) says that when you file your taxes, you must include proof that you are in a qualified plan. If not, you will be fined thousands of dollars. Illegal immigrants are exempt from this requirement.
{Seems Joe Wilson was right after all.}
• Sec. 412 (p. 272) says that employers must provide a “qualified plan” for their employees and pay 72.5% of the cost, and a smaller share of family coverage, or incur an 8% payroll tax. Small businesses, with payrolls from $500,000 to $750,000, are fined less.
Eviscerating Medicare:
In addition to reducing future Medicare funding by an estimated $500 billion, the bill fundamentally changes how Medicare pays doctors and hospitals, permitting the government to dictate treatment decisions.
• Sec. 1302 (pp. 672-692) moves Medicare from a fee-for-service payment system, in which patients choose which doctors to see and doctors are paid for each service they provide, toward what’s called a “medical home.”
The medical home is this decade’s version of HMO-restrictions on care. A primary-care provider manages access to costly specialists and diagnostic tests for a flat monthly fee. The bill specifies that patients may have to settle for a nurse practitioner rather than a physician as the primary-care provider. Medical homes begin with demonstration projects, but the HHS secretary is authorized to “disseminate this approach rapidly on a national basis.”
A December 2008 Congressional Budget Office report noted that “medical homes” were likely to resemble the unpopular gatekeepers of 20 years ago if cost control was a priority.
• Sec. 1114 (pp. 391-393) replaces physicians with physician assistants in overseeing care for hospice patients.
• Secs. 1158-1160 (pp. 499-520) initiates programs to reduce payments for patient care to what it costs in the lowest cost regions of the country. This will reduce payments for care (and by implication the standard of care) for hospital patients in higher cost areas such as New York and Florida.
• Sec. 1161 (pp. 520-545) cuts payments to Medicare Advantage plans (used by 20% of seniors). Advantage plans have warned this will result in reductions in optional benefits such as vision and dental care.
• Sec. 1402 (p. 756) says that the results of comparative effectiveness research conducted by the government will be delivered to doctors electronically to guide their use of “medical items and services.”
Questionable Priorities:
{Gimme a A. Gimme a C. Gimme a O. Gimme a R. Gimme a N. Enter ACORN?}
While the bill will slash Medicare funding, it will also direct billions of dollars to numerous inner-city social work and diversity programs with vague standards of accountability.
• Sec. 399V (p. 1422) provides for grants to community “entities” with no required qualifications except having “documented community activity and experience with community healthcare workers” to “educate, guide, and provide experiential learning opportunities” aimed at drug abuse, poor nutrition, smoking and obesity. “Each community health worker program receiving funds under the grant will provide services in the cultural context most appropriate for the individual served by the program.”
These programs will “enhance the capacity of individuals to utilize health services and health related social services under Federal, State and local programs by assisting individuals in establishing eligibility . . . and in receiving services and other benefits” including transportation and translation services.
• Sec. 222 (p. 617) provides reimbursement for culturally and linguistically appropriate services. This program will train health-care workers to inform Medicare beneficiaries of their “right” to have an interpreter at all times and with no co-pays for language services.
• Secs. 2521 and 2533 (pp. 1379 and 1437) establishes racial and ethnic preferences in awarding grants for training nurses and creating secondary-school health science programs. For example, grants for nursing schools should “give preference to programs that provide for improving the diversity of new nurse graduates to reflect changes in the demographics of the patient population.” And secondary-school grants should go to schools “graduating students from disadvantaged backgrounds including racial and ethnic minorities.”
• Sec. 305 (p. 189) Provides for automatic Medicaid enrollment of newborns who do not otherwise have insurance.
Forget about the money. China has it. One thing they don’t have that we do is President Obama. And right now we’re in need of some leadership.
Right now, two of the most important challenges the President is saying he faces are the economy, to which he has inextricably tied health insurance reform, and, the safety of our troops fighting overseas, particularly in Afghanistan.
It is difficult to believe him when he says those things are tops on his list when he continues to do fundraisers around the country, takes time for golf and recreation, and uses his bully pulpit to berate private industry and groups like the Chamber of Commerce who happen to disagree with his policies, instead of showing the leadership required to make the tough choices that he needs to make.
That making a decision whether to support his generals in the war zone, one of which is heading the NATO forces there, or support his political far-left base represents a tough choice is at the same time frightening to me and revealing of him. But apparently it is because we’re quickly approaching 60 days since Gen. McChrystal asked for more troops to carry out his mission in Afghanistan and still no decision. It’s not like this war was sprung up on him or anything. It has been ongoing for all of the 9 months he has been Commander in Chief. But, since he has only met with the general twice in that length of time, it is also hard to believe that even he thinks it is important, let alone tops on the list.
For President Obama, economic recovery now means health insurance ‘reform.’ Never mind those trillions and trillions of debt owned by China, and those stimulus packages that failed to stimulate the economy or fix what they were supposed to fix. Let’s just focus on health insurance reform. Obama’s other top concern for the country.
Where is his leadership on that? Why is he not using his bully pulpit to lay out his plan, telling us and Congress what he wants instead of beating up on his detractors? It’s a rhetorical question. It’s because there still isn’t a plan. One day it’s this, the next day it’s that. One day it’s public options, next day it’s consumers choice. It’s the Baucus bill, no it’s the house bill, no, it’s the Kennedy bill. And oh, did I mention that all of those bills have one thing in common. They aim to ultimately take control of what private sector health care remains (17- 20% of the private sector economy) after they absorb the rest of it into Medicare, which is already bankrupt. But never mind those silly details, just pass the bill. There’s no need to see it in writing first.
This isn’t leadership. This is his attempt at community organizing on a national, and global scale. Coming from someone who was touted to be, despite all the evidence to the contrary, so experienced and the right man for the job (after Hillary that is), what we see is not much different than a circus barker. And empty suit. Not a leader at all.
After nine months as President, and nearly two months since receiving a request from the General on the ground, the man who, according to his campaign, had all the answers on how to fight the war, is showing just how indecisive he is when it comes to the most important and serious problems we face. Too busy remaking America, exacerbating our economic problems, to handle this one?
So how could Americans have elected such an empty suit? You’ll have to ask the entity Hillary and McCain ran against. The media.
Hearken back to March 2008 when candidate Hillary Clinton made her famous 3a.m. ad. Mr. wishy-washy don’t-block-my-shot Wesley Clark was supporting Hillary at that time.
“One of the most important duties of the President is ensuring the safety of the American people,” said retired General Wesley Clark of the commercial. “Inevitably, another national security crisis will occur. And when it does, voters shouldn’t have to wonder whether their President will be ready. As President, Hillary will be ready to act swiftly and decisively.”
In response, candidate Barack Obama aired his own ad. From The Fix blog on the Washington Post . . .
The commercial touts Obama’s “judgment and courage” in opposing the Iraq war from the start and his clarity to see that the war distracted the country from rooting out terrorists in Afghanistan. “In a dangerous world, it’s judgment that matters,” says the ad’s narrator.
I can’t argue with that. Judgment does matter. What we need is an adult in The White House instead of an empty suit.
You know where it is going. And you know who is in it. Don’t you?
Days after our President and Commander in Chief is awarded the Nobel Peace Prize, which even he cannot justify receiving, let’s assess the state of affairs here and around the world and see how the ‘hope and change’ is working.
Neither the economic stimulus nor the bank bailouts are working. Unemployment is up (over the 8% promised), and rising. Higher taxes for 100% of Americans (not the 5% promised) to pay for ‘public option’ health insurance and ‘cap and trade’ legislation is coming. The effects of nationalizing parts of the private sector and the hostile tax climate is depressing business, not stimulating it. The Federal Reserve is monetizing the debt, which is growing exponentially. And China, Saudi Arabia, and other countries in the world are talking about dumping the dollar as the world’s trade currency. None of which bodes well for the economic well being of Americans and businesses in the United States.
The so-called stimulus package has only stimulated government control. Business is down, and as a result, so are tax revenues. What is Obama’s economic wizards’ plan to remedy this? Increase the debt and increase taxes. What? Did you expect anything different from a presidential candidate, now President, and a Cabinet that have no experience in running a business or making a payroll, let alone the largest economy and military on the face of the earth?
We have had a war on terror going on long before Sept 11, 2001. But we didn’t start fighting back until after 9/11. After eight years of fighting this war, and nearly two months after receiving a request for more troops in Afghanistan from the general he picked, the Commander in Chief is consulting politicians on how, or whether, to win. He made it clear he does not fancy the word ‘victory’ when it comes to the war in Afghanistan. Morale of the troops in Afghanistan is going sour.
Excerpts from COMISAF’S INITIAL ASSESSMENT, General Stanley McChrystal’s report to Secretary of Defense Robert Gates . . .
We face not only a resillient and growing insurgency; there is also a crisis of confidence among Afghans — in both their government and the international community — that undermines our credibility and emboldens the insurgents. Further, a perception that our resolve is uncertain makes Afghans reluctant to align with us against the insurgents.
.
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Unique Moment in Time
This is an important — and likely decisive — period of this war. Afghans are frustrated and weary after eight years without evidence of the progress they anticipated. Patience is understandably short, both in Afghanistan and in our own countries. Time matters; we must act now to reverse the negative trends and demonstrate progress.
Considering that this report was written August 30, 2009, it must depend on what the definition of ‘now’ is because Obama is just now beginning to do meetings on the subject. Despite the General’s emphasis that time is of the essence. Do you get the impression that, for Obama, prosecuting the war is a distraction to expanding governmental power at home?
What is important to the President is appeasing the gay community in repealing a ‘don’t ask don’t tell’ policy in the military. He is the Commander in Chief. Maybe he doesn’t realize he could do it in a single statement or directive. He doesn’t need Nancy Pelosi’s advice to do it. Some in the gay community aren’t buying it. But the ones he spoke to the other night apparently did.
Obama, who was referring to the policy prohibiting openly gay people from serving in the U.S. military, was seeking to shore up his support among gays and lesbians who backed him strongly during last year’s presidential campaign.
Not surprisingly, the signal being sent to teenagers of recruiting age isn’t encouraging either. Liberals always have wanted a draft. By no accident, his policies, inaction and indecisiveness may just require it now.
Islamic extremists are gaining ground in Afghanistan and in Pakistan. The equivalent of our Pentagon in Pakistan was raided last Saturday by this enemy, and took hostages. Pakistan has a nuclear arsenal. Iran is working toward a nuclear arsenal. And in Somalia, after we cut and run in the 90’s, these very same Islamic extremists have virtually taken over the country and are making plans to attack Kenya. And they are making headway in several other African nations. Their safe havens are no where near eliminated, on either continent.
The apology tour, which weighed pretty heavily on the minds of the Nobel committee, hasn’t had any affect on the enemy. Makes one feel pretty safe and secure doesn’t it?
The Federal Reserve has really caught on to the way things work in Washington. You say you won’t do something, then you do it anyway, with all the confidence that no one, especially the media, will call you on it.
Karl brings the whole monetizing of the debt to light. It is the economic shell game that is the leading indicator of not just inflation, but hyper-inflation.
‘Choice and competition’ has become the new buzz phrase that Democrats in Washington are using to promote their health insurance reform plan, formerly known as their health care reform plan.
It’s a buzz phrase that uses the foundational principles of a free and market-driven economy. Choice and Competition. They are what has made this country, in only a couple hundred years, the greatest and most innovative country in the world. Which, of course, just drives the far Left and socialists and communists around the world crazy. Which was the whole point of President Obama’s apology tour.
But using Right thinking terminology to promote a Leftist agenda seems to work well with the dumb masses and the President, Nancy Pelosi, Harry Reid, and Saul Alinsky know it. This is why they are using the buzz phrase to promote the government takeover of nearly 20% of the private sector economy with their health insurance/care agenda. Claiming that it is choice and competition that we need, and they’re going to give it to us if we buy into HR3200 and whatever else they can pile on to it. It is for the same reason that they lie to you and anyone who will listen when they say that Republicans ‘don’t have a plan’ when they do.
The way things are now, there is no market-based solution. It is not allowed. The market is mucked up by government with regulations that limit free market competition, and that limit not only consumer’s choices but the insurer’s choices with all kinds of ‘requirements’ of coverages that insurers must provide regardless of the needs and wants of the consumer.
HR3200 will increase government intervention to the point of taking the industry over, restrict competition instead of promote it, limit consumer choice, and increase cost. And, it conspicuously has no tort reform. In short, it will do the opposite of what it is claimed to do. The dirty little secret here is the administration doesn’t care as much for peoples’ health care as it does for the power of controlling it.
In a free market environment, from a business standpoint, it makes no sense to deny coverage to a customer. It happens every day in Canada and Great Britain. In fact, some European countries are now trying to move away from socialized medicine to private market-driven solutions. The idea is to get customers.
One universal truth is this, ‘everything that does not exist in infinite supply is rationed. In a free society, people are allowed to make their own rationing choices.’ Under HR3200, in reality, the government will be the one denying medical care by its rationing of choices.
There is a market for everything, and left to compete for that business, costs will come down, and choices will go up. One insurer will be trying to out-do his competitor and come up with something better suited for that consumer in order to get that customer.
The free market will be able to handle the vast majority of all peoples’ health insurance requirements. There will be a place for some sort of government fund to handle the very worst of circumstances that free market competition can not handle. But sacrificing the entire industry to government control for the benefit of the few that really will need its help is ridiculous.
If this sounds like an economics lesson, that’s because it is. It is a subject that is lacking in the typical liberal arts education curricula. But that’s another subject.
Considering that your taxpayer dollars, over 1/2 billion of them, are going to a company backed by Al Gore that makes hand-built custom cars, not for the middle class or working people, but for the evil rich like Al Gore, apparently so.
Happy days are here again. The latest model is an all electric one. From Fiskar Automotive . . .
We are accepting pre-orders for our Fisker four-door plug-in hybrid sports sedan – the FISKER KARMA to be delivered in 2010. All orders received from mid-January onwards will be delivered in the second half of 2010. Effective Jan. 1 the deposit amount is $5,000.
All Signature Edition Vehicles, which will be delivered with a special numbered and signed plaque, a color and trim combination similar to the Detroit Show-Car are SOLD OUT.
At this point in time we are also accepting deposits for our Fisker convertible – the FISKER KARMA S. The deposit amount is $25,000
Speaking of stimulating the economy. What? Not ours? Are you serious? How about $400,000 for Gadhafi’s sons? One of whom escorted the Pan American flight 103 bomber back to Libya.
What about the US taxpayers? Eh, we’re all suckers, that’s what. When will you ever learn what Liberals are all about?
Belly up to the counter. Politics are on the menu and Ross is on the grill.
