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100 Million Dead in US

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by Karl Denninger, Market Ticker:

Go ahead folks, read this one.

Accordingly, I must communicate to you at this time the full extent of our dire fiscal straits and the potential disruptions that we face in addressing even our most critical core responsibilities going forward into the new fiscal year. My Office has very serious concerns that, in the coming weeks, the State of Illinois will no longer be able to guarantee timely and predictable payments in a number of areas that we have to date managed (albeit with extreme difficulty) despite an unpaid bill backlog in excess of $15 billion and growing rapidly.

We are effectively hemorrhaging money as the state’s spending obligations have exceeded receipts by an average of over $600 million per month over the past year. (ed: That’s $7.2 billion/year)

My cause for alarm is rooted in the increasing deficit spending combined with new and ongoing cash management demands stemming from decisions from state and federal courts, the latest being the class action lawsuit filed by advocates representing the Medicaid service population served by the state’s Managed Care Organizations (MCOs).

As of June 15, the MCOs, and their provider networks, are owed a total of more than $2.8 billion in overdue bills at the Comptroller’s Office. There is no question that these obligations should be paid in a more timely manner and that the payment delays caused by the state’s financial condition negatively impact the state’s healthcare infrastructure.

We are currently in court directed discussions to reach a workable and responsive payment schedule going forward, but any acceleration of the timing of those payments under the current circumstances will almost certainly affect the scheduling of other payments, regardless of other competing court orders and Illinois statutory mandates.

Now folks, you can call this a “one off” if you wish.

It’s not.

It is also not a surprise where the problem is centered. It’s in health care.

I’ve only been yelling about this since the 1990s, when I saw the impact on my firm’s balance sheet and cash flow statement on a year-over-year basis for a few years running. You don’t need to see it for more than a couple of years to grasp the gravity of the problem if you have a brain and are not politically poisoned to wave it off.

Anyone with a $3 WalMart calculator can figure it out, given 5 minutes and an IQ greater than their shoe size. You merely need to run the exponential series out 5, 10, 20 years and what happens becomes obvious.

At ~9% expansion the rule of 72 gives you a close-enough approximation: Costs double every 8 years; in 24 years you spend eight times as much money as you did originally.

There isn’t 8x as much money and you can’t raise it.

You can’t increase taxes by 800%. You can’t expand the economy by 800% over 24 years; at a 3% GDP expansion rate (which we haven’t had in the last two decades for any sort of time period, I remind you) the economic output expands by 200%. This means that you’d have to quadruple taxes compared against economic output, and if you try to do that GDP will collapse because you will consume all of the expansion in economic output and then some.

There is only one answer to this problem and that is to take the entire medical system, which is where the entire problem resides, and dismantle it. Prosecute every single hospital administrator, owner of an imaging center, drug company executive and physician that has ever, even once, stuck his head in a hospital room and then billed someone $1,000 for a “drive by” consultation — or anything like it, such as charging $90,000 for a drug here that’s $2,000 in another nation, or billing one person $100,000 for a procedure where another is billed $5,000 or $10,000.

Bankrupt them all by imprisoning every last ******ned one of these people and fining their firms out of existence using the 100+ year old and still valid body of law found in 15 United States Code, Chapter 1.

Force every single one of these institutions out of business now.

Let the courts administer bankruptcy sales on every single ******ned hospital and diagnostic center in the nation along with every single pharma business in the United States.  Sell them all off at 2, 5 or 10 cents on the dollar and make damn sure you tell everyone who bids that any repeat of the previous owners performances over the last 30 years will lead to instant indictment and imprisonment — period, full stop, no exceptions.

Tell all the remaining doctors and medical centers of any sort that (1) they will publish a price on everything, (2) they will charge everyone the same price for the same goods or services and (3) any attempt to cheat or perform any anti-competitive act will lead to immediate indictment, trial and imprisonment of everyone involved using perfectly-valid 100+ year old law that has twice been confirmed as valid in the US Supreme Court during the last 30 years.

No bail, no kidding, no mansion, no Porsche, no exceptions — and no bull****.

At the same time tell the AMA and all the Colleges that if they collude to (1) drive up the cost of learning to be a doctor or (2) limit the number of people who can go through school to be a doctor in an attempt to fix prices and restrain trade, including attempting to continue or enforce state-specific licensing you will lock all of them up too and give the people the controls of CAT D8 bulldozers so they can take out their frustration on the ivory towers of said schools — after we chain the administrators and AMA board members to the columns.

After all, a D8 beats the destruction of our cities and state governments, along with 100+ million dead Americans, which is exactly where we’re headed over the next couple of decades if we don’t cut this crap out right now.

Go ahead and believe if you wish that “owning” property in one of these cities – any of them — is real.  Go right ahead.  You have a nice piece of land and house there.  It’s maybe worth what — $500,000?  If it carries a property tax levy of $12,500 a year you paid for it again in 40 years but got nothing of value for the money spent the second time.

By the way, how do you afford that $12,500 property tax bill on a middle-class — or even upper middle-class income, say $80,000 or $100,000 a  year?  You can’t.

It would be bad enough if it stopped there but it won’t.  My former house near Chicago has seen its property tax levy double in 10 years time.  What makes you think yours won’t have the same thing happen?  It not only will it has; I’ve seen it on other properties I’ve been watching including property my family members own in such places.

Why would I provide services to the state of Illinois if they can’t pay my invoices Net 30?  I would not — period.  I saw a tiny bit of this with Chicago in the 1990s when they started trying to “stretch” my invoices.  I went into the computer room and yanked the line card out of the cage that fed the Washington Public Library and tagged it off with a warning that any tech that put the card back in would be fired.  The caterwauling could be heard all the way to Waukegan (and came within minutes of my action) but that card didn’t go back in the cage until I had a check in-hand.  I don’t get to pay my parking ticket when I feel like it and thus neither does the city — or state get to pull that crap on me.  That was the end of the discussion.

Will someone “factor” their invoice and thus allow people to provide services to the state?  Probably, for a while, but the factoring cost will get added to the bill. That’ll work right up until the credit risk gets to the point that the discount rate on those factored invoices is 20% or more at which point there’s no chlorine for the water plant that keeps your drinking water safe.

How far are we from that folks?  How long does Chicago, Milwaukee, Detroit, St. Louis, Atlanta, New York, Newark or Philadelphia remain standing upright and operating when there is no sanitary water to drink, the pumps don’t work at the sewage plant so there is literal **** coming up out of the sewer manholes, the cops and firefighters don’t get paid and there’s no food distribution in the city either because the city and state try to tax the businesses at a rate they cannot pay and a pound of coffee winds up costing $20 and a gallon of milk is $10, which nobody can afford on a welfare check?

You think this is a joke or hyperbole eh?

It’s not.

This was much-more easily resolved 20 years ago when I started raising hell about it.

It was rationally resolvable in the 2007/2009 time frame when I started writing The Market Ticker.

Now it’s a real bitch, but we still have to do it.

I’ve laid it all out here, on the air multiple times, and in Leverage.

I’ve been to Washington DC in the 2011 timeframe and spoke to Senate staffers who confirmed they understand the math and what will happen if this crap doesn’t stop.

But they also told me they’re unwilling to act because you are more-concerned about abortion, gays, boys pissing in the girl’s room and how much you can get in welfare checks than whether your state and ultimately the federal government is going to be bankrupted by a bunch of jackasses in white coats who first told you to eat **** that makes you sick with government sanction, prescribed pills that gave you diabetes, loved the trillions of dollars they stole to treat the diseases they caused at mark-ups of 1,000% or more against a market price – and all of that after they tossed your health in the ****ter on purpose.

Exactly when you do pull your head out of your ass, America?

Is it before or after our cities lay in ruin and a third of you are dead?

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    Total 16 comments
    • kris

      Besides the only one answer, there is an additional answer, make Banks write off the public debt. Too Big to Fail Banks have been bailed-in for hundreds of trillions usdollars on our tax money, They should be made to fix the problems they have created for centuries!

    • Boo

      Boil your water and or treat it with silver. Grow your own food in whatever makeshift garden you can put together. Even bales of straw work or crates filled with dirt. Turn off the air during the day and on as long as it takes to cool the temperate conducive to a nights sleep. It won’t be easy pees y but it’s doable.

    • truck driver

      everyone is trying to sue each other for the way you talk to them in Illinois

      • b4

        not only that ,we are headed to war with n korea as we speak–everything is going to 10 cents on the dollar–minimum –it is finally all going to hell–am i worried–nope–no debt–plenty of hidden assets–modest life style on a beautiful ranch in between the two highest mountain ranges in the usa-lots of beef–best water in the world–great garden and a ton of like minded friends(shit load of guns..)-very secure–the damns are all breaking–all the doom and gloom is coming to bear–the bible thumpers will be in heaven without even dying!halleuha!!!

    • Canderson

      I thought you were 340 + some millions?

      • Canderson


    • Canderson

      DOOMS DAY!
      Perhaps those awoke must distance themselves from those not awoken. And do what their own advices tells them to do.
      I mean the infowar is over, now comes the real deal, pretty soon.
      And at what level do you expect the world to reside at after it?
      Stone-age: Commodities, food, water.
      High tech: Bitcoin.
      Forget Bitcoin.

      Gold, silver, platinum perhaps.

      • Canderson

        Weapons and ammunition will be highly valued.

        • Anonymous

          Slim Jims and Gummy Worms, too.

          • Anonymous

            I have been storing weed and tequila for a long time now. :eek:

            • Anonymous

              After the weed, your stoner ass is mine for the Gummy Worms.

          • dakota

            watch those gummy worms with high fructose corn syrup in them.

            I believe slim jims have in them something u shouldn’t be consuming also.
            I used to eat both of those things, but no more.

            • Anonymous

              I hear you! It’s long been my suspicion all processed food is probably manufactured from petroleum distillates that have no other use, have long wondered why a cheese puff has to be the same color as a fishing lure. But, like duh! Don’t you know, when the Ananookules from Nibiru arrive, there will be nothing but canned tuna, Slim Jims and Gummy Worms? This was even prophesied, but you probably never even bothered to reverse the letters in Nostradamus and do a variating equidistant number sequence on them, did you? Admit it! Oh the heathen…

    • patann

      Early The Mighty

      -Repent Into Rapture see here,

      -Four Sinners Prayers

      -So Which is it Nuclear War, Civil War, Yellow Stone, Storms Triple Katrina, Another Carrington Effect, Nibiru, A Pale Horse Judgment And Lest I Forget, The Rapture? All of which are showing heighten activity and rising right now, All per God’s Winepress are coming in one manner or another, see thou hurt not the oil and wine, beware, Apb

      Prophecy Links

      -Seem to seeing bits, pieces and particles of red, white and blue, inundating and scorching the heavens into the universe, America, Britain and Canada commanded to be separated into itty, bitty pieces indeed, whose fan is in Jesus’ hand, beware, Apb

      -And They, The Rebellious, The Heathen Raging Will Know, I Am God

      -When just as soon you find your reflection in the mirror of this Almighty God looking back at you, only it’s not into blessed reassurance but this unspeakable forewarning. He, Elohim God has picked up this mightiest of all Ancient of Thrones, even Brazen Altar and has sat it, as to turn His Back at you, at them, and except you; even they plead the Blood of Jesus, never again will or even can He hear you, them. Now this silence, this stall of miraculous celebrations in heaven and a sunlight of God, moving from behind a mountain, indeed itself in heaven and speak like the days. Evenly so, Exodus of Moses, and I quote, “let my people go!” (America… exodus), awake, repent, escape in this order. Jesus’ Millennium to God’s Kingdom have been seen coming, Jesus’ as recent as to follow Hussein Obama’s depleted time table right into the final week of Daniel, again Apostle say, be aware as God Himself, see more here and here and here,

    • patann

      Early The Mighty

      -Repent Into Rapture see here, Four Sinners Prayers

      -So Which is it Nuclear War, Civil War, Yellow Stone, Storms Triple Katrina, Another Carrington Effect, Nibiru, A Pale Horse Horse Judgment And Lest I Forget, The Rapture? All of which are showing heighten activity and rising right now, All are coming in one manner or another, beware, Apb

      Prophecy Links  -Seem to seeing bits, pieces and particles of red, white and blue, inundating and scorching the heavens into the universe, America, Britain and Canada commanded to be separated into itty, bitty pieces indeed, whose fan is in Jesus’ hand, beware, Apb

      All Gone Before Thieves And Robbers, Kill All Parents, Finish All Schools, Judgment Is Now!

      -He’s right on target with this article, as I heard Holy Spirits in the early 2000′s describe the Enron crash, as an attack that killed many, as so it was further forewarn, to forget your pensions and get to the hills. Even years later, how the Antichrist would kill millions as millions go broke. Whereas last year, 2016, I heard a voice lament, and I quote “I have a bear (as in a bear market), in 120 counties/countries. Just as so the other night into the morning, and I quote, “get ye to repentant altars, God is avenging martyred blood,” in other words, the great day of His Wrath is come, and who beside the repentant of Christ’s Blood will be able to stand?
      -Remember suicide is not an option, it is not an escape, but this climbing up to God this thief instead of Christ’s Cross, His sheep, outer darkness into a lake of fire await. Don’t be deceived, fear of death (everyday life), cannot inherit God’s Kingdom only righteous faith/fate is the substance of things not seen. Put ye on the whole armor of God, it’s significant Grace, and STAND, do not try and readjust anything, you’re only experiencing what the Angel Gabriel 2004, foretold, the fulfillment of all end time prophecy… Apb, The RAM

    • Pink Slime

      Refused to obey the Constitution. For DECADES. Put in the same communist and leftist over and over. You enjoyed disobeying your Constitution and put in people willing to do so. It was FUN wasn’t it?

      Now you’re going to lose it all. Crime is a ZERO sum game and a HUGE waste of your time. :twisted:

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