Fix Health Care or Government Collapses-Karl Denninger
Greg Hunter’s USAWatchdog.com
Karl Denninger of Market-Ticker.Org says both Romney and Obama are lying about health care reform. Denninger says drastic changes are coming no matter what, “. . . because the amount of money the federal government spends doubles every seven years . . . this is mathematically impossible.” Denninger says, “We either fix this or the government collapses along with society.” Denninger contends, “You have to kill the monopoly protections that the medical system has that prevent the free market from working.”
Think we can fix the economy of health care with Federal Reserve money printing or QE? Forget it! Denninger warns, “It is a huge tax increase. . . . It acts by devaluing your purchasing power, and it falls disproportionately on the poor and lower middle class.” Join Greg Hunter as he goes One-on-One with Karl Denninger of Market-Ticker.org.
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Greg, great interviews as always. Wished you did them just a little more frequent.
Keep safe.
Bill
Thank you Bill,
Greg
All of these subjects Karl touched on seem to form a web of problems so great that it’s hard to know where to begin. That idea in itself,is starting to make people feel nearly hopeless and scared to boot.// I see that gas in California is way up due to refinery problems,yet the media fails to state that the oil companies have shut down 30+ refineries in the U.S. in the last 30 years because thay said there was “no profit” in U.S. refining. What a ROYAL SCAM.-Shut down-then gouge, feigning lack of product. // Most of this idiocy could be curbed by doing SOMETHING about lobbyists,but good luck on that. Ronnie Ray-gun started this ruthless form of capitalism,and Romney would certainly love to continue it.This man will tell you anything you want to hear,yet 50% of the population seems eager to vote for him. HUH?? WHAT HAPPENED??
Thank you Justin and Art for weighing in here!
Greg
Greg, thank you for this interview, its informative and goes to show any third grade student that an industry which has an overall cost increase of 18 percent per year can’t sustain itself forever and subsidizing it only creates a tax on the middle class in effect making them poorer at the expense of their healthcare. Monopoly industries and banana republics go hand in hand. Thanks again for your work.
Greg: while it is interesting to explore the lies and propaganda that surround certain bills, executive orders, the true agenda of the DHS, and oppressive regulation, it is far more important to connect all the dots and examine how, on a subtle incremental basis, the US is being destroyed from within. Although the (in)famous Cloward-Piven Strategy of destroying the nation’s economy through entitlement spending certainly comes to mind, other certain small steps along the way are also important to consider. Two examples among many: the unionization of both public sector workers, under JFK, and the public school teachers in 1971. The former has led to unprecedented graft and corruption at the local level plus unfunded pension liabilities for states that, as a result, are now technically bankrupt. The latter is directly responsible for the decline in both our global education ranking and graduation rates and more importantly, the acceptance by a “dumbed down” student sector, of some of the most outrageous propaganda ever devised. Worse, a majority of high school graduates do not understand basic civics, economics or history. We are turning out a very well planned and executed assembly line of sheeple.
Andy B,
Thank you for adding this analysis to this post!
Greg
I agree with Karl. In Japan for example the government set the price of MRIs at about $25 and they use them much more often…
The corporate raid of the treasury will continue unabated until the system collapses because if they don’t the ponzi of top feeding will be exposed.
They (corporate America)will continue to find ways not only to prioritize privatization but to expand programs where they can get a cut of the action in a search for profits.
I see a parallel between the how a bureaucracy grows and gets more power with the growth of corporate America in government. The “Corporate American Government” is a growing bureaucracy in the government, Democratic and Republican organizations displacing people power with monetary power.
How does buying already bad debt create jobs? I’m still trying to figure that out…. when the resulted profits gets distributed down the food chain and then to investors …. instead of the investors losing on their bad bets we all have to pay so they don’t lose….
yet we all lose
I like the “biting off your finger and eating it won’t satisfy your hunger”, Great comment and close Karl,
Thank You Greg and Karl
and don’t forget the Oct 23 Presidential debate
Thank you Mitch and Jay2 for the comments and for adding information to this site.
‘reg
Greg i found this link interesting.
http://www.nytimes.com/2012/10/06/your-money/planning-for-retirement-dont-forget-health-care-costs.html?emc=eta1&_r=0
The government has created this mess. If you want to spend over a certain amount (was 1 million at one time) on equipment, you have to go to the state and get a certificate of need. The state reviews to make sure there will be demand and if there is, you get to buy the equipment. Or increase capacity if a hospital. The next person asked and they are denied because the demand has already been alocated to the first requestor. This precess eliminates competition and drives up prices as everyone has a monopoly in their given market area.
And the government regulations requiring billing for individual tests, while paying on a flat rate payment system based on a diagnosis is another issue that drives up cost for private payors while increasing the chance of billing errors since it is based on almost 90,000 codes that high school graduates doing the billing have to interpret and assign to the bill. The goverment needs to allow billing for services (Appendectomy, maternity,etc) like eye surgeons bill private payors for laser surgery and plastic surgeons for face lifts and eliminate the reuqirement that each drug, lab test, Xray, etc be billed seperately. That is 1960’s billing and not 21st century billing.
very clear analysis. i can’t argue with logic but that doesn’t mean i agree with mr. denninger’s solution. a properly managed single payer system would also bring costs down. that’s what most of the world does and it works.
Most of the world is not 120 trillion in the hole and have the greatest and greediest criminal organization of all time leading the way either.
Excellent interview. Red pill stuff. I dont think more that a small percentage of the American population even looks at growth rates of this programe or that program and understands what it means to double.
Thank you Shawn and Jorge for the comments.
Greg
Thanks for the interview. It’s great to hear from people like Karl. Nevertheless it’s scary to think what will happen bc even if we get very lucky it will not be pretty when the rebalancing happens. It would be better if it was initiated by those in power with some structure to it, but it looks like they are just letting it implode and play on people’s fears. If so, anything can happen. Perfect opportunity for a power grab to advance the authoritarian state.
Greg,
This was a very good interview thanks for the insight Karl provided. I wonder how much of health care cost are government regulations and how much is profit for the industry? Karl is right, we need free market health care and insurance. There was a time when plastic surgery, Lasik eye surgery & dental implants (all mostly uninsured) were very costly procedures. Today, due to competition the cost have come down, just like computers.
Many states control health insurance, not allowing its’ citizens to purchase their health insuance from an out of state provider. I can only assume there are kickbacks involved here.
Health care and insurance were deregulated in the 80’s to reduce cost and make them available to more people. They became Wall Street darlings at the expense of the people. I am one who believes basic human services should be closely regulated, things like health care & utilities.
Thank you Jan.
Greg
Debt and deficit spending will result in more QE’s. And QE’s will result in more burden than stimulus. That’s the issue that Keynesian types don’t grasp at the level of debt growth. What is the debt growth to wealth creation growth? Simple: Net debt.
And net debt will prove the invisible function of QE where there is only fake growth to measure: insidious inflation. And insideous inflation is like a fat teenaged delinquent. He grows more arrogant as he becomes more menacing. He must be brought under control by means that are contrary to the means of his creation.
Our healthcare system is widely acknowledged as the most inefficient in the world both in terms of the cost of services and the quality of outcomes. Karl Denninger is wrong. Removing monopolistic or protectionist practices will not address the escalating costs and problems associated with our failing healthcare system. First and foremost, we need to change the mindset that views healthcare as an economic good rather than a social or common good. If not, only those of us who are rich enough will have access to good healthcare.
Your guest makes some very good points but there’s not a doctor out there that will go from $200,000 a yr down to $50,000 a yr to save cost..when there schooling is about $200,000 just to get threw school..
Greg;
At the 6:00 min mark in the interview, Karl comments about rationing and suggests that Americans will wait 3-4years for a heart bypass operation. If they live. That may or may not come true but he then goes on to say.. “and that in fact is what happens in Canada right now”.
This statement is so outrageously wrong that you must inform him of it. My own experience – quintuple bypass – was efficient, timely and extremely professional. That is the norm up here especially for very serious medical conditions.
Americans like to think that we Canucks are a bunch of walking zombies looking for proper health care so that we don’t collapse in the streets. On the whole, we’re healthier, happier, live longer and are better served by our system(including it’s numerous flaws) than you are with your bloated, hugely expensive, massively over-litigious medical system. How many bankruptcies(with attendant suicides, nervous breakdowns, etc) per year? 800,000? How may in Canada? I’ll give you 3 guesses.
How many people lose their coverage when losing their jobs? In Canada? 3 more guesses.
If any political party in Canada ran on the platform of replacing our current system with yours, they would lose every seat in Parliament. It would be a slaughter.
So let Karl know to clean up his presentation. BTW, If you want to know more about my trip through the “horrible” Canadian system and what I discovered along the way, I’d be glad to give you a description.
Thank you Bob for the real world fact checking and reporting from Canada!!
Greg
I think many people are not educated about what Utah is accomplishing in providing value driven healthcare. Please interview Brent James from Intermountain Healthcare. Healthcare is not delivered the same everywhere in the US. Many countries with socialized medicine look to Utah and Intermountain to learn how to find the right balance between cost and quality.
http://www.nytimes.com/2009/11/08/magazine/08Healthcare-t.html?pagewanted=all&_r=0
http://www.heritage.org/research/reports/2010/08/consumer-power-5-lessons-from-utah-s-heath-care-reform