Americans Had To Borrow 88 BILLION Dollars To Cover Their Medical Bills Last Year

I know that the headline sounds outrageous, but it is actually true.  According to a brand new report that was just released, Americans had to borrow 88 billion dollars to cover their medical bills last year.  That is a truly astounding number, and it shows just how dramatically our current health care system has failed.  And even though the vast majority of Americans are covered by “health insurance”, millions of us are deathly afraid to go to the hospital because of what it might cost.  Today, two-thirds of all personal bankruptcies in the United States are caused by medical bills, and most of the people going bankrupt actually had health insurance.  Overall, more than half a million American families are financially ruined by medical bills each year, and meanwhile our “representatives” in Washington are doing absolutely nothing to fix the problem.

Surveys have shown that up to two-thirds of the country is living paycheck to paycheck at least part of the time, and an unexpected medical bill can be absolutely devastating for those that are just barely scraping by.

Without much of a financial cushion to fall back on, many families must borrow money when confronted with a large medical expense, and the scale at which this is happening is absolutely stunning

Health care costs in the United States are generally measured as the highest in the world. Last year, many Americans could not afford their health care costs and so borrowed $88 billion to pay for that portion they could not afford.

According to a new West Health and Gallup poll, in a new report titled “The U.S. Healthcare Cost Crisis,” the $88 billion was borrowed in the year before the survey, which was done from January 14 to February 20. The poll was conducted via a random group of 3,537 adults over 18 living in the 50 states and the District of Columbia.

How in the world is this possible?

After all, more than 90 percent of all Americans have some form of health coverage.  So why did Americans need to borrow 88 billion dollars to cover their unpaid medical bills last year alone?

Well, first of all it is important to remember that health insurance deductibles have gotten obscenely huge.  The following numbers come from a CNN article about Obamacare

The law sets a ceiling on how much consumers have to spend on health care. In 2019, it’s $7,900 for a single person and double that for a family. Some bronze plans peg their deductibles to those levels.

The average deductible for a 2019 bronze policy — which have higher deductibles, but lower premiums than other tiers of Obamacare plans — is nearly $5,900, while the average maximum of out-of-pocket limit is just under $7,000, according to Health Pocket, an online health insurance shopping tool. Family bronze plans have an average deductible of just under $12,200 and an average out-of-pocket maximum of nearly $14,000.

Secondly, even if you have surpassed your deductible, there is still no guarantee that your health insurance company will cover your medical bills.  If you do not jump through every single little hoop they want you to jump through, in many instances they will leave you high and dry.  When I was running for Congress I had personal conversations with so many people that had been screwed over by the health insurance companies.  The more claims they deny, the more money they make, and they have become masters at finding even the smallest loophole that will enable them to wiggle off the hook.

Of course there are some health insurance companies out there that are doing a good job, but the bad apples give the entire industry a very bad name.

We have a system that is deeply broken, and it greatly frustrates me that both political parties seem so uninterested in getting a solution through Congress.

Here are some more numbers that show the current state of the U.S. health care system…

3.7 trillion dollars was spent on health care in the United States in 2018.  That breaks down to $10,739 per person.

-If our health care system was a country, it would have the fifth largest GDP on the entire planet.

76 percent of Americans believe that they pay too much for the quality of health care that they receive.

-Out of the 36 counties in the OECD, the U.S. ranks 31st in infant mortality.

-Prescription drugs are the fourth leading cause of death in the United States today.

-Pharmaceutical companies spend approximately 30 billion dollars a year to market their drugs to all of us.

Nearly half of all U.S. doctors are considering leaving the field of medicine, and health insurance companies are the primary reason.

-The median charge for visiting an emergency room in the United States is well over a thousand dollars.

When I was growing up, my mother took me and my siblings to the doctor constantly.  But I don’t know anyone that does that today, because it would be ridiculously expensive in most cases.

And one recent survey actually found that 41 percent of all Americans decided against an emergency room visit last year “due to cost”

Another major personal financial concern among Americans is that 45% worry that a “major health care event” would leave them bankrupt, the West Health-Gallup survey found. Additionally, in the past year, 41% said they did not visit an emergency room due to cost.

Fifteen million Americans “deferred” purchasing prescription drugs in the past year because of costs as well. Finally, 76% believe the problem will become worse because health care costs will rise more over the next two years.

Fixing our horribly broken health care system needs to be a top national priority, but earlier today Senate Majority Leader Mitch McConnell made it abundantly clear that nothing will be done about Obamacare in the Senate until the 2020 election.  And of course the Democrats are not going to make any major moves on health care until the 2020 election either.

Unfortunately, we are stuck with what we have got for the moment.

Our health care crisis is a national nightmare that never seems to end, and it gets worse with each passing year.

So for now, just hope that nobody in your family becomes seriously ill, because if that happens there is a good chance you might go bankrupt.

Get Prepared NowAbout the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

The College Admissions Scandal Is A Perfect Example Of How Deeply Corrupt America Has Become

Is there anything left in this country that has not been deeply tainted by corruption?  By now you have probably heard that dozens of people have been arrested for participating in a multi-million dollar college admissions scam.  Enormous amounts of money were paid out in order to ensure that children from very wealthy families were able to get into top schools such as Yale University, Stanford University, the University of Texas and the University of Southern California.  We should certainly be disgusted by these revelations, but we shouldn’t be surprised.  Such corruption happens every single day on every single level of society in America.  At this point our nation is so far gone that it is shocking when you run into someone that actually still has some integrity.

The “mastermind” behind this college admissions scam was a con man named William Rick Singer.  He had been successfully getting the kids of wealthy people into top colleges for years using “side doors”, and he probably thought that he would never get caught.

But he did.

There were four basic methods that Singer used to get children from wealthy families into elite schools.  The first two methods involved bribes

Bribing college entrance exam administrators to allow a third party to facilitate cheating on college entrance exams, in some cases by posing as actual students,’ is the first.

Bribing university athletic coaches and administrators to designate applicants as purported athletic recruits – regardless of their athletic abilities, and in some cases, even though they did not play the sport,’ is the second.

Because many of these kids didn’t even play the sports they were being “recruited” for, in some cases Photoshop was used to paste their faces on to the bodies of real athletes

In order to get non-athletic kids admitted to college as athletes, Singer often had to create fake profiles for them. Sometimes this involved fabricating resumes that listed them having played on elite club teams, but to finish the illusion Singer and his team would also use Photoshop to combine photos of the kids with actual athletes in the sport.

A number of college coaches became exceedingly wealthy from taking bribes to “recruit” kids that would never play once they got to school, but now a lot of those same coaches are probably going to prison.

The third and fourth methods that Singer used involved more direct forms of cheating

‘Having a third party take classes in place of the actual students, with the understanding that the grades earned in those classes would be submitted as part of the students’ application,’ is the third.

The fourth was ‘submitting falsified applications for admission to universities … that, among other things, included the fraudulently obtained exam scores and class grades, and often listed fake awards and athletic activities.’

Of course the main thing that the media is focusing on is the fact that some celebrities are among those being charged in this case, and that includes Lori Loughlin from “Full House”

It was important to “Full House” star Lori Loughlin that her kids have “the college experience” that she missed out on, she said back in 2016.

Loughlin, along with “Desperate Housewives” actress Felicity Huffman, is among those charged in a scheme in which parents allegedly bribed college coaches and insiders at testing centers to help get their children into some of the most elite schools in the country, federal prosecutors said Tuesday.

Despite how cynical I have become lately, I never would have guessed that Lori Loughlin was capable of such corruption.

After all, she seems like such a nice lady on television.

But apparently she was extremely determined to make sure that her daughters had “the college experience”, and so Loughlin and her husband shelled out half a million dollars in bribes

Loughlin and Giannulli ‘agreed to pay bribes totaling $500,000 in exchange for having their two daughters designated as recruits to the USC crew team – despite the fact that they did not participate in crew – thereby facilitating their admission to USC,’ according to the documents.

As bad as this scandal is, can we really say that it is much worse than what is going on around the rest of the country every single day?

Of course not.

We are a very sick nation, and we are getting sicker by the day.

William Rick Singer had a good con going, and he should have stopped while he was ahead

William “Rick” Singer said he had the inside scoop on getting into college, and anyone could get in on it with his book, “Getting In: Gaining Admission To Your College of Choice.”

“This book is full of secrets,” he said in Chapter 1 before dispensing advice on personal branding, test-taking and college essays.

But Singer had even bigger secrets, and those would cost up to $1.2 million.

But like most con men, Singer just had to keep pushing the envelope, and in the end it is going to cost him everything.

The ironic thing is that our colleges and universities are pulling an even bigger con.  They have convinced all of us that a college education is the key to a bright future, but meanwhile the quality of the “education” that they are providing has deteriorated dramatically.  I spent eight years in school getting three degrees, and so I know what I am talking about.  For much more on all this, please see my recent article entitled “50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists”.

I know that it is not fashionable to talk about “morality” and “values” these days, but the truth is that history has shown us that any nation that is deeply corrupt is not likely to survive for very long.

Our founders understood this, and former president John Adams once stated that our Constitution “was made only for a moral and religious people”

Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.

Today, we are neither moral or religious.

What we are is deeply corrupt, and America will not survive if we keep going down this path.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

Millennials Are More Than A Trillion Dollars In Debt, And Most Of Them Don’t Even Own A Home

When compared to a similar point in time, Millennials are deeper in debt than any other generation that has come before them.  And the biggest reason why they are in so much debt may surprise you.  We’ll get to that in a minute, but first let’s talk about the giant mountain of debt that Millennials have accumulated.  According to the New York Fed, the total amount of debt that Millennials are carrying has risen by a whopping 22 percent in just the last five years

New findings from the New York Federal Reserve reveal that millennials have now racked up over US$1 trillion of debt.

This troubling amount of debt, an increase of over 22% in just five years, is more than any other generation in history. This situation may leave you wondering how millennials ended up in such a sorry state.

Many young adults are absolutely drowning in debt, but the composition of that debt is quite different when compared to previous generations at a similar point in time.

Mortgage debt and credit card debt levels are far lower for Millennials, but the level of student loan debt is far, far higher

While the debt levels accumulated by millennials eclipse those of the previous generation, Generation X, at a similar point in time, the complexion of the debt is very different.

According to a 2018 report from the St. Louis Federal Reserve Bank, mortgage debt is about 15% lower for millennials and credit card debt among millennials was about two-thirds that of Gen X.

However, student loan debt was over 300% greater.

Over the last 10 years, the total amount of student loan debt in the United States has more than doubled.

It is an absolutely enormous financial problem, and there doesn’t seem to be an easy solution.  Some politicians on the left are pledging to make college education “free” in the United States, but they never seem to explain who is going to pay for that.

But what everyone can agree on is that student loan debt levels are wildly out of control.  The following statistics come from Forbes

The latest student loan debt statistics for 2019 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. Borrowers in the Class of 2017, on average, owe $28,650, according to the Institute for College Access and Success.

What makes all of this even more depressing is the fact that the quality of “higher education” in the U.S. has gone down the toilet in recent years.  For much more on this, please see my recent article entitled “50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists”.

Our colleges and universities are not adequately preparing our young people for their future careers, but they are burdening them with gigantic financial obligations that will haunt many of them for decades to come.

We have a deeply broken system, and we desperately need a complete and total overhaul of our system of higher education.

Due to the fact that so many of them are swamped by student loan debt, the homeownership rate for Millennials is much, much lower than the homeownership rate for the generations that immediately preceded them.  The following comes from CNBC

The homeownership rate for those under 35 was just 36.5 percent in the last quarter of 2018, compared with 61 percent for those aged 35 to 44, and 70 percent for those aged 45 to 54, according to the U.S. Census. The millennial homeownership rate actually dropped in the fourth quarter compared with the third quarter, but was unchanged year over year.

This is one of the big reasons why “Housing Bubble 2” is beginning to burst.  There are not enough Millennials buying homes, and it looks like things could be even worse for Generation Z.

If you are a young adult, I would encourage you to limit your exposure to student loan debt as much as possible, because the debt that you accumulate while in school can have very serious long-term implications that you may not even be considering right now.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

$3.5 Trillion A Year: America’s Health Care System Has Become One Of The World’s Largest Money Making Scams

If the U.S. health care system was a country, it would have the fifth largest GDP on the entire planet.  At this point only the United States, China, Japan and Germany have a GDP that is larger than the 3.5 trillion dollar U.S. health care market.  If that sounds obscene to you, that is because it is obscene.  We should want people to be attracted to the health care industry because they truly want to help people that are suffering, but instead the primary reason why people are drawn to the health care industry these days is because of the giant mountains of money that are being made.  Like so many other things in our society, the health care industry is all about the pursuit of the almighty dollar, and that is just wrong.

In order to keep this giant money machine rolling, the health care industry has to do an enormous amount of marketing.  If you can believe it, a study that was just published found that at least 30 billion dollars a year is spent on such marketing.

Hoping to earn its share of the $3.5 trillion health care market, the medical industry is pouring more money than ever into advertising its products — from high-priced prescriptions to do-it-yourself genetic tests and unapproved stem cell treatments.

Spending on health care marketing nearly doubled from 1997 to 2016, soaring to at least $30 billion a year, according to a study published Tuesday in JAMA.

This marketing takes many different forms, but perhaps the most obnoxious are the television ads that are endlessly hawking various pharmaceutical drugs.  If you watch much television, you certainly can’t miss them.  They always show vibrant, smiling, healthy people participating in various outdoor activities on bright, sunny days, and the inference is that if you want to be like those people you should take their drugs.  And the phrase “ask your doctor” is usually near the end of every ad…

The biggest increase in medical marketing over the past 20 years was in “direct-to-consumer” advertising, including the TV commercials that exhort viewers to “ask your doctor” about a particular drug. Spending on such ads jumped from $2.1 billion in 1997 to nearly $10 billion in 2016, according to the study.

As a result of all those ads, millions of Americans rush out to their doctors to ask about drugs that they do not need for diseases that they do not have.

And on January 1st, dozens of pharmaceutical manufacturers hit Americans with another annual round of massive price increases.

But everyone will just keep taking those drugs, because that is what the doctors are telling them to do.  But what most people never find out is that the pharmaceutical industry goes to great lengths to get those doctors to do what they want.  According to NBC News, the big drug companies are constantly “showering them with free food, drinks and speaking fees, as well as paying for them to travel to conferences”.

It is a legal form of bribery, and it works.

When you go to most doctors, they will only have two solutions to whatever problem you have – drugs or surgery.

And since nobody really likes to get cut open, and since drugs are usually the far less expensive choice, they are usually the preferred option.

Of course if doctors get off the path and start trying to get cute by proposing alternative solutions, they can get in big trouble really fast

Today’s medical doctors are not allowed to give nutritional advice, or the American Medical Association will come shut them down, and even if they were, they don’t know the right things to say, because they weren’t educated that way in medical college. So instead, M.D.s just sling experimental, addictive drugs at symptoms of deeper rooted sicknesses, along with immune-system-destroying antibiotics and carcinogenic vaccines.

That’s why any medicine that wrecks your health is easy to come by, just like junk food in vending machines. The money isn’t made off the “vending” products, the money is made off the sick fools who are repeat offenders and keep going back to the well for more poison – it’s called chronic sick care or symptom management. Fact: Prescription drugs are the fourth leading cause of death in America, even when “taken as directed.”

Switching gears, let’s talk about hospitals for a moment.

When you go to the hospital, it is often during a great time of need.  If you are gravely ill or if an accident has happened and you think you might die, you aren’t thinking about how much your medical care is going to cost.  At that moment you just want help, and that is a perfect opportunity for predators to take advantage of you.

Just consider the example of 24-year-old Nina Dang.  She broke her arm while riding her bicycle in San Francisco, and so she went to the emergency room.

The hospital that Facebook CEO Mark Zuckerberg donated so much money to definitely fixed her arm, but later they broke her bank account when they hit her with a $24,000 bill

A bystander saw her fall and called an ambulance. She was semi-lucid for that ride, awake but unable to answer basic questions about where she lived. Paramedics took her to the emergency room at Zuckerberg San Francisco General Hospital, where doctors X-rayed her arm and took a CT scan of her brain and spine. She left with her arm in a splint, on pain medication, and with a recommendation to follow up with an orthopedist.

A few months later, Dang got a bill for $24,074.50. Premera Blue Cross, her health insurer, would only cover $3,830.79 of that — an amount that it thought was fair for the services provided. That left Dang with $20,243.71 to pay, which the hospital threatened to send to collections in mid-December.

Most Americans assume that if they have “good health insurance” that they are covered if something major happens.

But as Dang found out, you can still be hit with crippling hospital bills even if you have insurance.

Today, medical debt is the number one reason why Americans declare bankruptcy.  Because of the way our system is set up, most families are just one major illness away from financial ruin.

And this kind of thing is not just happening in California.  The median charge for a visit to the emergency room nationally is well over a thousand dollars, and you can be billed up to 30 dollars for a single pill of aspirin during a hospital stay.

Our health care system is deeply broken, and it has been designed to squeeze as much money out of all of us as it possibly can.

Unfortunately, we are stuck with this system for now.  The health care industry is certainly not going to reform itself, and the gridlock in Washington is going to make a political solution impossible for the foreseeable future.

Get Prepared NowAbout the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters.  His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News.  From there, his articles are republished on dozens of other prominent websites.  If you would like to republish his articles, please feel free to do so.  The more people that see this information the better, and we need to wake more people up while there is still time.

3 Examples That Show How Common Core Is Destroying Math Education In America

Whenever you let federal bureaucrats get their hands on anything they are probably going to ruin it.  During the Obama administration, the Department of Education spearheaded a transformation of American education that was absolutely breathtaking.  Over a period of about five years, Common Core standards were implemented in almost every state in the entire nation.  Unfortunately, this has resulted in a huge step backward for public education in this country.  Common Core has been called “state-sponsored child abuse”, and it is a big reason why U.S. students are scoring so poorly on standardized tests compared to much of the rest of the world.

According to Wikipedia, at one point 46 states had adopted Common Core, but now some states are having second thoughts…

46 states initially adopted the Common Core State Standards, although implementation has not been uniform. At least 12 states have introduced legislation to repeal the standards outright,[1] and Indiana has since withdrawn from the standards.

Sadly, many parents don’t even understand how dramatically our system of education has been tampered with.  In her book entitled The Education Invasion: How Common Core Fights Parents for Control of American Kids, Joy Pullmann exposes how the Gates Foundation has been one of the key players in the effort to get Common Core introduced into classrooms all over America…

Organized in seven chapters, her book describes how the Gates Foundation promoted and continues to promote one extremely wealthy couple’s uninformed, unsupported, and unsupportable ideas on education for other people’s children while their own children are enrolled in a non-Common Cored private school. It explains how (but not exactly why) the Gates Foundation helped to centralize control of public education in the U.S. Department of Education. It also explains why parents, teachers, local school boards, and state legislators were the last to learn how the public schools their local and state taxes supported had been nationalized without Congressional knowledge or permission; and why they were expected to believe that their local public schools were now accountable for what and how they teach … not to the local and state taxpayers who fund them or to locally-elected school boards that by law are still supposed to set education policies not already determined by their state legislature … but to a distant bureaucracy in exchange for money to their state department of education to close “achievement gaps” between unspecified groups.

But this isn’t just an issue about control.  The truth is that the approach to teaching basic fundamentals such as how to add and how to subtract is fundamentally different under Common Core.

Let me share just three examples that show how much Common Core is changing the way that U.S. students learn math.  All of these examples have been floating around Facebook, and if you have never seen these before they are likely to make you quite angry.

If I asked you to subtract 12 from 32, how would you do it?  Well, the “new way” is much, much more complicated than how we were all taught to do it…

If that first one seemed bizarre to you, than you really aren’t going to like this one…

And this last one was so confusing that a parent with a degree in engineering decided to include his own commentary on his child’s homework…

How are kids supposed to function in the real world if this is how they are learning to do basic math?

Personally, I am going to teach my daughter that 9 + 6 equals 15.  But that isn’t how it is supposed to be done under Common Core.  You can watch a video of a teacher explaining the very convoluted Common Core way to solve that math equation right here.

And of course it isn’t just math that is the problem.  Common Core is systematically “dumbing down” our young people, and that may help to explain why the average U.S. college freshman now reads at a seventh grade level.

So what is the answer?

The first step in fixing our education system is to repeal Common Core.  But even in red states such as Idaho there is a lot of resistance

Since their inception, the Idaho Core Standards have been enmeshed in controversy.

Some legislators and citizens have pushed for a repeal of the Idaho Core Standards, the state’s version of Common Core standards in math and English language arts. Those repeal efforts have gone nowhere in the Legislature.

I don’t know what is wrong with our legislators.  The Republicans have full control in this state, and so there is absolutely no excuse for not getting something done.

As I end this article, I want to give you an idea of just how far the quality of education in America has fallen over the past 100 years.  In Kentucky, an eighth grade exam from 1912 made a lot of headlines when it was donated to the Bullitt County History Museum.  As you can see, it is doubtful whether many of our college students would be able to pass such an exam today…

14 Facts That Prove That America’s Absolutely Pathetic System Of Public Education Deserves An ‘F’ Grade

One thing that almost everyone can agree upon is that our system of public education is broken.  We spend far more money on public education than anyone else in the world, and yet the results are depressing to say the least.  Considering how much we are putting into education, we should be producing the best students on the entire planet, but it just isn’t happening.  Personally, I attended public schools from kindergarten all the way up through law school, and the quality of education that I received was extremely poor.  Even on the collegiate level, most of the courses were so “dumbed down” that even the family dog could have passed them.  And of course millions of other people all over the country would say the same sorts of things about their own educations.  Many refer to what is happening to our society as “the dumbing down of America”, and if we don’t get things fixed the United States is on course to become a second class nation.

If you believe that I am exaggerating, I would like you to consider the following numbers.  The following are 14 facts that prove that America’s absolutely pathetic system of education deserves an “F” grade…

#1 Somewhere around 50 million students attend public schools in America today.

#2 Education is the most expensive item in 41 different state budgets.

#3 The latest PISA tests show that U.S. students are below average compared to the rest of the industrialized world…

One of the biggest cross-national tests is the Programme for International Student Assessment (PISA), which every three years measures reading ability, math and science literacy and other key skills among 15-year-olds in dozens of developed and developing countries. The most recent PISA results, from 2015, placed the U.S. an unimpressive 38th out of 71 countries in math and 24th in science. Among the 35 members of the Organization for Economic Cooperation and Development, which sponsors the PISA initiative, the U.S. ranked 30th in math and 19th in science.

#4 A report from the Educational Testing Service found that American Millennials are way behind Millennials in most other industrialized nations…

Half of American Millennials score below the minimum standard of literacy proficiency. Only two countries scored worse by that measure: Italy (60 percent) and Spain (59 percent). The results were even worse for numeracy, with almost two-thirds of American Millennials failing to meet the minimum standard for understanding and working with numbers. That placed U.S. Millennials dead last for numeracy among the study’s 22 developed countries.

#5 According to one very disturbing study, fewer than half of all high school graduates “are able to proficiently read or complete math problems”.

#6 According to U.S. News & World Report, “inflation-adjusted spending per student in American public schools has increased by 663 percent.”

#7 In 2015, the percentage of students in our public schools coming from low income homes crossed the 50 percent mark.  That was the first time that had happened in at least 50 years.

#8 One study found that a whopping 76 percent of all high school graduates “were not adequately prepared academically for first-year college courses.”

#9 The following are five numbers which show how far the quality of college education has fallen in the United States…

-“After two years in college, 45% of students showed no significant gains in learning; after four years, 36% showed little change.”

-“Students also spent 50% less time studying compared with students a few decades ago.”

-“35% of students report spending five or fewer hours per week studying alone.”

-“50% said they never took a class in a typical semester where they wrote more than 20 pages.”

-“32% never took a course in a typical semester where they read more than 40 pages per week.”

#10 Just 36 percent of all full-time college students receive a bachelor’s degree within four years, and just 77 percent of all full-time college students have earned a bachelor’s degree by the end of six years.

#11 One survey found that nearly 10 percent of our college graduates believe that Judge Judy is on the Supreme Court…

#12 Another survey found that 29 percent of all U.S. adults cannot name the Vice-President.

#13 And yet another survey found that only 43 percent of all U.S. high school students knew that the Civil War was fought some time between the years of 1850 and 1900.

#14 Perhaps worst of all, 75 percent of our young adults cannot find Israel on a map of the Middle East.

This is what happens when we put federal bureaucrats in charge of education.

All over the country there are calls to abolish the Department of Education.  For example, the following was published on CNBC

The DOE currently employs 5,000 government workers and has an annual budget of $73 billion, yet according to the CATO Institute, it has not affected student outcomes in any demonstrable way over its 40-year history . It has successfully created a system that requires educators to teach reams of “politically-correct” content and focus on scoring well on standardized tests. It has created an atmosphere of testing in our schools, putting intense pressure on teachers and students to “ace the test” rather than mastering the material. This promotes a culture of teaching to the test and score tampering.

Unfortunately, abolishing the Department of Education is not going to be easy, because there is a tremendous amount of money at stake.  And whenever there is a tremendous amount of money at stake, there are going to be very powerful interests that are determined to keep things just the way that they are…

The major stakeholders in K-12 public education are at an impasse. Teachers’ Unions are primarily concerned with self-preservation, maintaining extravagant perks for union administrators and exerting disproportionate political influence. A handful of publishing houses sell us $8 billion worth of warmed- over text books every year. Testing companies collectively spent tens of millions lobbying in states and on Capitol Hill from 2009 to 2014. These politically powerful, entrenched special interests are heavily invested in maintaining the failing status quo.

But even though there is going to be a lot of resistance, I am going to try to abolish the Department of Education anyway.  I believe that full control over education should be returned to the state and local levels, but that is just the beginning.

Ultimately, we need to rebuild our system of education from the ground up.  Instead of politically-correct indoctrination centers that endlessly pump progressive propaganda into impressionable young minds, we need to transform our public schools into institutions that focus on the essentials.  We need a renewed emphasis on reading, writing, math and the skills that will enable our young people to function successfully once they get out into the real world.

At one time America’s system of education was the best in the world, and we can get there again.  But of course the left is going to fight against the changes that need to be made every step of the way.

Are We On The Verge Of Witnessing The Death Of The Paper Gold Scam?

Gold BarsThe legal claims on physical gold far exceed the amount of physical gold that the banks actually have by a very, very wide margin.  And right now the bankers are scared out of their wits because their warehouses are being drained of physical gold at a frightening rate.  So what happens when their physical gold is gone but they still have lots and lots of people with legal claims to gold?  When that moment arrives, it will represent the end of the paper gold scam.  Many believe that the recent takedown of the price of paper gold was a desperate attempt by the bankers to put off that day of reckoning, but it appears to have greatly backfired on them.  Instead of cooling off demand for precious metals, it has unleashed a massive “gold rush” all over the globe.  Meanwhile, word has been spreading among wealthy families in both North America and Europe that they had better grab their physical gold out of the banks while they still can.  This is creating havoc in the financial community, and at least one major international bank has already declared that it will only be settling those accounts in cash from now on.  The paper gold scam is starting to unravel, and by the time this is all over it is going to be a complete and total nightmare for global financial markets.

For years it has been widely known that the promises that banks have made regarding their gold far exceed their actual ability to deliver, but we have never reached a moment of such crisis before.

Posted below are quotes from people that know precious metals far better than I do.  What these experts are saying is more than a little bit disturbing…

CME President Terry Duffy: What’s interesting about gold, when we had that big break two weeks ago we saw all the gold stocks trade down significantly, we saw all the gold products trade down significantly, but one thing that did not trade down, was gold coins, tangible real gold. That’s going to show you, people don’t want certificates, they don’t want anything else. They want the real product.

Billionaire Eric Sprott: So we see all of these paper (trading) volumes going through that bear absolutely no relationship to what’s going on in the physical markets. As you know I have always been a proponent of the fact that supply in the gold market was way less than demand, and by a very large factor. I think demand exceeds supply by at least 60%. The central banks are surreptitiously supplying that gold, and ultimately they will be running on fumes.

When we hear about the LBMA not willing to deliver gold, and JP Morgan’s inventories at the COMEX have gone from 2.4 million (ounces) down to 160,000 ounces, it just makes you realize that all of this paper trading means nothing. It’s the real physical market that you have to rely on.

JS Kim: FACT #1: COMEX gold vaults were recently drained of 2 million ounces of physical gold in one quarter, the largest withdrawal of physical gold bullion from COMEX vaults in one quarter during this entire 12-year gold and silver bull. There has been speculation about the reasons that spurred these massive withdrawals of gold from COMEX vaults, but the most reasonable speculation is that no one trusts the bankers to hold on to their physical gold anymore, especially in light of Fact #2. Note below, that both registered AND eligible stocks of gold had heavily declined in recent months. Such an event signals a general distrust of the banking system from everyone holding gold in registered COMEX vaults.

FACT #2: One of the largest European banks, ABN Amro, defaulted on their gold contracts and informed their clients that they would only settle their gold bullion contracts in cash and not in physical. So much for the supposed legality of financial contracts as a “binding” contract. So whether Fact #1 caused Fact #2 or vice versa is irrelevant. What IS apparent is that the level of trust in bankers to safekeep physical gold and physical silver is disappearing, as it should be, and as it should have already been for years now. But truth always takes some time to catch up to banker spread lies and that is what is happening now. I have been warning people never to trust bankers in deals involving gold and silver for years now, as in this article I wrote nearly four years ago informing the public that the SLV and GLD are likely a banker invented scam as well.

FACT #3: Silver fraud whistleblower and London trader Andrew Maguire stated that the LBMA was having trouble settling gold contracts in bullion as well and stated that institutions that asked for physical settlement “were told they would be cash settled instead by a bullion bank.” In plain English, this is a default. So Andrew Maguire reported that the LBMA had already gone into default. In light of Fact #1 and Fact #2, the dominoes were starting to tumble and the house of cards that the bankers had built in gold and silver paper derivatives to deceive and hide the true fundamentals of the physical gold and physical markets from the entire world was rapidly starting to crumble. A financial earthquake of magnitude 2.5 was quickly threatening to evolve into one of the biggest financial earthquakes of all time in which the world’s confidence in all global fiat currencies would effectively have a well-deserved funeral.

Jim Sinclair: I think the reality is the supply situation is extremely volatile at this point, and even discussing it is like rubbing a raw nerve to the people who are in charge. The amount of discussion on the subject of warehouse supply, supply that is represented by the gold leases, indicated to the central planners that the demand for physical was going to continue to effect the exchanges.

Although they did not expect any grandstand delivery, the mere continued draining of physical inventories was threatening the very functioning of the paper exchange. That threatening of the paper exchange and its ability to continue functioning is really taking off the blinders and revealing the truth behind the critical question, ‘Where is the gold?’

The question now is, ‘Where has the gold gone?’ Who has all of this gold? Because of the nature of gold leasing, all of this gold has been purchased and it has gone somewhere. The reality of the empty vaults reveal that the gold has gone missing.

Ronald Stoeferle: We’re seeing this rush to physical gold not only in the retail market, but also for the institutional players…[it’s] just overwhelming…I [estimate] a 130-to-1 [ratio of paper to physical gold]…and I think in the last week we were really close to [triggering] a default of the paper market.

Gerhard Schubert, head of Precious Metals at Emirates NBD: I have not seen in my 35 years in precious metals such a determined and strong global physical demand for gold. The UAE physical markets have been cleared out by buyers from all walks of life. The premiums, which have been asked for and which have been paid have been the cornerstone of the gold price recovery. It is very rare that physical markets can have a serious impact on market prices, which are normally driven solely by derivatives and futures contracts…

I did speak during the week with several refineries in the world, of course including the UAE refineries, and the waiting period for 995 kilo bars is easily 2-3 weeks and goes into June in some cases. A large portion of the 995 kilo bars in the UAE goes normally into the Indian market, but a lot of the available 995 kilo bars are destined for Turkey, at this time. We heard that premiums paid in Turkey have reached anything between US $ 20 and US $ 35 per ounce.

James Turk: Another indication of the demand for large bars is the huge drawdown in the gold stock in COMEX warehouses. It is noteworthy that COMEX reports show the drawdown is largely the result of dealers removing their inventory, their working stock. When that happens, you know the availability of supply is constrained.

What all of this means, Eric, is one thing. If the central planners want to keep the precious metals at these low prices, to meet the demand for physical metal they will need to empty more metal from central bank vaults, or borrow metal from the ETFs as some have suggested is happening. Otherwise, the central planners will have to step back and stop their intervention, thereby letting the price of gold and silver rise so that demand tapers off, bringing demand and supply of physical metal back toward some kind of balance.

We’ve seen this same situation several times over the last twelve years. It is what I have been calling a “managed retreat.” Despite the current weakness, I firmly believe we have again entered a critical period where the central planners will need to retreat once again in order to let the gold and silver prices climb higher.

The Golden Truth: And then I get a call from a close friend in NYC last Friday.   His career has been in private wealth management in the private bank department of the Too Big To Fail banks.  He’s been looking for work and chats with old colleagues all the time.  He called my Friday and told me he just got off the phone with a very high level private banker from a big Euro-based TBTF bullion bank, but who was at JP Morgan until about six months ago.

This guy told my friend that there is a scramble by many very wealthy European families/entities to get their 400 oz bars out of the big bank vaults. He knows this personally, for a fact.  He said the private banker community is small over there and the big wealthy families all talk to each other and act on the same rumors/sentiment.  The Bundesbank/Fed and the ABN/Amro situations triggered this move.  He knows for a fact JPM tried to calm fears about 3 months ago by sending a letter to it’s very wealthy clients assuring them their bars were safe, in allocated accounts.  He said right now those same families are walking into the big banks like JPM and demanding delivery of their bars or threatening to take their $100’s of millions in investment portfolios to competitors.  His wording was “these people are putting a gun to the heads of private banks and demanding their gold.”

I know this information is good because I know my friend’s background and when he tells me his source is plugged in, the guy is plugged in. Not only that, my friend’s source said that there’s no doubt that someone like a John Paulson, not necessarily specifically him, but entities like him or it may include him, have held a gun to GLD and demanded delivery of physical in exchange for their shares.

Regarding the Bundesbank/Fed situation, recall that the Bundesbank asked to have some portion of its gold sitting – supposedly – in the NY Fed vault in NYC sent back Germany. The total amount is 1800 tonnes.  After behind the scenes negotiations, the Fed agreed to ship 300 tonnes back over seven years.  To this day, the time required for that shipment has never been explained.  Venezuela demanded the return of its 200 tonnes held in London, NYC and Switzerland and received it all within about four months.

And regarding the ABN/Amro situation.  ABN/Amro offered a gold investment account product that offered physical delivery of the gold in the investment account when the investor cashes out.  About a week before the gold price smash, ABN sent a letter to its clients informing that the physical delivery of the bullion was no longer available and that all accounts would be settled with cash at redemption.

I believe it was these two events that triggered the big scramble for physical gold by wealthy families/entities who were suspicious of the integrity of their bank vault custodial arrangement anyway.

*****

So what does all of this mean?

It means that we are entering a period when there will be unprecedented volatility for precious metals.  There will be tremendous ups and downs as this crisis plays out and the bankers try to keep the paper gold scam from completely unraveling.

Meanwhile, nations such as China continue to stockpile gold as if the end of the world was coming.

According to Zero Hedge, Chinese gold imports set a brand new all-time record high in March…

Quite the contrary: as export data released by the Hong Kong Census and Statistics Department overnight showed, Chinese gold imports in March exploded to an all time record high of 223.5 tons.

And the number for April is expected to be even higher.

Does China know something that the rest of us do not?

We are also seeing a rapid decoupling between spot prices and physical prices.  In fact, it is quickly getting to the point where the spot price of gold and the spot price of silver are becoming irrelevant.

For example, demand for silver coins has become so intense that some dealers are charging premiums of up to 30 percent over spot price for silver eagles.

That would have been regarded as insane a few years ago, but people are now willing to pay these kinds of premiums.  People are recognizing the importance of actually having physical gold and silver in their possession and they are willing to pay a significant premium in order to get it.

We are moving into uncharted territory.  The paper gold scam is rapidly coming to an end.  In the long-term, this will greatly benefit those that are holding significant amounts of physical gold and silver.

The Beginning Of The End by Michael Snyder

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