Rain Tax: The Fraudulent Achievements of US Capitalism

2024 Author: Seth Attwood | [email protected]. Last modified: 2023-12-16 15:55

And this is just a statement of a fact that was obvious 200 years ago. No wonder the British prime minister in the 1830s after the collapse of one of the largest banks in the USA of that time and the refusal to pay its depositors, including many foreigners. including the British, called the Americans "a nation of crooks." And what Mark Twain wrote about "The Gilded Age" is generally a classic of the genre, Ostap Suleiman Ibrahim Maria ben Bender is just a pitiful first-grader against this background. And today the situation has not changed at all..

American convicted of largest healthcare fraud

Federal prosecutors have secured a conviction for a nursing home operator. The jury said the Miami medical magnate "sold patients like cattle." Philip Esforms, a 50-year-old Miami Beach resident, used a network of nursing homes and ancillary facilities in South Florida to scam US government health programs, according to prosecutors he was billing for inadequate and unnecessary patient care.

According to prosecutors, Esforms earned at least $ 37 million from 1998 to 2016. With this money, he led a luxurious lifestyle, buying expensive cars and other luxury items, such as watches worth $ 360 thousand. According to prosecutors, with the money he made from retirees, Esforms also bribed a basketball coach at the University of Pennsylvania to put his son in an educational institution. The coach admitted this last year.

According to the prosecution, Esforms bribed doctors to send patients to the institutions in which he worked. There, people did not receive proper care and sometimes received unnecessary services for which the businessman billed the US government. According to prosecutors, Esforms also bribed the Florida regulator to know in advance about unexpected inspections of the company's facilities. The jury considering the case said the tycoon "sold patients like cattle."

According to the prosecutor's office, the total amount of fraudulent claims that Esforms companies filed with Medicare and Medicaid exceeded $ 1.3 billion.

Oh, is there really corruption in the honest USA ?? So yes, and what her. Although more there they are still adept at ripping off simpletons by legal means. Through taxes, for example.

Rain tax - a new achievement of capitalism

One of the most vicious and vile events in the American political system: residents of the state of New Jersey will now pay force majeure tax. New Jersey Governor Phil Murphy approved 19 laws on Monday, one of which is dubbed the "rain tax." Now residents of NJ will be able to force to pay a special tax on real estate in proportion to the amount of precipitation, i.e. it is as if Muscovites in the summer of 2010 paid tax depending on the amount of smoke (the idea is free, I give it!).

Hehe, something reminded me right away..

Bggg. But two and a half centuries ago, North Americans did not want to pay only one tax to the Crown. I wonder what they would have said if they learned that their descendants would have to pay also the rain tax?

Another example of fraud, this time arranged as an educational loan. In fact - bondage for many years.

Student debt is a trap for young Americans

Student Loan Hero is an organization that provides "resources, tools and information to student loan borrowers so that they can get as much information as possible and make smart payment decisions." Recently, the organization, citing data from the Fed, reported:

In 2018, 69% of STUDENTS TAKED STUDENT LOANS. AVERAGE DEBT AMOUNTED TO $ 29,800, INCLUDING PRIVATE AND FEDERAL DEBT. 14% OF THEIR PARENTS TAKEN $ 35,600 FEDERAL PARENT PLUS LOANS.

IN TOTAL IN THE USA 45 MILLION BORROWERS OWN STUDENT LOANS, THE TOTAL AMOUNT OF WHICH EXCEEDS $ 1.56 TRILLION. THIS IS APPROXIMATELY $ 521 BILLION MORE THAN TOTAL US CREDIT CARD DEBT. PAYMENTS ON 11.5% OF STUDENT LOANS OVER 90 DAYS OR MORE NOT DONE AT ALL. THE AVERAGE MONTHLY PAYMENT ON STUDENT LOANS IS $ 393. ONLY 15% OF STUDENT DEBTS ARE PART OF PRIVATE DEBT. MOST OF THE MONEY BORROWED BY STUDENTS IS TAKEN FROM UNCLE SAM'S DEEP POCKETS. And Uncle Sam claims them in full and with interest.

Needless to say, the federal student loan program is one complete mess. Millions of recipients of her loans were mired in debt. According to two recent studies, by 2023, 40% of borrowers may default on their student loans. 250,000 borrowers fail to repay their federal student loans on a quarterly basis. On average, it takes 19 years to pay off student loans.

And it should be noted that, unlike other forms of federal debt, student loan holders cannot be exempted from this debt in bankruptcy. What a wonderful leash, and most importantly - how long and long-lived!

At the same time, the quality of North American education falls, punching more and more bottoms. This is not surprising, because it is very easy to shove the stupid and poorly educated, who are already greedy for easy money, into another bloated bubble, gutting them from head to toe.

"Sheer madness": how the US housing bubble burst deafeningly

In the first half of the 2000s, the mass of ordinary Americans - from the notorious "middle class" to migrants who really could not speak English - began to frantically buy housing. For some, this was the realization of an old dream of their own home, while others considered such investments as a profitable investment. Many were seized by a merciless speculative frenzy. In 2006, the bubble that swelled to an incredible size nevertheless burst, and the victims of the collapse were millions of ordinary people who lost their homes, jobs, and life savings. The same crisis became the first link in a protracted economic recession around the world, comparable only to the Great Depression of the 1930s. Why and how the Americans got involved in that adventure - in simple language and is most popular in the Onliner review.

Great article describing the Big Real Estate Scam. Read the link, there it is all very instructive. Here I will only give a summary:

In two years, from the summer of 2006 to September 2008, home prices fell by 20-23%, and around the same time, millions of Americans figured out how they got there. Heh, but now the hit will be much bigger..

And now another fraud is being prepared in the future. And it is connected again with "valuable" pieces of paper. Heh, the experience of throwing their holders during the existence of the USA has been accumulated tremendous, so I suppose it will be possible to do it again without problems and even without much violence. A fool and a greedy person doesn't need a knife …

Who Bought The Giant $ 1.26 Trillion In New US Debt In The Last 12 Months?

Over the past 12 months through February 2019, inclusive, the total US national debt grew by $ 1.26 trillion, to $ 22.1 trillion. And someone had to buy this mountain of new bonds - but who? The issue is becoming increasingly important as debt continues to rise even in good economic times, fueled by a deficit that Fed Chairman Jerome Powell has consistently called "unsustainable."Treasury International Capital (TIC) data today shed light on this question.

There are many letters with graphs, they will not be included here - those who wish can see everything by reference. I give only the key.

..the most remarkable characteristic of the current situation for US Treasury securities is that they are avidly bought by American institutions and individuals.

Hehe, I can imagine their reaction when they find out how they got there. Obviously, it will be much more than 20-23%. But these are already their problems; they simply won't fit into the market.

Deception and fraud have literally become the backbone of the US economy. An example is Hoolivud, which, in addition to the "dream factory", has also become a generator of quite a lot of money. Uh-huh, when it gets worse in real life, people more and more goes into virtual, paying their loot for it. And gradually more and more people are involved in this cycle.

Hollywood Leads America's Job Creation

Hollywood maintains 2.6 million jobs, pays $ 177 billion in wages and directly employs more workers in America than in the raw materials and energy industries, the Motion Picture Association of America (MPAA) said in a report released Monday. Jobs directly related to the production, marketing and production of motion pictures, television shows and video content employ more people in 34 states than mining, oil and gas companies, crop production, utility construction, and rental and leasing services. Hmm, here's your transformation from a country of engineers into a country of virtual nork addicts..

Labor employment in the industry (gray - supported jobs; blue - direct jobs):

According to Bloomberg, the MPAA report shows how widely the American entertainment industry has expanded outside California. Direct wages in television and movies are $ 76 billion, 47 percent higher than the national average. The industry also supports a total of 93,000 small businesses operating in each state.

The report notes that the trade balance is $ 10.3 billion, which is 4 percent of the country's total trade balance. According to the MPAA, the film industry exports more than industries such as telecommunications, transportation, mining, legal insurance, information and medical services.

In addition to directly employing 927,000 people, the industry has paid out $ 44 billion to local businesses, supporting an additional 2.6 million in indirect jobs, making Hollywood an important job creation role.

Yeah, in the USA they pay much more for dreams than for real things. The country of the victorious cyberpunk..

But you have to pay for everything, and for fraud - a special price.

The next financial crisis will be caused by fraud: this time it will be different

Financial crises come in two flavors: those caused by fraud and credit excesses. Financial crises triggered by fraud can vary in detail, but they have many similarities: perverse incentives become part of institutions and reward all kinds of ways to circumvent the law through fraud, theft, hiding risk, etc., all of which soon become widespread; regulation emasculated by insider-sponsored lobbying; regulators fail to fulfill their mandate in the hope of gaining an advantageous position in the industry they need to regulate; systemic, massive fraud messages are ignored because everyone is getting rich, etc.

.. modern financial crises seem to fluctuate between fraud and excesses: the savings and loan crisis was the result of massive mortgage fraud, the collapse of Internet companies in 2000 was a consequence of revaluation and margin debt, the global financial crisis of 2008 arose from for the global mass fraud with securities, and now the prerequisites are being prepared for the next financial crisis, which will be triggered by credit excesses and revaluation.

.. The looming financial crisis will be different: twin sins in the form of extreme debt levels and extreme revaluation of assets now characterize corporate bonds, many government bonds, stocks and real estate. Almost the only traditional assets that are not at dizzying levels are precious metals and bat guano. (Cryptocurrencies are not yet traditional assets, although this may change during the next financial crisis.)

Extreme levels of debt and overvaluation characterize the entire global economy, not limited to any one country or sector. When the crisis picks up speed, there will be few rescue options. The new laws will not stop him, as will artificial liquidity and waving chicken giblets and shamanic dances around the fire of modern monetary theory and Keynesianism.

Well, serve them right. Or rather, on business. And it seems that now the bill will be billed for all the affairs of all almost two and a half centuries of the existence of the USA.