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    Daily Digest 8/25 – The Mobile And The Stuck, Can Going Cash-Free Make The World Richer?

    by DailyDigest

    Thursday, August 25, 2016, 12:34 PM

Economy

The unrelenting hunt for yield may end in tears, says James Grant (lambertad)

In Grant’s case, he sees risks multiplying as the S&P 500 index SPX, -0.52% Dow Jones Industrial Average DJIA, -0.35% and Nasdaq Composite Index COMP, -0.81% trading around record highs as government paper has been hitting record-low yields. It is a dichotomy in the market that has many pundits on edge. On Tuesday, the S&P 500 and Nasdaq touched all-time intraday high before closing modestly in the green, while the 10-year benchmark Treasury note TMUBMUSD10Y, +0.05% was offering a yield of 1.55%.

Merkel Prepares For a Deliberate Crisis While White House Plans For a Disastrous Succession (Aaron M.)

A paranoid culture is not a healthy culture. Merkel is using fear to destroy Germany (along with other methods planned or already implemented). This doesn’t get much coverage in the mainstream media, but it is part of an underground narrative with which Europeans are increasingly familiar.

A Global Research article, recently pointed out that the German political opposition is well aware of what Merkel is trying to accomplish. Her recent alarmist statements, the article informs us, have been “strongly condemned by the opposition party Die Linke (the Left Party).”

Going Cash-Free Can Make the World Richer (richcabot)

Some countries, however, are doing away with cash altogether. Somalia, South Korea, and Sweden are transitioning to cash-free systems such as Apple Pay, which allows purchases to be made with a smart device held near a terminal. Denmark proposed a law that makes it illegal for certain shops to accept cash payments, and automated teller machines and banks have already closed in some small towns. Citizens in developing nations, like Kenya and India, rely on mobile payment systems to make purchases and money transfers. Meanwhile China is leading the way in mobile payments for commerce.

Bond Traders Are Desperate for Direction From Yellen in Jackson Hole (jdargis)

While the minutes from the Federal Reserve’s July meeting showed divisions within the rate-setting committee, New York Fed President William Dudley and San Francisco Fed President John Williams have signaled that a hike may be coming by year-end. Amid the mixed messages, investors are taking to the sidelines, leaving benchmark 10-year yields stuck in their narrowest range in a decade.

Prevailing Gray Swans: The Clear and Present Danger List (James A.)

Assume these are background “noisy” existential risks (i.e. also gray swans but not clear and present dangers front-and-center): strategic nuclear war between nuclear club nations; a nuclear device detonated on sovereign soil by a non-state actor (nuclear terrorism); release of a biological agent of Category A in a large city; electromagnetic pulse (EMP) detonation at altitude; financial warfare (e.g. an unexpected aggressive devaluation of the yuan; politically-induced massive short-selling directed at vulnerable strategic assets or systemic disruption of markets using algorithmic proxies or hijacking market-controlling software (i.e. cyberwarfare); aftermath of US fracking energy sector derivatives exposure to the banking system as a nonlinear function of a declining crude oil price; the Fukushima nuclear disaster of March 2011 causing a marked rise in cancer occurrence in the greater Tokyo region and/or qualitative losses of maritime ecosystems like fish populations in the pan-Pacific ocean regions that provide staple and mandatory dietary requirements for large human populations; severe water shortages in US western states beyond the scope of rationing; bank runs across Europe due to threat of bail-in.

Demographic HomeMageddon Underway…Will Last Until at Least 2035 (Chris H.)

To put it in a broader context, the chart below shows annual growth in the 20-69yr/old population (red line) vs. annual growth in the 70+yr/old population (blue line) since 1980. That unprecedented, impending crossover in the lines means everything for real estate and the economy in general.

The Market’s Breaking Point (Tiffany D.)

“OK, think of it this way,” he said. “When a test pilot takes a new prototype plane up in the sky for the first time, engineers may look at their calculations for wing surface and atmospheric air density, and state that the jet can safely fly up to, say, an altitude of 60,000 feet.”

“But they don’t know exactly,” he said. “It could be 61,000 feet or 65,000 feet. That’s the test pilot’s job — to find out where the air is too thin to support the weight and wing surface of the aircraft.”

Millennials: The Mobile and the Stuck (jdargis)

It’s become en vogue to argue that young people’s turn against homeownership might be a good thing. After all, houses are not always dependable investment vehicles, a lesson the country learned all too painfully after the Great Recession. Without being anchored to any one city from their mid-20s and into their 30s, young people who don’t own are free to roam about the country in search of the best jobs. What’s more, given the copious advantages of a college degree in this economy, perhaps many young people could be commended for investing in their intelligence, professional networks, and abilities rather than devote that same income to a roof, floor, and furniture.

Risks Of Loose Money – Exposing The Link Between Monetary Policy And Social Inequality (Taki T.)

“All present-day governments are fanatically committed to an easy money policy, ” Ludwig von Mises observed in 1949 in “Human Action”, and to this day, little seems to have changed. Ever since governments, represented by their central banks, monopolized the production of money, and accordingly fractional reserve banking – our markets have never been free from government intervention. Monetary expansion happens all the time, not just in crises. In fact, the world has grown accustomed to this monetary policy, the new normal – and here is why:

Why you're lucky you don't own a McMansion (Don R.)

There are several possible reasons for this, Bloomberg said: There’s more demand for smaller, more modest starter homes as a huge wave of millennials reaches home-buying age, and McMansions that were slapped together in a hurry at the peak of the market don’t have the kind of quality construction to command sky-high prices.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/24/16

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

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25 Comments

  • Thu, Aug 25, 2016 - 3:22pm

    #1

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2922

    Head Of Germany’s largest bank says negative rates are ‘fatal’

    The head of Germany’s largest bank says negative rates are ‘fatal’

    Cryan, the chief executive of Deutsche Bank—Germany’s largest and most prominent bank, with some €­­1.7 trillion ($1.9 trillion) in assets—cautioned that the negative interest-rate policy could have “fatal consequences.” He made is remarks as part of a guest commentary published in the German newspaper Handelsblatt on Aug. 23.

    Fiscal spend in richer euro countries would help periphery: ECB paper

    Reuters – ‎1 hour ago‎
    The authors argue for fiscal stimulus in the euro zone's core to counter the effects of "structural reforms", which temporarily reduce prices and wages, in peripheral countries, such as Greece, Portugal and Spain. The paper provides further ammunition

    Polish Economic Slowdown Seen Deepening in Challenge for Budget

    Bloomberg – ‎2 hours ago‎
    The outlook calls into question the government's ability to hold the budget shortfall below the EU's 3 percent threshold and ensure the flow of 82.5 billion euros ($93 billion) in the bloc's development funds earmarked for Poland through 2020. The nine

    EU, Portugal agree on 5 billion euro recapitalisation for ailing bank …

    Yahoo Finance19 hours ago
    The government has been negotiating with Brussels for months so that any injection is not considered state aid and does not count towards the budget deficit, …

    Majority of analysts see BOJ easing in September, changing price …

    Reuters3 hours ago

    BOJ Governor Haruhiko Kuroda was quoted on Saturday saying that negative interest rate policy had not reached its limits and the central bank would consider ..

    Mobius Says Helicopter Money Will Be Japan's Next Big Experiment

    Bloomberg – ‎22 hours ago‎
    The Federal Reserve signals a reluctance to raise interest rates. The yen strengthens to 90 per dollar. Haruhiko Kuroda decides to act. Helicopter money is coming, says Mark Mobius, even as soon as next month. The 80-year-old investment veteran is …

    Japanese seek bargains as economy limps, Abenomics loses shine

    Reuters15 hours ago

    TOKYO Three years of so-called "Abenomics", Japanese Prime Minister Shinzo Abe's bold stimulus program, has failed to dislodge a deflationary mindset .

    Australia's national debt could hit $1 trillion as Scott Morrison warns of recession

    Yahoo7 News – ‎15 hours ago‎
    Federal Treasurer Scott Morrison will warn for the first time today that the national debt will blow out to $1 trillion in ten years if budget savings measures do not pass. In the first of a series of speeches in coming weeks, which will attempt to

    Bill introduced to WA Parliament to borrow $1.7 billion, as the state's coffers run dry

    ABC Online – ‎11 hours ago‎
    Spiralling debt has become a major headache for the Government, with it forecast to reach $33 billion next year and exceed $40 billion by 2020. Dr Nahan said $500 million of the $1.7 billion loan authorisation was needed to cover forecast general …

    Australia Binges on Luxury Cars as Living Standards Drop

    Bloomberg17 hours ago
    … investment, with an annual inflow of around A$200 billion, Morrison added. … private capital remaining on the sidelines while public debt sets new records …

    Canadians' debt continues to grow, now at $1.94 trillion: report

    Globalnews.ca12 hours ago
    Canadians' high debt loads could leave many in trouble should the economy take a … All combined, Canadian households owed $1.94 trillion in the second …

    Notley urges patience as Alberta deals multi-billion dollar deficit

    Globalnews.ca18 hours ago
    Alberta Premier Rachel Notley speaks about her Fort McMurray wildfire experience during an interview in Edmonton Alta, on Monday May 30, 2016.

    Korea Encourages Stricter Home Loan Screening Amid Record Debt

    Bloomberg – ‎9 hours ago‎
    Household debt including credit purchases rose by 33.6 trillion won ($30.1 billion) in the second quarter to 1,257.3 trillion won, the central bank said Thursday in a separate statement. The government said it will manage the supply of housing on lands

    Household debt risks growing out of control

    Korea Times – ‎3 hours ago‎
    However, the latest in a series of measures to cut household debt is drawing skeptical responses from the market. The debt has kept growing and hit a record 1,257 trillion won ($1,120 billion) at the end of June, which amounts to 88 percent of the

    Central bankers eye public spending to plug $1 trillion investment gap

    Reuters9 hours ago
    Central bankers eye public spending to plug $1 trillion investment gap … rate,” said Thomas Mercein, global head of debt capital markets for Credit Suisse.

    States face a $1 trillion pension shortfall

    wtkr.com – ‎3 hours ago‎
    Just 15 states contributed enough into public pension funds in 2014 to both pay retiree benefits and start to pay down their debt, according to a Pew Charitable Trusts report released Wednesday. In that year, state-run retirement systems had a $934

     

    China takes aggressive steps to fend off banking …

    Reuters14 hours ago
    China's overall debt has risen rapidly since the global financial crisis. Outstanding debt was $26.56 trillion, or 255 percent of gross domestic product at the end of …

    China's Big 4 banks may post a bad interim from this week, as bad loans rise amid a slower economy

    South China Morning Post – ‎9 hours ago‎
    Agricultural Bank of China, operator of the biggest banking network in the country, may post a 1.1 per cent decline in net income to 104.14 billion yuan , according to the average of three analysts polled by the South China Morning Post. Agricultural

    Taxpayers hit again under Emanuel as CPS hikes property taxes

    Chicago Tribune – ‎4 hours ago‎
    The Chicago Board of Education on Wednesday approved a $5.4 billion budget that relies on a trio of property tax hikes, the latest in a series of increases Mayor Rahm Emanuel has hit city taxpayers with in recent years. Buffeted for years by financial

    Rauner's office warns teachers' pension change could be 'devastating'

    The State Journal-Register – ‎18 hours ago‎
    … trigger a larger contribution from the state, where the Republican governor and Democrat-led Legislature have gone more than a year without agreeing on how to close a multibillion-dollar budget hole or address a $111 billion unfunded pension liability.

    Brazil loan defaults rise in July

    Reuters1 hour ago
    … costs in a decade are preventing companies from staying current on their debt. The so-called default ratio, a benchmark for loan delinquencies, rose to the …

    Venezuelan hospitals lack 80% of medicines, supplies

    Jamaica ObserverAug 24, 2016
    CARACAS, Venezuela (AFP) – Hospitals in crisis-hit Venezuela are facing shortages of about eight in 10 medications and medical supplies needed to treat …

    U.K. millennials are 'collateral damage' from pensions

    Chicago Tribune21 hours ago
    The pension-fund deficit in the U.K. increased to a record 1 trillion pounds ($1.3 trillion) after the Bank of England's interest-rate cut this month, hurt by …

    Greek Pension System to Buckle Under Weight of 360000 Applications

    Greek Reporter2 hours ago
    Greece's pension system is at risk as there are 360,000 pending applications for … constitute a hidden deficit, threatening to derail the whole pension system.

    Elderly health costs to rise tenfold by 2030: Report

    The Straits Times18 hours ago
    Elderly healthcare costs in Singapore are projected to rise tenfold over the next 15 years to more than US$49 billion ($66 billion) annually, according to a report.

     

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  • Thu, Aug 25, 2016 - 4:20pm

    #2
    DennisC

    DennisC

    Status Bronze Member (Offline)

    Joined: Mar 19 2011

    Posts: 101

    Follow the Money

    No doubt many of you have seen the recent news drama regarding Mylan and Epipen.  I read this article today and couldn't help but ponder this question:  If the government mandated the use of my product (of course, this could never happen, right?), would I be more inclined to want a higher price or a lower price for the product?

    From: http://www.cnbc.com/2016/08/24/heres-what-you-need-to-know-about-the-ceo-behind-the-big-epipen-price-hikes.html , we have this (the last paragraph is the winner, IMO):

    Employees at Mylan and a political action committee affiliated with the company from 2009 until 2012 contributed a total of $127,500 toward Manchin's special election to the Senate and then re-election in 2012, the second-largest amount of any single company toward Manchin, according to OpenSecrets.org. Records from OpenSecrets show that Mylan has given $72,543 to Senate and House of Representative members' campaign committees so far this year, but Manchin's more than $57,000 haul in 2012 from the company is more than five times the amount the firm gave to any other single candidate.

    On Wednesday, Wells Fargo, in a research note, said that disclosure documents show that Mylan has been "actively lobbying" in favor of a bill in the Senate that would mandate that all airlines, domestic and foreign, carry at least two packs of epinephrine auto-injectors. EpiPens are, by a large degree, the most commonly used devices of that nature in the United States.

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  • Thu, Aug 25, 2016 - 4:54pm

    #3

    Time2help

    Status Platinum Member (Offline)

    Joined: Jun 08 2011

    Posts: 2221

    Justice in Focus (Sept 10th-11th, NYC)

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  • Thu, Aug 25, 2016 - 4:58pm

    #4

    cmartenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4468

    WSJ Needs help conducting polls.

    In the recent WSJ piece on how the Fed has lost, or is losing, the confidence of Americans, they offered up these poll results on the Chairman position.

    My beef:  The poll did not include "none" or "less than none" as options.

    My confidence level is stuck at -11.

    (Source – WSJ)

    Otherwise a useful article, considering it was coming from Hilsenrath who could not have written this without serious permission from on high.

    Makes me wonder what's up.

     

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  • Thu, Aug 25, 2016 - 5:14pm

    Reply to #2

    cmartenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4468

    Epipen, Mylan, Corrupt, Immoral (fun with word association)

    [quote=DennisC]

    No doubt many of you have seen the recent news drama regarding Mylan and Epipen.  I read this article today and couldn't help but ponder this question:  If the government mandated the use of my product (of course, this could never happen, right?), would I be more inclined to want a higher price or a lower price for the product?

    From: http://www.cnbc.com/2016/08/24/heres-what-you-need-to-know-about-the-ceo-behind-the-big-epipen-price-hikes.html , we have this (the last paragraph is the winner, IMO):

    [/quote]

    Yeah, this company is full of loser deadbeats who prefer to rig systems via crony mechanisms to line their own pockets and stifle competition.  

    Here's another winner paragraph from the article:

    As a result of the company's financial performance, Bresch's compensation hit $19 million last year, up from $2.45 million in 2007. Over the same period, an EpiPen's average wholesale price was being hiked by 461 percent.

    And here's a chart to go along with that.

    (Source – WSJ)

    Sorry all you poor people!  Hope you enjoyed your anaphylactic experiences.

    Meanwhile, it must be noted, this is a US price chart.  Other countries do not allow venal, corrupt companies to do this to their people.

    Irony:  The Netherlands, where Mylan (MYL) incorporated to evade US taxes, would never allow MYL to charge their citizens like the US does.

    Outrage:  The amount of Epinephrine delivered costs about $1.  Many parents are now carrying syringes and epinephrine in vials, which I am thinking of doing as well.  

    A September 2015 report by Bloomberg on the drug's rapid price boost describes how Mylan purchased the EpiPen from Merck in 2007 and through a steady juggernaut of marketing and lobbying made it as synonymous with epinephrine auto-injectors as Kleenex has become facial tissue. Bloomberg notes each pen, which are sold in packs of two, contains about $1 worth of medicine.

    (Source – Snopes)

     

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  • Thu, Aug 25, 2016 - 5:29pm

    #5

    Afridev

    Status Bronze Member (Offline)

    Joined: Oct 11 2013

    Posts: 126

    Price Epipen in NL

    Is 95 EUR (that's including some kind of consultation with a doctor (as I didn't click the link not sure if this is online but suppose it is)):

    http://www.dokteronline.com/epipen/

    That's about 107 USD…

    Quick follow-up: In France it's 74 EUR (http://www.doctissimo.fr/medicament-EPIPEN.htm), with 65% reimbursed by social security (but also with need of a doctor's precription)

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  • Thu, Aug 25, 2016 - 5:57pm

    #6

    Time2help

    Status Platinum Member (Offline)

    Joined: Jun 08 2011

    Posts: 2221

    Epipens

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  • Thu, Aug 25, 2016 - 6:27pm

    Reply to #2

    KugsCheese

    Status Gold Member (Offline)

    Joined: Jan 01 2010

    Posts: 814

    Epipen and FDA

    https://mises.org/blog/lack-epipen-competitors-fdas-fault

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  • Thu, Aug 25, 2016 - 6:50pm

    #7

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1815

    EpiPens 2

    Epinephrine, in single dose vials can be purchased at almost any pharmacy (or online) with a doctors prescription.  Here is one I found online from ACE Surgical Supply Co.  It contains 2 (or 3) doses of Epinephrine.  The patient, or a family member will need to be able to draw the liquid into a 1 ml syringe (an insulin syringe) and measure to 0.5 mg and then self administer into a muscle (IM) on the front of the thigh, or under the skin into the fatty layer (SQ). 

    About 5 minutes of practice after watching this youtube video made for nursing students should provide the skills.  (This might be difficult if under stress.  The whole family needs to practice.)

    1 ml insulin syringes.  The dose of Epinephrine is 0.3 mg to 0.5 mg–only 1/3 to 1/2 of a syringeful.

    This is the exact epinephrine formulation and equipment we use in the ED for anaphylaxis.

    But, the bigger issue is the permission the pharmaceutical cartel has to plunder the populace.  Another excellent cheap generic medication, colchicine which is used for gout, went from $5 to $600 in recent years also.  There are no good work-arounds for colchicine.  The rural uninsured poor in central Virginia cannot get many basic medicines.

    Another that REALLY p*sses me off is albuterol inhalers.  They used to cost $4 at Wal-Mart until the new "environmental protection" rules banning CFCs forced pharmaceutical companies to reformulate the propellant in a new CFC-Free albuterol inhaler.  Naturally, it is now under patent protection, bringing the price of a single albuterol inhaler up to $80.

    I ask myself "Where is my personal breaking point?"   This is it.  If I had a child with asthma and was unable to get the medicines…..

     

     

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  • Thu, Aug 25, 2016 - 7:49pm

    #8

    thc0655

    Status Platinum Member (Offline)

    Joined: Apr 27 2010

    Posts: 1422

    Subtle sign Chicago is going broke

    http://mobile.reuters.com/article/idUSKCN10Z13A

    Chicago's detective force dwindles as murder rate soars.

    Chicago's murder clearance rate, a measurement of solved and closed cases, is one of the country's lowest, another sign of problems besetting police in the third biggest city in the United States.

    Over the past 10 years Chicago has consistently had one of the lowest clearance rates of any of the country's 10 biggest cities, according to data from the Federal Bureau of Investigation and the Chicago Police Department.

    Last year, Chicago police had 480 murder cases and solved 223 murders that had been committed in 2015 or before, for a clearance rate of 46 percent, according to Chicago police figures.

    That is well below the average national rate of 63 percent, and the average rate of 68 percent for cities with populations of more than 1 million in the past decade, according to FBI figures.

    Chicago, with a population of 2.7 million, has more shootings and homicides than any other U.S. city, according to FBI and Chicago police data, and more shootings by law enforcement than other major cities, according to police department figures on officer-involved shootings compiled by Reuters. Its police department is under federal investigation for the use of lethal force by its officers.

    Detectives and policing experts interviewed this week said Chicago struggles to solve murders because of declining numbers of detectives, the high number of cases per detective and because witnesses mistrust the police and fear retaliation from gangs.

    DETECTIVES OVERWHELMED

    The number of detectives on the Chicago police force has dropped to 922 from 1,252 in 2008. One detective who retired two months ago said investigators are overwhelmed. Not all of the detectives are assigned exclusively to homicide cases.

    "You get so many cases you could not do an honest investigation on three-quarters of them," he said in an interview. "The guys … are trying to investigate one homicide and they are sent out the next day on a brand new homicide or a double."

    A tight budget and focus on putting more police on street patrol has contributed to the shrinking detective force. Because police departments are not all structured the same, it can be difficult to compare numbers. But Chicago has proportionally fewer detectives than other U.S. cities, according to data on some of the country's biggest police forces.

    About 8 percent of Chicago's roughly 12,000 police are detectives. In New York City, which has a police department of 34,450, 15 percent are detectives. In Los Angeles, which has a police department of 9,800 sworn officers, 15 percent are detectives.

    Detectives are paid about 10% more than police officers, so there's a financial incentive to restrict how many officers are promoted to detective.  Police executives have to get the mayor's approval for all promotions.  Imagine how severe the budget issues are if the choice is to short-change the police department on detective promotions and endure the above kind of public exposure during an explosion of shootings and murders.  I see that kind of severe "penny pinching" where I work too.  For instance, in my city last week, an elevator in the Criminal Justice Center malfunctioned and crashed, permanently disabling a Sheriff's Deputy on board.  I'll bet my left hand two things are true: 1) tight budgets in a city on the precipice of bankruptcy shortchanged the elevator maintenance budget; and 2) no one will ever say that publicly.  Another penny pinching method is to allow natural attrition in the police department workforce (retirements, deaths, terminations, disabilities) to effectively reduce the total number of employees slowly and silently.  By simply restricting the number of Police Academy recruit classes per year and their sizes, the manpower levels can be reduced, without political blowback, by hundreds of officers over the course of just one year in a large department.  Keep it up for five years and the strains on the budget can be partially relieved.  This avoids the political firestorm that would result if officers were laid off or salaries were cut to try to shore up the dying pension fund.  Of course, it helps to have the media in the mayor's back pocket so they never expose to the public how quickly the department is shrinking.  And where I work, for a police department employee to do that is an offense punishable by termination.

    "Welcome to the Hunger Games. And may the odds be ever in your favor."

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  • Thu, Aug 25, 2016 - 8:09pm

    Reply to #8
    TechGuy

    TechGuy

    Status Bronze Member (Offline)

    Joined: Oct 13 2008

    Posts: 295

    Re:Subtle sign Chicago is going broke

    "Subtle sign Chicago is going broke"

    Chicago IS broke and so is the state of Illinois. Illinois has over $321 Billion in Debt and about $15 Billion in unpaid bills. Most of the unpaid bills are well over 1 year overdue.

    Chicago is following in the footsteps of Detriot, becoming the next failed city as people and business flee. ZeroHedge had an article that a family leaves Illinois every five minutes. 

    I would imagine with growing racial tensions with Police that most officers in Chicago have to be seriously considering leaving before they end up as statistic. 

     

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  • Thu, Aug 25, 2016 - 9:12pm

    #9
    Uncletommy

    Uncletommy

    Status Bronze Member (Offline)

    Joined: May 03 2014

    Posts: 507

    Is it just me or do I . . . .

    Has anybody noticed the increase in the number of ads for the over 50 crowd for life insurance? One enterprising young man told me he's encouraging his Dad to take out a plan, because he's living at home and can't find work. Four years of university, living at home. no reason for hope in a softening market and figures it would be a smart way to pass assets (the house) on to him rather than having Dad putting extra cash into investments that don't seem to be performing up to historic trends. He says it isn't much different than negative interest rates as a means to protect his cash and any future windfall (the house). "Let the insurance company worry about poor performing equities", he adds. If elderly health insurance rates are going to rise ten fold over the next decade, life insure yourself for the benefit of your children. I'm doing the numbers as I post this.

    (He's not related to me, but this philosophy could be contagious). An example:

    http://specialtylife.ca/seniors-life-insurance2.php?gclid=COL__NG43c4CFURffgodCuULdQ

     

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  • Thu, Aug 25, 2016 - 9:50pm

    Reply to #9

    thc0655

    Status Platinum Member (Offline)

    Joined: Apr 27 2010

    Posts: 1422

    That's exactly what I'm doing

    It's not just you.  We have term policies with level premiums until we turn 85.  We plan to die before then while the policies are in force.cool   And, if our insurance companies go bankrupt (as I suspect some will), then we'll just quit paying the premiums.  And if hyperinflation destroys the value of the payouts, we'll just quit paying the premiums.  And it's all tax free. There's a good chance this might be the only wealth we pass on.  Oh well.  Talk about responding in unorthodox ways to a financial universe being sucked into a black hole!!

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  • Thu, Aug 25, 2016 - 10:13pm

    #10

    Time2help

    Status Platinum Member (Offline)

    Joined: Jun 08 2011

    Posts: 2221

    Seats Upright and Fastened?

    Do I think Hillary Will Win? Buckle Your Seats – This Will be Worse than You Thought (ArmstrongEconomics)

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  • Thu, Aug 25, 2016 - 10:32pm

    Reply to #10

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 825

    As Armstrong stated, his opinion can be wrong.

    I’d be interested if his computer models vote fraud. Or turnout.

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  • Thu, Aug 25, 2016 - 11:08pm

    Reply to #10

    Time2help

    Status Platinum Member (Offline)

    Joined: Jun 08 2011

    Posts: 2221

    Wuff

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  • Fri, Aug 26, 2016 - 12:02am

    #11

    Time2help

    Status Platinum Member (Offline)

    Joined: Jun 08 2011

    Posts: 2221

    2,600+

    …and growing.

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  • Fri, Aug 26, 2016 - 2:24am

    Reply to #7
    VeganDB12

    VeganDB12

    Status Bronze Member (Offline)

    Joined: Jul 18 2008

    Posts: 107

    epipens

    +100 SP

    it feels like there is no oversight of supply chains..spot shortages are still way too common.

    generics that cost the same price as the brand…rebranded generics that are 10-50 times more expensive than splitting the generic pill into pieces or combining  (doxepin for sleep,  sumatriptan combined with naproxen for migraine) …what other medicines are affected by this practice? You know the rest of the industry has caught on to it.

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  • Fri, Aug 26, 2016 - 11:18am

    Reply to #7
    Edwardelinski

    Edwardelinski

    Status Bronze Member (Offline)

    Joined: Dec 23 2012

    Posts: 316

    Other jacked Mylan drugs:

    We collectively loose our minds imagining children suffering and dying from allergic reactions.The only upside to this is that the newest villian may get her a** handed to her.They also jacked medications for acid reflux,gallstones and overactive bladder by 400-600%.One company,a few examples,pinching every dollar we make………The number one cause of bankruptcy in this country…Medical care….

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  • Fri, Aug 26, 2016 - 12:43pm

    Reply to #9

    jtwalsh

    Status Bronze Member (Offline)

    Joined: Oct 01 2008

    Posts: 261

    Life Insurance for seniors

    A whole life policy I took out in my innocent youth had its cash value drop sixty per cent in 2008. (My agent had convinced me in the early 2000's to convert my plan from bond investments to stocks).  I left my money there until it recovered three quarters of its value. At that time I realized that at age 65 the life insurance portion would drop to around ten thousand dollars.  Not enough for a decent funeral and party in our part of the country.  My wife and I are raising two granddaughters.  If I die, my wife needs insurance to keep the house, keep the grandchildren going.  I looked into term life and was able to purchase a fifteen year policy, with constant payments, for the life benefit amount I believed my wife would need.  It cost less per month than the whole life and will last until I am in my mid-seventies.  The girls will be grown before then.  We took the cash value of the old policy and used it to purchase our get away property in northern New England. 

    I may be crazy but I feel better knowing my cash accumulated over the years is now a physical asset and my wife will still be covered for as long as this system lasts, or until we will not have the same needs.

    JT

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  • Sat, Aug 27, 2016 - 5:27pm

    #12

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1815

    Another Cheap EpiPen Substitute

    The idea of carrying the epi vial in an altoid tin sounds great.  Unfortunately, I don't think the syringe and needle will fit!  Also, carry several benadryl (diphenhydramine) tablets.

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  • Sun, Aug 28, 2016 - 12:25am

    Reply to #12

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 825

    Not joking, a starter's gun can also make an excellent epipen

    Take the starter gun, load it (the end does not pass debris–it’s solid metal).
    Point at the dying person, yell angrily at him for ruining your day, and fire.

    Not joking, the adrenaline of getting shot at, may save his life. And he likely won’t need the epiniphrine that his body produces, to be counteracted.

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  • Sun, Aug 28, 2016 - 3:56am

    Reply to #12

    thatchmo

    Status Silver Member (Offline)

    Joined: Dec 13 2008

    Posts: 317

    Probably not recommended in a

    Probably not recommended in a "carry" state…..the victim, or a bystander, might ruin YOUR day.  Interesting idea, though….Aloha, Steve.

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  • Sun, Aug 28, 2016 - 4:04am

    Reply to #12

    thatchmo

    Status Silver Member (Offline)

    Joined: Dec 13 2008

    Posts: 317

    I'm betting McGyver would

    I'm betting McGyver would recommend a 6" piece of 3/4" PVC pipe with a couple end caps.   Probably room for some paracord, and a couple gold sovereigns as well!  Aloha, Steve.

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  • Sun, Aug 28, 2016 - 6:51am

    #13

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1815

    Toothbrush Travel Case for Epi

    Nice idea, Thatchmo.

    The Epi vial and syringe could fit in a plastic toothbrush travel case from Dollar Tree.  For $1.

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