Tag Archives: Elderly

No Vaccine Trials Made on the Elderly Vaccinate Them Even if it Kills Them? by Dr. Mark Sircus

They are vaccinating people in nursing homes and other elderly, although the trials didn’t include any elderly. Is this a good idea? From Dr. Mark Sircus at lewrockwell.com:

Doctors are worried about the “public perception” when the elderly die right after getting the vaccination. What would YOU think if your mother died the day after she received the COVID shot?

Dr. Kelly Moore, “associate director of the Immunization Action Coalition, said, “Since they [the COVID vaccines] haven’t been studied in people in those [elderly] populations, we don’t know how well the vaccine will work for them. We know that most vaccines don’t work nearly as well in a frail elderly person as they would in someone who is fit and vigorous, even if they happen to be the same age.”

Covid-19 vaccines have not been tested in the frail elderly, many of whom are residents of long-term care facilities. Therefore, there is NO evidence that the vaccine is safe or effective for the elderly. Jon Rappoport says, “If this doesn’t give the frail and elderly and their families pause for thought, nothing will.

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How the COVID-19 Lockdowns Will Increase Resentment of the Elderly, by Ryan McMaken

To bring up a somewhat delicate fact: the Covid-19 lockdowns are benefiting those most likely to contract the disease—the elderly—while the younger generations pay the price. It’s a wonder the inter-generational conflict has not surfaced with more intensity. It will, especially as governments go broke and the young are taxed to pay for their elders pensions and medical care. From Ryan McMaken at mises.org:

In an article for the LA Times earlier this month, Laura Newberry contends that the COVID-19 panic has “amplified” ageism in the United States. This is likely true, yet the article completely misses the true cause.

Certainly, ageism is a problem for many people. Reprehensible crimes such as elder abuse deserve our attention.  Thanks to our highly mobile society, fewer people spend time with their elderly parents or grandparents. This has in many cases reduced the degree to which the elderly are regarded as important members of society.

But it’s unclear why the presence of COVID-19 should amplify any of this. The elderly have always been more susceptible to disease and disability. In bad flu years, do we claim that the additional deaths “amplify ageism”? That does not appear to be have been the case.  If we want to really understand how the COVID-19 panic will amplify ageism—assuming it does—we need look no further than the politics of the government-forced economic shutdowns.

How do the shutdowns increase ageism? Because the extreme and damaging nature of the policy response could lead many to perceive the current economic crisis with record unemployment as the result of a set of policies designed to protect the elderly effectively at the expense of younger workers, parents, students, and families.

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The Kids Are Not Alright, by Robert Gore

Debt initially dazzles and deceives, then it disappoints, disillusions, devastates, and destroys.

The thing governments do best is borrow. Performance varies across the range of their purported functions—warfare, maintenance of public order, provision of goods and services, redistribution, regulation—but they all go into debt. The structure of governments and their underlying philosophies also vary, but there’s one commonality. They are set up to optimize their own borrowing. Thus, central banks are essential.

There is a cottage industry devoted to the minutia of central bank personnel, policies, and pronouncements and what they mean for humanity’s future. Actually, cottage industry is not a correct characterization. No cottage industry could generate the kind of money paid to central banking’s acolytes.

After months of speculation, President Trump named Jerome Powell as the next Chair of the Board of Governors of the Federal Reserve System. If you know why the Fed exists and how it operates, the speculation was so much dross. The Federal Reserve exists to “facilitate” the US government’s issuance of debt. Mr. Powell will do what Janet Yellen, Benjamin Bernanke, Alan Greenspan, Paul Volker, G. William Miller, Arthur Burns, and every chairperson has done on back to the first one, Charles Hamlin: make it easier for the government to borrow. All of the other candidates would have done the same.

Central banks, their fiat debt, and ostensibly private banking systems that either control or are controlled by governments (take your pick) have facilitated unprecedented global governmental indebtedness. Suppressed interest rates and pyramiding debt via fractional reserve banking, securitization, and derivatives have led to record private indebtedness as well. The totals so dwarf the world’s productive capacities as measured, albeit imperfectly, by gross domestic product figures that the comparison yields an inescapable conclusion: most of this debt cannot be repaid.

A debt instrument is a promise to pay interest over the life a loan and return principle at a date certain in the future. If a private debtor dies before that date certain, his creditor can look to his estate for satisfaction of its claim, which has precedence over the claims of heirs. However, the creditor cannot go after the assets of those heirs. A government that borrows, on the other hand, is pledging repayment from the income streams and assets of future generations, binding parties that may not even exist at the time the debt is incurred. Specious as it is for governments to bind present taxpayers to debt repayment with only their “implied” consent, it is odious in the extreme for them to bind future generations incapable of any kind of consent.

Compounding governments’ culpability, their increasing debt loads make it that much harder for those future generations to repay. Debt that funds productive investment can be considered a factor of production. Just like any other factor of production, it is subject to diminishing returns. At some point the gross return of debt is so scant that after debt service costs, the net return is negative. Additional debt actually reduces rather than adds to economic growth.

This is already happening with debt-funded productive investment, but that’s not the worst part of the story. The lion’s share of debt funds consumption, which generates no offsetting return at all. If you borrow $10 and buy $10 worth of goods, the proper accounting for your transactions is that you’ve increased both your liabilities and assets by $10. There has been no increase in either your income or your net worth. Had you invested the $10, there is a possibility that your income and net worth might increase in the future. When debt funds consumption, it is always a net negative, unless the debtor can borrow at zero or negative rates.

The national income accounting of the US and most other nation ignores debt, so when a government borrows $10 billion and buys $10 billion worth of goods and services, it adds to the gross domestic product, official national income increases $10 billion. Virtually every dime a government spends some politician or bureaucrat will label as an “investment.” However, the claimed returns are dubious or nonexistent; the lion’s share of developed country budgets funds consumption.

In the US, the increase in government debt has been larger than the increase in GDP every year since the 2008 financial crisis. Under the accounting standards the government mandates for the private sector, the US is going backward, getting poorer. Future generations will carry an ever-expanding debt load with a shrinking ability to repay it. The aging population and unfunded pension and medical liabilities—promises made by governments, but not technically debt—exacerbates this bleak scenario.

This year the world has become aware of Mohammad bin Salman, the Saudi Arabian crown prince and heir apparent to the throne. It will be a long time, if ever, before we know the full story behind his recent maneuvers to consolidate his power. However, 32-year-old Salman is emblematic of what will probably be the future’s most consequential conflict: debt-ignited intergenerational strife.

Saudi Arabia sits on one of the world’s largest pools of oil, which has funded a welfare state on steroids. The Saud tribe and its allies have arrogated unfathomable wealth. The benefits with which they buy off ordinary Arabs make work an unattractive option; laborers are imported from other countries. However, the sand is running on this happy state of affairs. Beneficiaries and their “needs” have expanded faster than oil revenues. The country’s foreign exchange reserves are shrinking. It has issued debt and is contemplating a partial sale of Saudi Aramco, the national oil company.

Perhaps the young prince is seeing the writing on the wall and has decided to do something about it. Get rid of the old farts, their multitudinous wives, mistresses, siblings, children, nieces, and nephews, the conspicuous consumption and the shopping jaunts to London and Beverly Hills. Seize their jets, yachts, and fat bank accounts, certainly quite a haul. Start diversifying the economy. Wars in Syria and Yemen cost money, it’s true, but youth is inconsistent. The prince probably does not want his generation’s future (he’s reportedly popular among the young) further mortgaged by a kleptocratic oligarchy.

If so, he’s not alone. Across the developed world, the younger generation faces a future already mortgaged by a kleptocratic oligarchy. Unlike the prince, they can’t do anything about it, and relatively few are even aware of it…yet. Debt initially dazzles and deceives, then it disappoints, disillusions, devastates, and destroys. The oldsters got the first two, the youngsters will get the last four. The former reassure themselves: we vote, the kids don’t, we’ll protect our benefits. Debt deceives. Mounting public pension problems are a harbinger: you can’t squeeze blood from stone, not matter how many vote for it.

A collapse of the debt skyscraper of cards is inevitable, the issue is who bears the losses. Amidst the devastation and destruction, the young may cast a gimlet eye on the benefits their elders have voted themselves, and decide they’re less than willing to fund them. They may decide a generational uprising is in order—perhaps outside the boundaries of the normal political process—and a reshuffling of the remaining assets. The developed world’s elderly could find themselves in the same position as the oleaginous old thieves who ran Saudi Arabia: bereft of power and wealth. Except their reduction in circumstances may not be quite as tolerable as house arrest in the Riyadh Ritz-Carlton.

Once upon a time…

You didn’t have to ask

the government’s permission