2016: What Was And a Preview of 2017
The Market Ticker - Commentary on The Capital Markets
2016-12-26 09:18 by Karl Denninger
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2016: What Was And a Preview of 2017
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Historically speaking The Market Ticker used to publish an "annual review" including a set of predictions.  Some years worked out pretty good, others not so much.  But even the "bad" years weren't too bad in retrospect; if you make a dozen predictions and get half right over a year's time that really is quite a bit better than you might first think -- although nowhere near good enough to dub yourself Nostradamus.

As I intended in my ticker entitled In Closing from February of 2014 I've wound things back around here quite a bit.  Not completely, but materially.  The software here was at version 41.4 when I penned that piece; it is currently 45.5.  That's more than four revisions greater, since there have been a bunch of "point" changes since -- mostly bug fixes but a few enhancements too.

The post (thread) count was 228,802 when I penned that piece.  It currently stands at 231,735.  The Bar (for user-generated threads and comments, open to anyone who used to be a donor at any time in the system's history) has been reopened this fall, and for the time being I intend to leave it accessible into 2017.  You can find it from the "top" menu here if you're signed in and once had donor-level access -- or just go directly to our companion domain at tickerforum.org.

There were 7,950 Tickers posted from the inception of the site to February 2014.  Since there have been 2,777 more.  There were 650 posted this year.  However, the volume has dropped quite materially, especially in the back half; the count has been about one a day, on average since July, including a "burst" of them for the election season.

The donation system went away quite some time ago and this year the advertising system was almost-completely shut down as well, leaving it just active enough to remain "alive" from the adsense syndication system's point of view.

Here's the issue I have when it comes to continuing what I've been doing, when you get down to it: Nothing has really changed at all in terms of either outcomes or even interest among readers here.  Not one of the pinned threads more-recent than my In Closing missive has managed to reach materially over 50,000 views.  The only pieces to get any sort of "real attention" were those related to the election and of those none had a thing to do with policy.

But..... we're two more years down the road and, as I pointed out in October about four years from the detonation of our nation's finances.

A detonation, I remind you, that I've been raising hell about since the 1990s; it has been visible for that long on the horizon, and has been a focus here since The Market Ticker began publication.

Ever watch "Gran Torino"?  When you go into the bathroom with a hacking cough and blood comes up you got a big ****ing problem.  This nation has been hacking up blood for decades and we're still, as a population and nearly to an individual, looking for the "investment" that will make more money as our "response" to that.  What are you going to do with it all when overcome by events?  You can't eat your stawks, you know.

So here's the deal as I see it: Trump is not going to save the world -- or America.  He's not even going to save you.  Hell, you just watched Obama, according to the media, Trump, the Republicans and a bunch of others "stab Israel in the back" by refusing to veto a UN resolution stating theft of land is illegal.

Really folks?

Look, I get it -- the UN sucks (I agree with that, by the way) and to the victors go the spoils when it comes to war.  Go ask those displaced in Aleppo and elsewhere through the world how private property rights have worked out for them when it comes to owning a home or business.  Expropriation is part and parcel of what governments do, but why pussy-foot around with it and exactly how does doing so make you anything more than a sniveling pack of fraudsters?

If Israel is going to consider a 50 year past war justification for seizing land then seize the land, all at once, re-draw the border to encompass same and be done with it.  The idea that they can keep dicking around with this and by stealing a little bit here and there, one house or "settlement" at a time it is ok but if they did it all at once it wouldn't be is outrageous, it has been outrageous for 50 ****ing years and it doesn't change in character based on who's doing it or why.  War sucks although it is sometimes necessary but this load of crap is nothing more than finding a way to turn a short war into one that has now spanned generations and shows no sign of ever ending -- why don't we just admit that too many people like this war for any serious effort to sue for peace to be accepted?

More to the point given who's involved, since when is intentionally extending a war for five decades by jacking around instead of being decisive in your actions "noble", "honorable" or appropriate, say much less justified if you're "God's chosen people"?  I seem to remember a bunch of folks got a 40 year sentence of wandering in the desert for jacking around when it came to doing the right thing at a time in the distant past -- or so says a tale some consider to be divinely written. Have you ever bothered reading your professed Holy Book, Bibi?

I'm tired of that crap being a "cornerstone" of US foreign policy and by the way, it appears from his tweets Trump has every intention of making it worse.

Or maybe - just maybe - he'll tell Bibi to either **** or get off the pot.  Take it all, invade and kill all who resist.  At least that would be consistent.  Pile up the bodies and pay the price, politically and otherwise.

Speaking of Trump, many continue to harp on Trump having business interests all over the world and the "horrifying possibility" that some nut job with a suicide vest (or a big truck) might penetrate one of those places somewhere in the world and "damage his brand", leading to unspecified bad things.   How about a bit of critical thought on that point eh?  Let's consider the fact that (1) you can't (at any rational cost) buy insurance against terrorism or acts of war and thus (2) Trump is the first President in a very long time, perhaps the first President ever since people went to war on horseback with the King on the field of battle who has personal pecuniary interest in avoiding armed conflict of all types -- and when it cannot be avoided he has an interest in making any such conflict short with a decisive victory for our side. You see any armed conflict, terrorist or otherwise, might cost him something (like a smoking crater where there once was a hotel!)

Gee, that never crossed your mind, did it?  Why not?  Maybe you can explain exactly how that sort of view toward hostility in all its forms in the Executive, as a first in our nation's history, is a bad thing?

But put all the international stuff aside because it really is a sideshow.  The 900lb Gorilla in the China Shop is the medical scamjob and if we don't start locking people up and dismantle it wholesale, beginning right ****ing now, the rest literally doesn't matter.  Maybe the people of this country will get angry enough to start dropping medical and pharmaceutical executives in the streets with whatever they have, whether it's an SUV, a brick off the top of a building or something more thuggish -- or maybe they'll just wither and die as their feet, hands, legs and arms are chopped off while their vision fades to black from diabetes consuming them. Let's not forget that you can only die (or be put to death) once, so exactly what sort of disincentive does a medically-condemned person have against playing not-nice in the social order of things?  In short we either cut the crap when it comes to both medical "care" and stop pushing "foods" that are literal poisons or it's going to end in massive amounts of pain and death and the day when it comes is visible in the near future.  The only question is whether it comes slowly and painfully through disease, violently through the people being dispossessed of everything via "medical businesses" and taxes extracted to "give" to those people and firms leading the people to ultimately revolt -- or both at once.

The timeline on this was decades, we ignored it, it was then fifteen years (roughly, when the Ticker began publication) and we ignored it again, choosing to focus on the "joy" of electing a "black President" who the people believed would "pay my gas and mortgage" while bailing out all the scam artists in the banking sector.  For good measure we gave Obama free license to top it all off with frauds like Solyndra and "forced" medical insurance via Obamacare.  In response the pundits and markets cheered, the latter tripling since 2009.

Having squandered the time we had instead of addressing the issue we now have four to five years remaining before it all goes to Hell and we, in America, have front-row seats that are well within the blast radius.

So no, I'm not going to give you a bullet-point rundown this year.  Instead I'm going to point out that since the bond market has decisively broken on both a monthly and annual basis its 30 year bull market trendlines, meaning that turning the leverage crank to "goose" earnings in the markets is no longer possible, nor is doing the same possible for governments whether here or elsewhere and thus that game is in fact over.

Let me remind you how this crank-turning has worked for the last 30 years, since people have short memories and I've only written a dozen or more Tickers on this, say much less the chapter in Leverage on same.

30 years ago you borrowed $1 million.  The interest rate was 10%.  You needed $100,000 a year in income to pay the interest coupon.  Governments and businesses never, ever, pay off those bonds -- they roll them over endlessly when they mature.  If you doubt this then go look at both corporate and government debt on the Fed Z1; neither has ever decreased by one dime, even during the 2007-2009 crash.

Ok, so then rates drop over time to 5%.  You could take that windfall of $50,000 in interest payments saved every year when your bonds are rolled and spend it somewhere.  But $50,000 is small ball because it will take 20 years for that savings to amount to a million bucks.  The alternative is that you can choose to keep paying $100,000 a year in interest but borrow another million and spend it right now.  Guess what business and government did?  Now you have another million to "spread around", whether it makes your P/E better, is handed out in social spending or whatever.

Rates continued to fall.  Over time they fell until just recently good credits in the corporate and government space could borrow for several years at rates of 1%!  So they did.  Now it's not $1 or $2 million that's out and has been spent it's $10 million, with the same $100,000 interest payment due.

But what happens if the rate goes up just 1% from there -- to 2%?

Now you have a big problem.  You either need to come up with $5 million in cash to retire half the bonds when they roll, since you only have $100,000 for interest payments or you're ****ed.  In the corporate sphere you can no longer "turn the crank" of leverage to goose "earnings", fund buybacks of shares and similar -- you now not only have rapidly increasing interest expense you can't borrow any more money because you can't pay the coupon on it given your current level of indebtedness.

Look at the stock market, size of government and government debt at all levels.  The cost of borrowing fell by more than 90% during this 30 year time period and that means ten times as much leverage became available.  Only about half of the market and government's gains over that time can be attributed to technological progress -- that is, productivity improvement.  The rest is a mathematical function that came from the increase in leverage.  But leverage is a two-edged sword and the laws of mathematics are not suggestions; it multiplies "earnings", "profits" and similar but it also multiplies losses by an equal amount.  It is why banks blew up in 2008.  It is why companies blew up in 2000.

And that is why it will all blow up if we don't cut the crap right here, right now.  Housing. Stocks. Bonds. Government at all levels; local, state and federal.

And you, especially if you have debt.

Not one person under the age of 50 has any business or political memory of the world before the declining bond market rate paradigm established itself in the 1980s.  Not one person folks -- because they were all either children or not yet born at that time.  None have ever run a business, invested a nickel or made public policy during that time.  Since executives tend not to actually become executives before they're in their 40s and 50s, and the same is generally true for politicians, this means that essentially nobody with either political or business power has ever lived through or made policy in an environment where rates were not generally declining over time.

All the people who have done it and thus know how said environment constrains your actions are dead.

We can't hide the impact of our idiocy in the medical system and "free trade" through machinations from money and fiscal policy, whether in government or private business, any more.  We're going to take it long and hard, or we're going to stop it before it consumes us.  Those are the only two choices because we can't finance our way out of it, we can't cost-shift it to other nations and we can't do a damned thing about the laws of mathematics either.

And with that I will leave you with the fact that this coming year I intend to spend more time outside, more time writing a novel I've been working on for quite a while (the first of a trilogy) which I may choose to publish if we get our act together and thus I have some possibility of keeping some of the profits thereof and more time seeing and doing the things I enjoy, along with taking the steps to further reduce my economic footprint.

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Quik49
Posts: 3806
Incept: 2007-12-11

ut
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Well, that pretty much sums it up.
To be shared of course, but the ears that will even listen to me are becoming scarce.

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Long Vaseline....

Fedwatcher
Posts: 1927
Incept: 2009-04-07

Southern California
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As always, my first read.

Question: Why does economic history seem to repeat?

Answer: "Not one person under the age of 50 has any business or political memory of the world before the declining bond market rate paradigm established itself in the 1980s. Not one person folks -- because they were all either children or not yet born at that time. None have ever run a business, invested a nickel or made public policy during that time. Since executives tend not to actually become executives before they're in their 40s and 50s, and the same is generally true for politicians, this means that essentially nobody with either political or business power has ever lived through or made policy in an environment where rates were not generally declining over time.

All the people who have done it and thus know how said environment constrains your actions are dead."


As well over a longer time-line, very few people who were aware of the Roaring 20's and the Great Depression are alive, since to be so they would have to be over 100 years old.

Boot6761
Posts: 1
Incept: 2016-06-19

Tampa, FL
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Healthcare is a ticking time bomb...why is it somehow the Insurance Companies always win???
Anyone ever see where Buffet made all of his initial money???
Analog
Posts: 1359
Incept: 2010-12-29

arkansas ozarks
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Quote:
why is it somehow the Insurance Companies always win???


/begin dark and dismal rant

That's been my question since 1972. People think at end of WW2 "Operation Paperclip" just took in the German spies and Rocket Scientists.
I'm convinced the real Nazis (who understood bureaucracy see Albert Speer's memoir 'Slave State') came along too and weaseled into the US insurance industry from which they now rule the world. Took them a few decades but Russia and US are now both 'Crony Capitalist" states. China will be along soon.

Go to your library and look up your state's insurance insurance statutes.
I did that ca 1994 in Florida, they occupied fully a third of the shelf space. I call that regulatory capture. He who makes the rules can't fail to win.


It's clear to me they are going to try another round of 20% inflation to trivialize the debt. Like the "Flying Wallendas" they have an uncanny ability to keep us teetering on the brink.



when does the wire break ?
Is this the leading edge of Bondzilla ?

/end dark and dismal rant

i prefer the ground. Am 90% cash.

a.




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Never trust a computer with anything important.
Spartacus2002
Posts: 1
Incept: 2010-08-29

Gulfport, FL
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Karl, I wasn't quite sure where you were going with this:

--Here's the issue I have when it comes to continuing what I've been doing, when you get down to it: Nothing has really changed at all in terms of either outcomes or even interest among readers here. Not one of the pinned threads more-recent than my In Closing missive has managed to reach materially over 50,000 views. The only pieces to get any sort of "real attention" were those related to the election and of those none had a thing to do with policy.--

I remember your In Closing missive in early 2014 when you published it, and it indicated to me and many others that you were shutting down the website with little if any future material to come. That might explain the low viewing numbers; it's not from a decrease in passion or interest, just "OK, he's not going to produce as much material anymore, time to move on." I only found out you were writing again because a link to this thread was reblogged elsewhere.

The passion and interest are still out there. Just food for thought.

((long-time reader here from years ago))
Flappingeagle
Posts: 2524
Incept: 2011-04-14

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Quote:
And with that I will leave you with the fact that this coming year I intend to spend more time outside,

I did that last year and I hope to do it even more this year. Last year I bought a gold mining dredge with air compressor and hookah to play with and I enjoyed the hell out of it. This year I might go out west and spend a couple of weeks primitive camping with just my friends and gold dredge with no internet, no bull****, no ....

Quote:
Not one person under the age of 50 has any business or political memory of the world before the declining bond market rate paradigm established itself in the 1980s.
This is perhaps the best reason I've seen for electing a 70 year old man president, he can remember the tail end of the 60's and all of the 70's.

Rambling on, I enjoyed your segment with Max. I especially liked your America First point in that Trump could always start by telling the drug companies that you can't sell it anywhere in the world for less than you sell it for right here.

Quote:
And is why we're all going to blow up if we don't cut the crap right here, right now. Housing. Stocks. Bonds. Government at all levels; local, state and federal.
Investing strategies for the way things are headed are nothing more than strategies for trying to stay the cleanest in a ****-storm.

Merry Christmas and Happy New Year!

Flap


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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
No sign that housing, equities, or farmland are in a bubble- Yellen 11/14/13
Trying to leave the Rat Race to the rats...
Tickerguy
Posts: 147632
Incept: 2007-06-26
A True American Patriot!
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Quote:
The passion and interest are still out there. Just food for thought.

Meh.

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Winding it down.
Themortgagedude
Posts: 10110
Incept: 2007-12-17

saint louis
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KD's passion and interest aren't there.

Bang your head against a wall for a long time and the passion just leaves Sparty

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I think its time we ask ourselves if we still know the freedoms that our founding fathers intended for us. Ronald Reagan 1964
Quik49
Posts: 3806
Incept: 2007-12-11

ut
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Go watch "look who's back"....

Enjoy the irony.

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Long Vaseline....

Malaclypse
Posts: 4
Incept: 2016-05-07

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Hell, not one person I know over the age of 50 remembers the world before the current interest paradigm. Including a couple that aren't dumb and can handle the arithmetic. They still echo that on a long term stocks & real estate always go up.

I've got to figure that's why nothing ever happens regarding immigration. Trump may actually deport some violent criminals, but I don't believe for one minute anything will happen to slow either legal or illegal immigration. More competition to invest new found 'wealth' in RE or bonds or stocks. Some of TPTB get it and want to keep the illusion going to keep kicking the can. This is going to be spectacular and horrific when it all comes crashing down.
Randyvw
Posts: 103
Incept: 2012-05-31

hesperia ca
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like has been said before, americans will always do the right thing, but only after exhausting ALL other possibilities(thatcher?)....torches and pitchforks. that's what it will take....not just pitchforks, as that implies you show up for a day, throw what the politicians will call a crybully-fest, and when it gets dark, they all go home to their weapons of mass distraction and warm beds. maybe they even return the next day....and maybe the next. they will need the torches too. only then will the powers-that-shouldn't-be see that maybe there's some serious people(PROBABLY cold, and hungry) outside between them and THEIR warm beds. when the numbers of the dumb masses start adding up to the MILLIONS, only THEN will we see real change. unless the EBT cards quit working, none of this can happen.. they will HAVE to be cold and hungry before they "rise up"....so i really don't see ANY way to fix this...until it HAS to be fixed... i just hope we don't need boiled ROPE, as karl would say, as the FINAL ingredient to fix this crap-storm.....

what do you call an honest man in DC?......lost.

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Remember what Mark Twain said...If you don't read the internet, you're uninformed. If you DO read the internet, you're MISINFORMED.
1crzydmnd
Posts: 2778
Incept: 2008-03-26

Bizarro World
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Quote:
Bang your head against a wall for a long time and the passion just leaves


Indeed. What's the best thing about banging your head against a wall? When you stop.

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Trump -- for when you absolutely, positively have to make a liberal cry.
Ilerdl
Posts: 3
Incept: 2013-06-10

Utah
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Karl,

I hear your cry.

Your website is my first read every morning. Very much enjoyed your conversation with Max Keiser on the beach. You were looking very good.

Please don't mistake what I'm about to say, as I'm not going religious. The purpose is to draw an analogy.

Over the ages, many prophets have been called to preach to people with closed (eyes, ears, minds, etc). There is a utility value to warning a doomed people in that if they continue to reject the truth, then they are left without excuse. Thus, the "burden of the Lord" is sometimes along the line of binding up the law and sealing the testimony against a rebellious people.

End of religious comment.

No nation lives forever. America will fall, just like Rome fell. Yeah, and it won't be pretty, or fun. America's demise is not that far off. You are correct, Trump won't save us, although he may buy us a little more time.

And the developing bear market in bonds is unlikely to be kind to anyone in government.

Unfortunately, we're at the point where consequences to past indulgences are building up faster than the capacity of our economy to pay off.

One problem is that America has become a socialist nation.

So, what is a socialist?

A socialist is someone who has learned that they can vote themselves benefits from the public treasury. And a socialist politician is a politician who panders to socialists for the purpose of acquiring political power by giving more socialists more of what they want.

There are at least two problems with socialism. First, there is not enough free money to give away once people sense the availability. This is especially true with a central bank policy that creates free money and lends it out at interest.

The second problem is that no socialist knows how to create a dynamic, resiliant, rich economy. The socialists in America are no different. American socialists have risen to power by spending the savings of an incredibly rich nation (19th century America). And once the savings were gone, by driving the nation into unpayable debt (20th century America).

So America is circling the drain. It's only a matter of time and the America I was born into, and grew up in will crash and fall.

You are not going to change this. America could alter its course and avoid her own destruction, but too many sleeping people would have to awaken and start voting people out of office, and prosecuting those guilty of breaking the law. That ain't gonna happen.

But there are people out here who appreciate very much the issues you write about, and the information you provide. As we tend to prepare for what's coming, the information you provide can have a material impact on our lives.

So, I'd hate to see you withdraw out of frustration.

BTW, Martin Armstrong is out with a new date. He's citing the date 2036 as the date the United States will break apart. Evidently, 2032 is the end of our age, and 2036 is when he is guesstimating the demise of America.

Armstrong's date of 2036 is offered with a proviso. He adds: If we can make it past 2024.

Cordially,


Dave
Tickerguy
Posts: 147632
Incept: 2007-06-26
A True American Patriot!
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Armstrong is F.O.S.

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Winding it down.
Dnb
Posts: 32
Incept: 2013-12-18

on my laptop
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Hey Karl!

I read the Ticker every other day, and usually find myself in full agreement with you. I also find I personally can't change a damn thing.

Let's take the recent election. I live in a "blue state" and no matter how much I want the entrenched pols out of congress I will always be outvoted.

My wife covers out healthcare. If we drop that we go to Obamacare which we all know sucks. In either case I can be a 'medical tourist' if need be, but that won't change what we got now.

I changed my diet (partly inspired by you), got lazy, put some back on this year and am back to losing again.

Sadly, when I talk to others I find most blissfully vapid when it comes to the details of how the country is run, and wholly entrenched in the party system. This Christmas at a party I listened to diehard Dems bemoan Trump but were clueless when I brought up how Obama stripped our rights under the 2012 NDAA.

And while we're at it, I find myself reluctant to actually bytch about things on the net because our Congress continues to sanction more and more domestic spying on the populace. We are in this strange "Brave New World/1984" mixup of the future.

It's sad to say but I honestly feel all I can do is do my best for my family and hope we're positioned right when it all goes to ****.

The reality Karl is most people don't want the truth.

Dnb
Yourapostasy
Posts: 42
Incept: 2008-10-06

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As far as I can tell, there is nothing that prevents people from forming informal medical co-ops that privately source, manufacture and treat what they can among the membership, building up medical knowledge as they go along, accepting the inevitable fatal mistakes as the price of going down this path. Start with the knowledge in Where There is No Doctor and Where There is No Dentist, and build from there. There is no paper trail intersecting with various governments, regulatory agencies and professional bodies. It means a reversion of available medical technology, but at a drastically-reduced cost for citizens otherwise trapped and unable to use medical tourism. If I could get more frequent and inexpensive blood panels out of such an arrangement, I'd gladly participate. A properly operated and maintained gas chromatograph seems to be in the $100K acquisition and $20K p.a. operating expenses range, so with drone-based delivery and pickup of samples to reduce the number of people who know the lab location, plus darknet-delivered ordering and results reporting, perhaps 10K members paying $20 a year plus closer to $10 per blood panel over Bitcoin might cover operating costs. I'd learn how to draw my blood samples myself than pay $100+ per panel.

America is definitely not going to heed Karl's warnings over the medical cost catastrophe barreling down upon our heads. People are going to come up with adaptations to cope with the ever-deteriorating situation; best to start implementing them now. That grinding deterioration instead of a sudden slam into the pavement will contribute to increasing the frustration levels here and elsewhere that see the slow-motion train wreck happening, but are powerless to stop it.
Azbob
Posts: 1295
Incept: 2007-07-27

Tx
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Quote:
So here's the deal as I see it: Trump is not going to save the world -- or America. He's not even going to save you.


Trump is such a bundle of contradiction, I think we've been had once again.
Emg
Posts: 69
Incept: 2012-11-20

Canada
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"You are correct, Trump won't save us, although he may buy us a little more time."

That's the basic attitude of most of the Trump supporters I know. They don't expect Trump to save America, just to make the collapse survivable (whereas Clinton would have started WWIII).
Flyanddive
Posts: 1895
Incept: 2008-10-10

Detroit
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Who Trump has selected as cabinet was pretty telling, there are thousands of much, much better people out there to fix the government. Trump has drank the Republican establishment koolaide.

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"I've seen people go into real poverty trying to pretend to be rich."
Gauntlet33
Posts: 8
Incept: 2009-03-30

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Hi Karl, I also saw your video with Max Keiser and your mention again of the importance of environmental and wage parity. One slight adjustment I would recommend...instead of calculating the number of man hours and wage of each lesser developed country it would take to build every particular thing (which I think would be tedious and very open to fudging/corruption), America just ban the importation of any finished goods? We could allow for a 1-2 year stay/heads up so that Americans can make the adjustment. Only imports permitted would be raw materials. That way it would almost immediately force that everything be manufactured here by Americans at a decent living wage.

And thanks again for your informative blog!
Tickerguy
Posts: 147632
Incept: 2007-06-26
A True American Patriot!
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You don't need to get the adjustment exactly right. You just need to get close, and it's not very difficult. In fact the companies involved know exactly how much labor goes into making a "thing" wherever they make it -- that's part of basic accounting, so the data already exists.

Yes, they can try to game it, but if the penalties for doing so are serious enough (e.g. triple damages on three years production, due and payable NOW, if you get caught) it wouldn't be worth it.

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Winding it down.
Cerich
Posts: 921
Incept: 2008-12-17

ga
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US customs would get so much help from US based business it would be almost impossible to keep up with the data entry at first

US MADE KITCHEN FAN COMPANY would happily identify all the overseas manufs and importers of competitors kitchen fans and provide a labor estimate with pleasure..and some extra margin for slower overseas workers.
Tickerguy
Posts: 147632
Incept: 2007-06-26
A True American Patriot!
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Exactly.

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Winding it down.
Susanjbear
Posts: 771
Incept: 2010-06-10

Salt Lake City, Utah
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A few days ago I got a fund raising letter from President Elect Trump along with a postage paid reply envelope.

I took screenshots of the candidate's campaign website. On one of the screen shots about healthcare I highlighted the part about price transparency with a big red box and labeled it CANDIDATE TRUMP SAID THIS.

I then took several of Karl's articles about medical monopolies (thx for keeping them available Karl!) copied and pasted them into a Word doc and slightly reformatted for fewer pages. Prefacing that part was "Unless and until President-elect Trump sticks to his campaign platform, all GOP fund raising letters automatically go into my trash. Good luck you are going to need it."

I trimmed the long edge with a paper cutter so it would all fit into the postage-paid reply envelope, and taped the seal on the envelope for good measure. It will go out in the post today.

Will it have any impact? Probably not. The most I can hope for is it might make somebody in the GOP realize they don't have a sure lock on anything.

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Susan
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