Financial Sorcery = Medical Debts

10 Tuesday Sep 2019

Posted by perrinlovett in News and Notes

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All of this is directly related to the satanic evil that has become of our failed economic and financial system.

Unpaid medical bills are a leading cause of personal debt and bankruptcy, with hospitals from Memphis to Baltimore criticized for their role in pushing families over the financial edge. But UVA stands out for the scope of its collection efforts and how persistently it goes after payment, pursuing poor as well as middle-class patients for almost all they’re worth, according to court records, hospital documents and interviews with hospital officials and dozens of patients.

UVA sued patients for as little as $13.91 and as much as $1 million during most of that period, until July 2017, when it restricted lawsuits to those owing more than $1,000, the analysis shows.

Every year, the health system sued about 100 of its own employees who also happened to be patients. It garnished thousands of paychecks, largely from workers at lower-pay employers such as Walmart, where UVA took wages more than 800 times.

Under a Virginia program designed to help state and local governments collect debt, it also seized $22 million in state tax refunds to patients with outstanding medical bills in the last six fiscal years — most of it without court judgments, said health system spokesman Eric Swensen.

Over many years, it filed thousands of property liens from Albemarle County all the way to Georgia.

Beyond its recovery of debts, UVA dunned some former patients an additional 15 percent for legal costs, plus 6 percent interest on their unpaid bills, which over the course of years can add up to more than the original bill.

I have experience with the medical system. Odds are you do too. No solipsism allowed. It’ not about how good or bad your doctor or hospital is or isn’t. It’s about the total hijacking of the money and the pricing models. Taxes, inflation, usury. How much more, America?

Sorcery Looks a lot like Lying

22 Thursday Aug 2019

Posted by perrinlovett in News and Notes

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economics, sorcery

The US economy is so strong that half a million jobs are fake. These people just throw numbers and words are the wall…

Turns out hiring wasn’t nearly as strong in 2018 and early 2019 as the government initially reported — by about a half-million jobs.

The economy had about 501,000 fewer jobs as of March 2019 than the Bureau of Labor Statistics initially calculated in its survey of business establishments. That’s the largest revision since the waning stages of the Great Recession in 2009.

The newly revised figures indicate the economy didn’t get a huge boost last year from President Trump’s tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.

“This makes some sense, as the 223,000 average monthly increase in 2018 seemed too good to be true in light of how tight the labor market has become and how much trouble firms are said to be having finding qualified workers,” said chief economist Stephen Stanley of Amherst Pierpont Securities.

Yeah. Seemed too good to be true. Anyway, more bullshit next week to make it all better!

The Fed’s Cool New Tool!

12 Monday Aug 2019

Posted by perrinlovett in News and Notes

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banks, economics, Federal Reserve, sorcery

Introducing the amazing new Countercyclical Capital Buffer!!!!!!

Federal Reserve officials are weighing whether to use a tool that could reduce the risk of a credit crunch in a downturn.

The tool is known as the countercyclical capital buffer. It allows the Fed to require banks to hold more loss-absorbing capital should the economy show signs of overheating, or to keep less of it during bad economic times. The buffer applies generally to banks with more than $250 billion in assets, including firms such as JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.

The Fed’s board of governors so far hasn’t used the tool, approved in 2016. Its rule on the buffer says it should turn it up when economic risks are “meaningfully above normal” and reduced when they “abate or lessen.”

Now, some Fed officials are debating whether it is time to use the tool, which could provide banks with additional lending firepower in a subsequent downturn. It isn’t clear when they might make a decision.

I have obtained an exclusive image of this cool new tool:

Screenshot 2019-08-12 at 10.35.26 AM

Fiat Dark Magic has a Price

03 Saturday Aug 2019

Posted by perrinlovett in Legal/Political Columns, News and Notes

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debt, economics, middle class, sorcery, WSJ

The sorcery will continue until society collapses.

The American middle class is falling deeper into debt to maintain a middle-class lifestyle.

Cars, college, houses and medical care have become steadily more costly, but incomes have been largely stagnant for two decades, despite a recent uptick. Filling the gap between earning and spending is an explosion of finance into nearly every corner of the consumer economy.

Consumer debt, not counting mortgages, has climbed to $4 trillion—higher than it has ever been even after adjusting for inflation. Mortgage debt slid after the financial crisis a decade ago but is rebounding.

Student debt totaled about $1.5 trillion last year, exceeding all other forms of consumer debt except mortgages.

Auto debt is up nearly 40% adjusting for inflation in the last decade to $1.3 trillion. And the average loan for new cars is up an inflation-adjusted 11% in a decade, to $32,187, according to an analysis of data from credit-reporting firm Experian.

Unsecured personal loans are back in vogue, the result of competition between technology-savvy lenders and big banks for borrowers and loan volume.

The debt surge is partly by design, a byproduct of low borrowing costs the Federal Reserve engineered after the financial crisis to get the economy moving. It has reshaped both borrowers and lenders. Consumers increasingly need it, companies increasingly can’t sell their goods without it, and the economy, which counts on consumer spending for more than two-thirds of GDP, would struggle without a plentiful supply of credit.

Excellent piece from the WSJ. Read the whole thing. Stunning admissions (with and without inflation tricks). And, the graphs…

“By design.” It’s really the same as any other carnival trick: wow the masses, and separate them from their money.

For voters… the only candidate talking about any of this is crazy uncle Bernie, who by design, cannot win.

Utterly Confused

01 Thursday Aug 2019

Posted by perrinlovett in Legal/Political Columns, News and Notes

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confusion, depression, economics, Federal Reserve, sorcery, Wall Street

It’s so hard to predict where the sorcery will go next.

Major Wall Street economists were largely in agreement that the Federal Reserve would cut rates by a quarter point heading into the second day of its two-day meeting on Wednesday afternoon.

But after a confusing news conference by the Fed chief, their forecasts for future rate policy are now all over the place.

The Fed cut its key interest rate by a quarter-point for the first time since 2008. But then Powell said after that this was just a “midcycle adjustment,” causing the stock market to drop and rates to firm.

The middle of the greatest “bull market” in human history, when (fake) money is surely in high demand, is just the time to cut interest rates! Let me tell you… What will the Fed do next? Cut ’em again. Again, after that if necessary. They’ll take it as low as they can – and, there is no downward limit – in an attempt to keep the ride going just a little longer. I think they have one of those toy eight balls to help guide their deliberations. Voodoo is more science than art, you know.

The Human Toll of Financial Sorcery

30 Tuesday Jul 2019

Posted by perrinlovett in Legal/Political Columns, News and Notes

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debt, economics, fiat money, sorcery

A lesson from the Italian middle class: with plenty of cool charts:

Something has changed and the change is deep in the very fabric of the Italian society. And the change has a name: it is the twilight of the age of oil. Wealth and energy are two faces of the same medal: with less net energy available, what Italians could afford 50 years ago, they can’t afford anymore.

But saying that depletion is at the basis of our troubles is politically incorrect and unspeakable in the public debate. So, most Italians don’t understand the reasons for what’s going on. They only perceive that their life is becoming harder and harder, despite what they are being told on TV.”

To resource depletion I would add lower returns on both capital and labor–what is known as diminishing returns: the same investment yields less output.

This decay of return on investment manifests as an S-Curve, which is a constant reference point in my work: an investment that earns a large output at first yields less and less, until the yield (output) stagnates and then declines. Increasing the investment no longer reverses the decline, and often accelerates the decline into a crash.

Feels like you, eh? For Americans, no need to fret. I hear to cure-all election is right around the corner. Sure to fix everything. Vote the Rock!

Trillion Dollar Tweets

09 Thursday May 2019

Posted by perrinlovett in Legal/Political Columns

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economics, sorcery, Trump, Twitter

Remember back to Econ 101, if you took it? The economy was supposed to be impossible to centralize because it is made up of millions of people making hundreds of millions of decisions – about everything. That’s true. But, those people and their decisions were supposed to be rational. People can be expected to think logically about their choices out of respect for their own best interests. The Virtues of Selfishness and all that.

So, how rational is a Trillion-dollar market reaction to a single Tweet about trade with China?

Analysts have now pointed out that the President’s message cost the markets more than $13bn for each of the 102 words in the tweet.

Global stocks have tumbled to a six-week low – with Bloomberg estimating the tweet wiped “about $1.36 trillion” off shares.

The Dow Jones Industrial Average fell about 400 points on Thursday – 700 points on the week – while the S&P 500 and the Nasdaq Composite also dropped.

The FTSE 100 survived the worst of the sell-off, dropping 0.8 per cent while Japan’s Nikkei slipped 0.9 per cent to close at 21,402.13.

South Korea’s Kopsi tumbled 3.04 per cent to close at 2,102.01 – its biggest one day percentage loss since mid-October 2018

A fortune has already been erased from global stocks so far this week, reports news.com.

However, speaking at a rally in Florida last night, Trump insisted the new tariffs were because China “broke the deal.”

This isn’t rational reaction. This isn’t economics. It’s not even financialization for finance sake. This is the product of sorcery.