Listen to this! http://www.youtube.com/watch?v=vyUSvy4LUZk Karl Denninger is a mixed bag when it comes to nuttiness and eminent good sense. Here he discusses medical costs in the USA and his words could have been taken right out of my mouth, I am in such agreement with his take on at least this one issue, but he may have exaggerated the impact of State Certificate of Need laws (CONs). He does not understand what the Fed is doing and why, but strangely, Bernanke would agree to some extent with Denninger in so far as the current course being unsustainable. He is a little out of his depth when he gets to Thorium breeder reactors!
"The best argument against democracy is a five minute conversation with the average voter." Sir Winston Churchill
I think Denninger pretty much nails down the cause of outrageous medical costs. And I listened attentively to his other remarks. He is a bit out of his depth when it comes to thorium breeder reactors, and it is pretty clear he doesn't understand the approach Bernanke is taking at the Fed. Nevertheless a very interesting guy, with opinions on just about everything.. I find more to agree than disagree with in his remarks, but he harms his credibility by going off on nut tangents,e.g., the Obama certificate of live birth issue. Thanks for the link.
1. Denninger's certifiable. 2. I automatically put any poster who's nick ends in 88 on ignore. In this case you got a double: a Denninger 88 fan. And you mostly agree? I get more & more disappointed with this place every day.
It is very needed that some sort of austerity be imposed on the US Budget in overall for 2-3-4 years. In addition to other benefits, it will make the politicians in DC get into the habit of balancing the books. Right now and for last 30 years, the main trend is to spend and be merry because printing presses are running on digital machines 24x7x365. This act of balancing will slow down the economy a little and Obama should not care anymore as now he is in the last term of his office.
It will not happen. Monetization will only increase. Inflation will rise. The clock is ticking on the demise of US reserve currency status. Witness the list of nations recently moving out of trade in US dollars. It will not be addressed by clownish, foolhardy US politicians until the bond market forces cruel austerity.
We are all in it togethor says our political leader. That statement is really rather far from the truth. The rich won't have to forego a meal a day etc. The top execs on the top 50 UK companies are averaging $7 million each. Not bad for pen pushing bureaucrats. They are looking for their usual 25% pay rise. Obviously they aren't in any financial stress and couldn't care a less. Just the odd platitude now and again. Why dregs & co. are so loyal I fail to see. Are they in the million a year pay bracket too ? No social conscience those boys. The gulf gets ever wider.
Yes, I completely agree with his assessment of the problem in medical care as stemming from full-on capitalism combined with a lack of free competition -- a deadly combination. However, and of course, you have to look at USA Health care in the light of other health care systems around the world that are single payer, and see that, without exception, they do better overall in both cost and outcomes. What I want to see is private sector health care with free competition. Sadly, we don't have any good models for a truly competitive health care system, and I'm beginning to wonder if it is even possible given the constraints. But I haven't yet given up on that idea. I also think Denninger has much to contribute in other area but there I find more to disagree with. And as I think I mentioned , Denninger harms his credibility when he goes off the rails with stuff like Obama's birth certificate, etc. Good ideas, and thought provoking discussion are where you find them.
US healthcare is most expensive and due to monopolistic nature it is also inefficient. For $20 care if you are spending $1000, then you have some room to thump your chest for high quality. Below to check the cost of stiches in the US http://wiki.answers.com/Q/Average_hospital_cost_of_stitches I would rather learn how to do the stitches myself on YOUTUBE for less than $20 including medication and resupply.