Posts Tagged ‘economics’

Corruption at all levels.

Friday, October 20th, 2017

UPDATE: More on the Clinton Russian scandal.


J. Michael Waller, writing in the Daily Caller, says that new FBI information about corruption in a Clinton-approved uranium deal with Russia raises questions about Clinton’s actions after the FBI broke up a deep-cover Russian spy ring in 2010. The FBI ran an elaborate and highly successful operation called Ghost Stories to monitor and rip apart a deep-cover Russian agent network. It tracked a ring of Russian spies who lived between Boston and Washington, D.C. under false identities.

In 2010, thanks to the Ghost Stories operation, the FBI arrested 10 spies. According to Waller, “Secretary of State Clinton worked feverishly to return the Russian agents to Moscow in a hastily arranged, lopsided deal with Putin.”

If this is true, why did Clinton do so? Waller ties her actions to the Russia uranium deal:

For the Clintons, the FBI’s biggest counterintelligence bust in history couldn’t have come at a worse time. . .It all happened as the uranium deal was in play: An arrangement to provide Moscow’s state Rosatom nuclear agency with 20 percent of American uranium capacity, with $145,000,000 to pour into the Clinton Family Foundation and its projects.

There are many examples of the corruption of our government. A serious commenter at All Althouse said this’

Blogger buwaya said…
Another difference between the US, the greatest banana republic that has ever been, and your garden-variety banana republic, is that the economic interests that run it are of a vastly different kind.

Your usual banana republic was and is run by people who make money by making things, and mining things, and growing things, and selling them abroad or to local consumers. They may be assholes, they may employ thugs, they can and do cheat and collude and corrupt governments, but their source of wealth is production and there are significant interests shared with the common people, much more than one would think.

In the US though the big money has nearly no interests in common with the commoners. Their wealth rests on exploitation of laws and regulations, paper assets. The people are extraneous and irrelevant.

I have thought for some time that we are being dominated by billionaires that don’t make useful things. Most of it, like Facebook and Google, is vaporware. Some other techie will come along and build a better mousetrap and those entities will disappear.

They don’t make things. Much of the wealth in this country is now created by handling money. It is an old ironic comments that”Even the handling of money can be profitable.”

Now, we are seeing the gigantic scandal that may or may not become apparent. The Democrats are trying to keep the lid on it and Republicans are not a great deal more trustworthy. The story is explained here.

To read the headlines, a poor, beleaguered opposition-research firm was humiliated and constitutionally abused this week by partisan Republicans on the House Intelligence Committee. Fusion’s lawyers sent a 17-page letter to the committee’s chairman, Rep. Devin Nunes, accusing him of misdeeds, declaring his subpoenas invalid, and invoking a supposed First Amendment right to silence. Yet the firm’s founders, the story went, were hauled in nonetheless and forced to plead the Fifth. “No American should experience the indignity that occurred today,” Fusion’s lawyer, Joshua Levy, declared.

Fusion is known as a ruthless firm that excels in smear jobs, but few have noticed the operation it’s conducting against the lawmakers investigating it. The false accusations against Mr. Nunes—that he’s acting unethically and extralegally, that he’s sabotaging the Russia probe—are classic.

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Internal Secession ?

Saturday, July 15th, 2017

The Trump Derangement Syndrome shows no sign of stopping. The alleged meeting between Russians and Donald Trump Jr is reaching a new level of fever.

The anti-Trump mainstream media is buzzing with news that Rinat Akhmetshin, a Russian American lobbyist and veteran of the Soviet military, attended the June 2016 meeting between Donald Trump Jr. and Russian lawyer Natalia Veselnitskaya.

Rosalind Helderman and Tom Hamburger of the Washington Post insist that Akhmetshin’s presence “adds to the potential seriousness of the Trump Tower gathering that is emerging this week as the clearest evidence so far of interactions between Trump campaign officials and Russian interests.” I think they mean the only evidence.

But now does the attendance of this lobbyist add to the “potential seriousness” of the “gathering”? If it was inappropriate for Trump Jr. to meet with one Russian lobbyist with probable Kremlin connections, the attendance of a second doesn’t make the meeting more inappropriate.

The hysteria shows no sign of abating. What comes next ?

“Resist” marches all over the country bring out thousands of leftists and feminists.

Tens of thousands of LGBTQ folk and their allies marched through Hollywood and West Hollywood on Sunday for the Resist March, a protest which this year replaced the colorful and over-the-top celebratory atmosphere of a Pride parade.

The event was billed as non-partisan, but unmistakeable was the heavy presence of marchers bearing anti-Trump signs, speakers decrying the administration’s immigration, healthcare and civil rights policies, and Democrats calling for a burst of activism to channel into the 2018 elections.

Richard Fernandez has some thoughts on where this might go.

Internal secession.

Our trust hierarchies have collapsed. As with Soviet Russia, the “official” media sources are now distrusted as purveyors “fake news”. To fill the gap a peer-to-peer grapevine, similar to the “friends and family”, a samizdat is emerging to pick up the slack. Sonya Mann at Inc uses a startup to illustrate the growing division of society into trust groups. “Pax Dickinson wants to fund the revolution. Not a blood-in-the-streets revolution, but one where hardcore right-wingers can economically secede from the parts of society they vehemently dislike. “We need parallel everything. I do not want to ever have to spend a single dollar at a non-movement business.”

That’s the right, the alt-right if you prefer.

The left has already shown their willingness to boycott any business that does not follow their script.

Ask Brenden Eich.

Brendan Eich recently stepped down as CEO of Mozilla, developer of the Firefox Web browser. It may be more accurate to say he was forced out in the wake of a rising boycott against him. The backlash against Eich is related to his position on gay rights, but many feel that the campaign against him is its own form of discrimination and intolerance.

His crime was to quietly donate $1000 to the Proposition Eight ballet initiative, which resulted in over 7 million yes votes and a 60% margin of approval. The proposition was ruled unconstitutional by a federal judge who promptly married his gay lover.

California’s AG declined to appeal his ruling. That’s a pretty effective boycott.

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What is “alt-Right” in this year’s election ?

Sunday, August 28th, 2016

There is a new theme for the Democrats in this year’s election. Hillary calls it the “Alt-Right.”

The New York Times is alarmed.

As Hillary Clinton assailed Donald J. Trump on Thursday for fanning the flames of racism embraced by the “alt-right,” the community of activists that tends to lurk anonymously in the internet’s dark corners could hardly contain its glee.

Mrs. Clinton’s speech was intended to link Mr. Trump to a fringe ideology of conspiracies and hate, but for the leaders of the alt-right, the attention from the Democratic presidential nominee was a moment in the political spotlight that offered a new level of credibility. It also provided a valuable opportunity for fund-raising and recruiting.

Jared Taylor, editor of the white nationalist publication American Renaissance, live-tweeted Mrs. Clinton’s remarks, questioning her praise of establishment Republicans and eagerly anticipating her discussion of his community.

According to Hillary and the Times, Donald Trump is defined by those who say they support him more than by what he says himself.

If Hillary and Bernie Sanders are supported by communists, does that make them communists ? This is an odd year and will get worse.

A better explanation of “alt-Right” is provided by two spokesmen for another view.

A specter is haunting the dinner parties, fundraisers and think-tanks of the Establishment: the specter of the “alternative right.” Young, creative and eager to commit secular heresies, they have become public enemy number one to beltway conservatives — more hated, even, than Democrats or loopy progressives.
The alternative right, more commonly known as the alt-right, is an amorphous movement. Some — mostly Establishment types — insist it’s little more than a vehicle for the worst dregs of human society: anti-Semites, white supremacists, and other members of the Stormfront set. They’re wrong.

I wasn’t even aware of this controversy until Ann Althouse put up a post on the subject after Hillary raised it.

She quotes a man who was ejected from the Hillary speech.

“I call myself alt right because the conservative establishment right in this country does not represent my views, they are just as much to blame for the disaster taking place in America as the left, the alt right to me is fiscal responsibility, secure borders, enforcement of immigration laws, ending the PC culture, and promoting AMERICA FIRST (Not Sharia First)… If you come to this country legally, follow the laws, learn our language, and love the country, you are equal, no matter your color, or religion. Basically alt-right is to separate ourselves from the failing establishment right.

That post led to over 300 comments on her blog. She then posted a survey. The results were interesting.

alt-right poll

I voted for the choice “I’m most of all of what it stands for but I don’t use that term, myself.”

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What are George Soros motives?

Tuesday, August 23rd, 2016

George Soros is a Hungarian born billionaire who seems to be funding a lot of malicious mischief around the world. Why ?

Soros was born in Hungary in 1930.

That Wiki article is very favorable to Soros and does not mention a few things.

There is considerable discussion of Soros’ role under the Nazis.

It has been alleged that he was a collaborator. Apparently, he did admit doing some things that could be criticized although the role of a 14 year old is pretty weak.

It was a tremendous threat of evil. I mean, it was a — a very personal experience of evil.

KROFT: My understanding is that you went out with this [Christian] protector of yours who swore that you were his adopted godson.

Mr. SOROS: Yes. Yes.

KROFT: Went out, in fact, and helped in the confiscation of property from the Jews.

Mr. SOROS: Yes. That’s right. Yes.

KROFT: I mean, that’s — that sounds like an experience that would send lots of people to the psychiatric couch for many, many years. Was it difficult?

Mr. SOROS: Not — not at all. Not at all. Maybe as a child you don’t — you don’t see the connection. But it was — it created no — no problem at all.

KROFT: No feeling of guilt?

Mr. SOROS: No.

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What happened to Venezuela?

Saturday, May 21st, 2016

venzuela

Venezuela is in the news as the country cannot even buy paper to print money.

This all goes back to 1998 when Chavez was elected by the people.

He was an army officer and had previously attempted to overthrow the government, a coup that failed.

in the early 1980s. Chávez led the MBR-200 in an unsuccessful coup d’état against the Democratic Action government of President Carlos Andrés Pérez in 1992, for which he was imprisoned. Released from prison after two years, he founded a political party known as the Fifth Republic Movement and was elected president of Venezuela in 1998.

Venezuela is an example of The Curse of Natural Resources.

The idea that resources might be more of an economic curse than a blessing began to emerge in debates in the 1950s and 1960s about the economic problems of low and middle-income countries.[3] The term resource curse was first used by Richard Auty in 1993 to describe how countries rich in mineral resources were unable to use that wealth to boost their economies and how, counter-intuitively, these countries had lower economic growth than countries without an abundance of natural resources. An influential study by Jeffrey Sachs and Andrew Warner found a strong correlation between natural resource abundance and poor economic growth.

Venezuela is only the latest and worst example. The history is depressingly familiar.

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Government: the things we do together.

Wednesday, April 6th, 2016

cal

Barack Obama is fond of describing government this way.

As President Obama said the other day, those who start businesses succeed because of their individual initiative – their drive, hard work, and creativity. But there are critical actions we must take to support businesses and encourage new ones – that means we need the best infrastructure, a good education system, and affordable, domestic sources of clean energy. Those are investments we make not as individuals, but as Americans, and our nation benefits from them.

That was a reaction to Romney’s criticism of his silly comment.

I prefer the quote attributed to Washington.

“Government is not reason, it is not eloquence,—it is force! Like fire, it is a dangerous servant, and a fearful master; never for a moment should it be left to irresponsible action.”

Now, we see a new imposition.

The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts. Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.

Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.

State run retirement plans. What could go wrong ? Well, we saw one version in Cyprus in 2013.

European leaders reached an agreement with Cyprus early on Monday morning that closes down the island’s second-largest bank and inflicts huge losses on wealthy savers.

Those with deposits of less than €100,000 (£85,000) will be spared, but those with more than €100,000 – many of them Russian – will lose billions of euros under draconian terms aimed at preventing the Mediterranean tax haven becoming the first country forced out of the single currency.

The deal is expected to wreak lasting damage on the Cypriot economy, which has grown reliant on offshore banking and Russian money. Analysts said Cyprus could see its economy contract by 10% or more in the years ahead.

Well, those Russian oligarchs deserved it. Maybe American companies attempting “inversion” deserve it too.

CEOs have learned to keep mum in the Obama era, lest their companies be punished like J.P. Morgan after Jamie Dimon criticized some parts of Dodd-Frank. So it’s worth noting the candid reaction after a new Treasury rule scuttled the merger between Pfizer Inc. and Allergan PLC.

The companies ended their $150 billion tie-up after Treasury Secretary Jack Lew issued new rules that made it harder for companies like Pfizer to move to Ireland to legally lower their taxes. Pfizer will have to pay Allergan a breakup fee of $150 million, though Allergan shares are still down more than $10 billion since the Treasury ambush.

I am not a slavish advocate of corporate tax avoidance but we are in an era of confiscation.

“If the rules can be changed arbitrarily and applied retroactively, how can any U.S. company engage in the long-term investment planning necessary to compete,” Mr. Read writes. “The new ‘rules’ show that there are no set rules. Political dogma is the only rule.”

He’s right, as every CEO we know will admit privately. This politicization has spread across most of the economy during the Obama years, as regulators rewrite longstanding interpretations of longstanding laws in order to achieve the policy goals they can’t or won’t negotiate with Congress. Telecoms, consumer finance, for-profit education, carbon energy, auto lending, auto-fuel economy, truck emissions, home mortgages, health care and so much more.

Now, they want everypne to “invest” in state run “retirement programs.” CalPERS has not distinguished itself, except perhaps in corruption.

After spending years dogged by unpaid debts, California labor leader Charles Valdes filed for bankruptcy in the 1990s—twice. At the same time, he held one of the most influential positions in the American financial system: chair of the investment committee for the California Public Employees’ Retirement System, or CalPERS, the nation’s largest pension fund for government workers. Valdes left the board in 2010 and now faces scrutiny for accepting gifts from another former board member, Alfred Villalobos—who, the state alleges, spent tens of thousands of dollars trying to influence how the fund invested its assets. Questioned by investigators about his dealings with Villalobos, Valdes invoked the Fifth Amendment 126 times.

Well, it is California where Hispanics, especially illegals, run the state.

Last month the board of California’s new “Secure Choice” retirement plan wrote to state legislators about their “exciting win” in Washington. They reported that employers enrolling workers in the new government-run plan “would have no liability or fiduciary duty for the plan.” Score! The California bureaucrats added that “we have been given the green light to auto-enroll workers into an Individual Retirement Account (IRA).”

What could go wrong ?

More on where Trump came from.

Monday, March 7th, 2016

There is increasing panic among the GOPe about the possibility that Trump could win the nomination. The “Anyone But Trump” fixation is obsessing the usual suspects.

Megan McArdle: As I see it, there are basically three strategies you can follow:

Anyone but Trump: It doesn’t matter, as long as you vote against Trump. Democrats in open primary states can play, too.
Vote the leader: Pick the winner in your state, and force the nomination selection to the convention.
Attempt to generate an actual alternative front-runner by voting for the national poll leader, or the most plausible candidate — probably Marco Rubio, given that he seems to have the most support from the highest number of GOP coalitions, but possibly Ted Cruz, since he appears to be the next most appealing to Trump voters.
I’ll just start by asking: Which of these would someone follow if their main priority is to defeat Trump? Or am I thinking about it all wrong?

Sean Trende: No, I think you have it basically right. I actually think that, for now, their best chance lies behind Door No. 2.

Why are the elites so obsessed with keeping Trump away from the levers of power ? This is not limited to the USA. Germany is having its own voter revolt.

The anti-immigrant AFD – Alternative for Germany – party has scored massive gains in municipal weekend elections which reflect growing public anger at the refugee policies of Chancellor Angela Merkel.
The polls for councils in the state of Hesse saw the AFD make significant inroads on the two main established parties – Merkel’s conservative CDU and the centre-left SPD – to come in third with 13.2 percent of the vote, knocking the environmental Greens into fourth place.
Frankfurt CDU politician Markus Frank said: ‘The preliminary result of the AfD is frightening. I had expected a maximum five percent.’

Where does this voter anger come from ?

Maybe it is one manifestation of the Principle Agent Problem.

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The Transformation of Economics.

Tuesday, March 1st, 2016

A great piece in the Wall Street Journal today about what has happened to Economics and Economics education.

I took an Economics class in college in 1957 and it changed me to a Republican. My first vote was for Richard Nixon in 1960. My family was furious as they thought we were related to the Boston Kennedys and they had always been Democrats. I wonder if an Economics class would have that effect today?

And that political economy and my assessment of it has changed over a career spanning more than half a century. Here are five developments I would emphasize:

I agree with his appraisal.

1.• Diminishing returns to research. A core economic principle is the Law of Diminishing Returns. If you add more resources, such as labor, to fixed quantities of another resource, such as land, output eventually rises by smaller and smaller amounts. That applies—with a vengeance—to academic research. Teaching loads have fallen dramatically (although the Education Department, which probably can tell you how many Hispanic female anthropologists there are teaching in Arkansas, does not publish regular teaching-load statistics), ostensibly to allow more research. But the 50th paper on a topic seldom adds as much understanding as the first or second.

This has been characteristic of Medicine, as well as other academic subjects.

Emory University’s Mark Bauerlein once showed that scholarly papers on Shakespeare averaged about 1,000 a year—three a day. Who reads them? How much does a typical paper add at the margin to the insights that Shakespeare gave us 400 years ago?

That isn’t he has shown.

The attitude touches the President’s favorite pastime. Tevi Troy reported in Commentary how much Obama enjoys television, particularly SportsCenter and the middlebrow series Homeland and Mad Men. The New York Times added Breaking Bad and The Wire in its article “Obama’s TV Picks: Anything Edgy, with Hints of Reality,” and while it warned of the foolishness of “psychoanalyzing” a president based on “the books he reads or the music he listens to or the television shows he watches,” the story mentions not a single book. One would expect Marxists, feminists, queer theorists, post-colonialists, anti-imperialists, and media theorists to chide Obama for his bourgeois, masculinist taste, but as far as I know they have remained silent.

Obama’s taste runs more to sports and rap music.

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Trump and China

Monday, February 15th, 2016

sse-stock

Trump has, famously, gone after China on its trade policy.

In January 2000, President Bill Clinton boldly promised China’s inclusion in the World Trade Organization (WTO) “is a good deal for America. Our products will gain better access to China’s market, and every sector from agriculture, to telecommunications, to automobiles. But China gains no new market access to the United States.” None of what President Clinton promised came true. Since China joined the WTO, Americans have witnessed the closure of more than 50,000 factories and the loss of tens of millions of jobs. It was not a good deal for America then and it’s a bad deal now. It is a typical example of how politicians in Washington have failed our country.

There is an interesting analysis of China’s stumbling economy in the Observer today.

Here is a top ten guide for the perplexed.

Central Planning: Central planning, central planning. The history of the abject failure the Soviet Union’s five-year plans should tell you everything. Command and control economies that report to one man (in a nation of 1.3 billion people) are doomed from the start. Top down economic decisions often look bold and start out highly stimulative, but then degenerate into inefficiency, waste, politics and fraud.

Political Corruption: As the command and control economy generates liquidity, the demand and direction of the distributed capital becomes a political tussle. Decisions on how much steel, cement, coal, glass solar panels, high speed trains and shopping malls—in short everything—are not done in China as a cost benefit analysis by risk capital, a job difficult enough in itself. (Witness the capitalist economies’ booms and busts.) In China, this liquidity was allocated by political muscle, massive bribery and kickbacks, rather than economic justifications.

Basic Gangsterism: Counterfeiting, knockoffs, copyright infringement, theft of intellectual property – these were a part of the booster rockets of China’s economic rise. It was all supposed to go away after China joined the WTO in 2001. It didn’t. It just became more institutionalized. Foreign companies needed Chinese “partners” in auto production, healthcare and technology. These “partners” crippled the potential productivity of the investments and led to frequent disputes and even more corruption… as in the GlaxoSmithKline scandals.

There are a total of nine reasons, many addressed in Trump’s piece above.

Now, the economy of China may be in free fall.

Chinese central bank governor Zhou Xiaochuan has accused “speculative forces” of targeting the country’s currency, the yuan.
He said there was no reason for the yuan to keep depreciating in value and that China would not let international speculators dominate market sentiment.

Mr Zhou’s remarks come as Chinese markets prepare to reopen on Monday after a week-long New Year holiday.
Efforts to defend the yuan have eroded China’s foreign currency reserves.

Another reason quoted by the Observer is something I have previously posted on.

Jack Lew, speaking at the Brookings Institution in July, confidently assured that Americans were immune from weakening markets in China.

“I will say that China’s markets still are pretty much separated from world markets,” the secretary of Treasury, said. “They’re, obviously, moving towards being more integrated, but right now they’re not.”

I guess that statement is “inoperative” right now.

What actually happened is that China’s stock market began as a Potemkin project to assure the world of Beijing’s strength. Chinese investors knew the government would be propping up a mere facade; that the worse China’s economy got, the more the Communist Party would paint the facade. Harlan writes:

Let’s take a moment to state clearly that the stock market and the “real economy,” particularly in China, don’t always dance together. Until 2013, China’s major indexes were among the poorest-performing — which made almost as little sense as what happened next.

China is not a “transparent economy.”

Reckless Gamblers: How did China’s debt-to-GDP ratio go to 240% from 160% in nine years? How are nonperforming bank loans (if honestly tallied) hovering around 20 percent? There is a recklessness in early stage wealth. It happened in England in the 18th century as exemplified by the South Sea’s fraud and a hundred frauds like it. The recent Sino-Soviet forest stock fraud is an exact mirror. Rapid wealth produces intoxicated investors prone to scams. Remember how the Earl of Grantham in Downton Abby invested a fortune in a fraudulent American railroad. I wonder if there is a Chinese translation of Trollope’s “The Way We Live Now”?

China has a small very rich segment of their people who are giddy with riches. They have been foolish with their investments.

China became a binge investor in absurd countries and silly projects. As if to poke the U.S (its largest single-country trading partner) in the eye, China sidled up to Venezuela of all places. Instead of buying oil on the open market, they went deep into infrastructure projects, loans and even endorsed the psychotic foreign policy rantings of Hugo Chavez. No rational government, unless intoxicated by its economic prowess, would do that. The China Syndrome was also applied to Sudan, Zambia, Angola and Nigeria. Look at the bankrupt failed resort in the Bahamas, Baha Mar, if you want to see what “binge capital” looks like.

Trump may be correct but it may not matter.

Another update on the NHS, Bernie’s favorite health plan.

Friday, February 12th, 2016

NHS

I have mentioned problems with the NHS here before.

That was about emergency care.

Last fall there was a concern about junior doctors emigrating to other countries.

Britain is already suffering from a serious, and unprecedented, shortage of GPs, on a scale that doctors’ leaders say is fast becoming a crisis.

According to figures released last week, a staggering 10.2 per cent of full-time GP positions across the UK are currently vacant, a figure that has quadrupled in the past three years.

Two-thirds of practices are now finding it ‘difficult’ or ‘very difficult’ to find locums — freelance medics — to cover the shortfall.
As our population gets steadily older, and sicker, frontline surgeries are becoming increasingly swamped.
‘We are in dire straits if we do not act to address the GP recruitment crisis immediately,’ the Royal College of GPs warned last week.

In standard government medicine fashion, the British Health Minister imposed a new employment contract that ignored doctors complaints.

The result ?

Junior doctors are threatening a mass exodus to Australia after Jeremy Hunt forced through his controversial new contract yesterday.
There has been a huge surge in the numbers seeking certificates to practise abroad and some have already lined up jobs.
Almost 760 doctors were issued with documents by the General Medical Council in the first four weeks of this year – nearly 200 a week and almost double the usual number. Although they include some older GPs and consultants, the vast majority were disillusioned younger doctors.

Becoming a doctor is a classic middle class occupational choice. Few doctors become rich and almost none do so from actual practice. There was a phase in the 1960s when doctors suddenly became much more prosperous as Medicare was introduced, providing payment for care that had been done for no charge mostly. With time, the US government has reduced compensation and imposed rules designed to reduce costs. With the imposition of Obamacare, many older doctors who do not have heavy student loan balances and whose own children are educated, are choosing to drop all insurance, including Medicare, and practice for cash.

Obamacare has resulted in many hospitals consolidating and buying up medical practices to develop a vertically integrated system of health care delivery that resembles old industrial models. The result for physicians is a trend to salary jobs and dissatisfaction with their careers.

I met a woman geriatrician, the only fellowship trained geriatric specialist in central Iowa. She had quit Medicare. That sounds a bit suicidal if all your patients are Medicare age. What had happened was she was being harassed by Medicare because she was seeing patients too often. Many of them were frail elderly living at home. She dropped out and began charging her patients cash for services. She was making a decent living after a year and was happy with her decision. I don’t know how many realize that geriatrics, as a specialty, is a university subsidized field. There is no private geriatric practice because the doctor can’t survive on what Medicare pays. She tried and had to quit. She is doing it on her own now.

That was about Medicare. The same is happening with Obamacare and the medical conglomerates that have been assembled in anticipation of the “Industrial Model” of medical care. How is that working out in Britain ?

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