Why Our Founding Fathers are Rolling Over in Their Graves Right Now …

Martin D. Weiss, Ph.D. and Larry Edelson

In a moment I’ll get to the markets and the latest developments in Europe and my take on them. But first, I would like to express my disappointment with the Supreme Court’s decision on ObamaCare.

Don’t get me wrong. Every American should be entitled to world-class healthcare at an affordable price. But I’m no expert, so I don’t have the answer as to what the solution would be to get there.

But I do know this …

Forcing Americans to buy healthcare or else face a penalty under the guise that mandatory care is some sort of tax that Congress has full power to levy is just plain wrong. So is penalizing people if they decide not to buy health insurance.

For one thing, the Supreme Court should not be regulating commerce to such an extent. Indeed, I find it ironic that while Congress and the Supreme Court are meddling in commerce and free trade, our leaders in Washington are promoting free trade all over the world.

For another, our founding fathers were against all forms of direct taxation. I’m sure they would be rolling over in their graves if they understood how both houses of Congress, and now the Supreme Court, are effectively mandating healthcare coverage with the logic that it’s a tax, which Congress has full power to levy.

And for yet a third, a dangerous new precedent has been set.

Suppose, for example, down the road that Congress decides everyone must own a hybrid car to reduce carbon emissions. Would the Supreme Court then rule that it’s in the “best interest of the country” … and that it’s really a form of “tax” to pay to preserve the environment … ergo, it’s perfectly legal?

I sure hope not.

Again, I’m not an expert in healthcare. But I don’t think ObamaCare is going to fix much, and I think the potential damage done by the Supreme Court’s decision could come back to haunt us.

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The global energy map is being withdrawn – away from the unstable Middle East and to the West. Away from the tough and expensive oil extractions to “unconventionals” like shale oil and oil sands.

The Wall Street Journal says, “The U.S. is at the forefront.” A brand-new U.S. royalty trust is quietly amassing hundreds of well sites in the oil-rich sands of Oklahoma.

Savvy investors will tap into 50% or more profit on those wells. Although underreported, this trust is already yielding 16.4% for its unit holders. More to come.

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Now, as to Europe’s financial troubles, don’t get caught up in the talk that Europe’s leaders are fixing the massive problem. They are not.

Talk of Eurobonds is conditional upon member countries balancing their budgets, which is not likely to happen. It’s also conditional upon member countries effectively giving up their sovereignty, which is also not likely to happen.

While Europe might be able to buy some time, the European sovereign-debt crisis will not die off until the entire euro region comes crumbling down and the euro breaks up — either via Greece, Spain and/or Italy withdrawing, or perhaps Germany taking the lead and calling it quits on the euro down the road.

Either way, I see more trouble ahead for Europe — a lot more.

And that brings me directly to the markets: They are not in good shape.

Gold is threatening to break critical support at the $1,544 to $1,546 level. It remains under pressure due to fear and panic by investors who want almost nothing but cold, hard cash these days and who don’t want to take much market risk at all.

If gold breaks that $1,544 level, look for gold to plunge much lower.

Ditto for silver, which is on the verge of cratering through the $26 level. If that happens, take it as a leading indicator that both the European Union and the United Sates are plunging deeper into a depression.

I say “depression” and not recession because that’s what it is. Most of Europe is definitely in a depression, with unemployment rates that exceed those seen during the 1930s Great Depression.

Here in the United States, we just don’t know it yet. But all the available evidence that I study tells me that the U.S. economy, when measured in terms of honest money, gold, is already in a depression.

Bottom line: Most asset markets will remain under pressure from …

First, fear and panic that Western economies are melting down, leading to “risk-off” trades and a flight of capital into cold, hard cash.

Second, fear and panic that Western leadership is also heading down the wrong path, mandating and taxing things that really belong in the private sector, and in which the government should not be involved.

Third, fear and panic that there’s almost nowhere to hide your wealth these days, unless you can find another planet to put your money.

And more. I don’t like it one bit at all. But that’s the reality we face now, and will be facing for years to come.

When will it all end? When will there be a better day?

Not for a while. And not until the U.S. wakes up and smells the coffee and realizes it will not be immune to a sovereign-debt crisis and that our leaders are also embarking down the wrong path, trying to socially engineer a solution through tax-and-spend measures, through class warfare, and more.

IFTHEN(FIELD9=1) {

External Sponsorship

Dallas-Style Oil Profits

The global energy map is being withdrawn – away from the unstable Middle East and to the West. Away from the tough and expensive oil extractions to “unconventionals” like shale oil and oil sands.

The Wall Street Journal says, “The U.S. is at the forefront.” A brand-new U.S. royalty trust is quietly amassing hundreds of well sites in the oil-rich sands of Oklahoma.

Savvy investors will tap into 50% or more profit on those wells. Although underreported, this trust is already yielding 16.4% for its unit holders. More to come.

Details here.

}

IFTHEN(FIELD9=2) {

External Sponsorship

Dallas-Style Oil Profits

The global energy map is being withdrawn – away from the unstable Middle East and to the West. Away from the tough and expensive oil extractions to “unconventionals” like shale oil and oil sands.

The Wall Street Journal says, “The U.S. is at the forefront.” A brand-new U.S. royalty trust is quietly amassing hundreds of well sites in the oil-rich sands of Oklahoma.

Savvy investors will tap into 50% or more profit on those wells. Although underreported, this trust is already yielding 16.4% for its unit holders. More to come.

Details here.

}

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There is a light at the end of the tunnel; however, it’s a few years off. In the meantime, I maintain my views …

1. Keep most of your liquid funds in cash, ready to be deployed on a moment’s notice, but as safe as can be right now. The best way: A short-term Treasury-only fund in the U.S., or equivalent.

2. Hold on to all long-term gold holdings. You do not want to let go of those. Short term, gold is heading lower. Long term, it’s heading to well over $5,000 an ounce.

3. Consider prudent speculative positions to grow your wealth. Like those I have recommended in my Real Wealth Report, which are doing great right now as silver falls, as the euro struggles, and more.

Most importantly, question everything Washington tells you. Only by doing that will you ever come away with an objective view of what’s really going on in our country. Ditto for Europe and its leaders.

Stay tuned and best wishes,

Larry

P.S. My Real Wealth Report subscribers are gearing up for our next online Market Update and Strategy Briefing, which takes place tomorrow, Tuesday, July 3. In this special online presentation, we’ll be looking closely at the markets, what’s coming next and the strategies that make sense right here and now. But you have to be a member to be able to view this exclusive briefing — so click here to start your risk-free Real Wealth Report trial today!

Your thoughts on “Why Our Founding Fathers are Rolling Over in Their Graves Right Now …”

  1. Of course they are, natives, black men and women are allowed to vote. They are also allowed to own property and men cannot have sex with their 14 year old slaves and still retain the position of Ambassador.

    You cannot point out one topic they diverged in opinion with today and ignore the others. This is what is wrong with Americans, they hero worship non-heroes by ignoring the truth.

  2. I respectfully disagree on a number of points.

    First, there is already precedent of The Fed forcing citizens to make purchases. One related item- insurance. The NFIP mandated in 1973 that citizens in flood-prone areas were REQUIRED to purchase flood insurance. There are many such precedents.

    Second, like housing and banking, the medical industry is headed for a cliff. And like housing and banking, the GOP response was to be a pollyana- in Sept 2008 The Fed Chair was reporting that everything is ducky ! I’m glad to see someone trying SOMETHING to head off similar disasters in medicine.

    And Finally, we have Mr Regan to thank for this whole mess when he signed off the EMTALA act in 1986, which mandated that ER’s MUST see anyone who arrives on their doorstep. He left out an important component- WHO PAYS for that? Seems to me for the past 30 plus years, like most things in America, the responsible insured citizens paid.

    I’m all for allowing citizens to opt-out of the individual mandate. As long as doing so automtically opts them out of EMTALA. So if they show up bleeding at the ER with no insurance and no means to pay they have the right to die on the sidewalk.

    At any time a driver can cause a wreck, damaging or injuring me. Therefore I expect him to carry insurance. And similarly, at any time, a citizen can show up at an ER, demand expensive treatment, and walk out without payment, again damaging ME. I pay more for insurance, treatment, diagnostics, and meds because of the uninsured. And that is simply not fair. Obama’s bill, at least in part, tried to address that.

    The big picture- reward RESPONSIBILITY, not IRRESPONSIBILITY. Don’t PUNISH the insured by covering EVERYONE else for free. And don’t reward people with free treatment who have no intent to pay. Regan should have included a mandate that patients pay for services, and if they don’t seize tax returns to make payment.

    1. Health insurance is just ONE means of paying for health care. Paying for any product is a personal responsibility and includes individual savings, family, church, other charity, and possibly STATE Constitutional programs. The U.S. Constitution gives NO AUTHORITY to and therefore ILLEGAL for the federal government to mandate any health insurance — it’s a sovereign state issue. Moreover, health insurance does NOT equate to health care. Having insurance will do you no good if you cannot get the right care at the right time. What will happen to our great-grandparents, grandparents, parents, even you when you can no longer get the care you need because the government no longer considers you to be “productive” and worth the expense (rationing according to productivity)?

      1. Good point about states – but in that case every state must do something and is it really going that is universal and balanced among state lines – think of drug prices, and other medical services – if people jump state lines for better or cheaper service nearby will the systems made in each state support the extra or depletion. I disagree with you and my view is a national solution is the only way.

        1. National is the only way to go. If anybody even thinks that existing US Health System works for the citizens of US, he is deeply delusional. It was created to sell the products of pharmaceutical corporations through the so-called doctors (which are making their living on quantity of the patients and some kick back from pharmaceuticals, without any regards for the public health).
          “The World Health Organization made the first major effort to rank the health systems of 191 nations. France and Italy took the top two spots; the United States was a dismal 37th. More recently, the highly regarded Commonwealth Fund has pioneered in comparing the United States with other advanced nations through surveys of patients and doctors and analysis of other data. Its latest report, issued in May, ranked the United States last or next-to-last compared with five other nations — Australia, Canada, Germany, New Zealand and the United Kingdom — on most measures of performance, including quality of care and access to it. Other comparative studies also put the United States in a relatively bad light.

          Insurance coverage. All other major industrialized nations provide universal health coverage, and most of them have comprehensive benefit packages with no cost-sharing by the patients. The United States, to its shame, has some 45 million people without health insurance and many more millions who have poor coverage. Although the president has blithely said that these people can always get treatment in an emergency room, many studies have shown that people without insurance postpone treatment until a minor illness becomes worse, harming their own health and imposing greater costs.

          Access. Citizens abroad often face long waits before they can get to see a specialist or undergo elective surgery. Americans typically get prompter attention, although Germany does better. The real barriers here are the costs facing low-income people without insurance or with skimpy coverage. But even Americans with above-average incomes find it more difficult than their counterparts abroad to get care on nights or weekends without going to an emergency room, and many report having to wait six days or more for an appointment with their own doctors.

          Fairness. The United States ranks dead last on almost all measures of equity because we have the greatest disparity in the quality of care given to richer and poorer citizens. Americans with below-average incomes are much less likely than their counterparts in other industrialized nations to see a doctor when sick, to fill prescriptions or to get needed tests and follow-up care.

          Healthy lives. We have known for years that America has a high infant mortality rate, so it is no surprise that we rank last among 23 nations by that yardstick. But the problem is much broader. We rank near the bottom in healthy life expectancy at age 60, and 15th among 19 countries in deaths from a wide range of illnesses that would not have been fatal if treated with timely and effective care. The good news is that we have done a better job than other industrialized nations in reducing smoking. The bad news is that our obesity epidemic is the worst in the world.

          Quality. In a comparison with five other countries, the Commonwealth Fund ranked the United States first in providing the “right care” for a given condition as defined by standard clinical guidelines and gave it especially high marks for preventive care, like Pap smears and mammograms to detect early-stage cancers, and blood tests and cholesterol checks for hypertensive patients. But we scored poorly in coordinating the care of chronically ill patients, in protecting the safety of patients, and in meeting their needs and preferences, which drove our overall quality rating down to last place. American doctors and hospitals kill patients through surgical and medical mistakes more often than their counterparts in other industrialized nations.

          Life and death. In a comparison of five countries, the United States had the best survival rate for breast cancer, second best for cervical cancer and childhood leukemia, worst for kidney transplants, and almost-worst for liver transplants and colorectal cancer. In an eight-country comparison, the United States ranked last in years of potential life lost to circulatory diseases, respiratory diseases and diabetes and had the second highest death rate from bronchitis, asthma and emphysema. Although several factors can affect these results, it seems likely that the quality of care delivered was a significant contributor.

          Patient satisfaction. Despite the declarations of their political leaders, many Americans hold surprisingly negative views of their health care system. Polls in Europe and North America seven to nine years ago found that only 40 percent of Americans were satisfied with the nation’s health care system, placing us 14th out of 17 countries. In recent Commonwealth Fund surveys of five countries, American attitudes stand out as the most negative, with a third of the adults surveyed calling for rebuilding the entire system, compared with only 13 percent who feel that way in Britain and 14 percent in Canada.

          That may be because Americans face higher out-of-pocket costs than citizens elsewhere, are less apt to have a long-term doctor, less able to see a doctor on the same day when sick, and less apt to get their questions answered or receive clear instructions from a doctor. On the other hand, Gallup polls in recent years have shown that three-quarters of the respondents in the United States, in Canada and in Britain rate their personal care as excellent or good, so it could be hard to motivate these people for the wholesale change sought by the disaffected.

          Use of information technology. Shockingly, despite our vaunted prowess in computers, software and the Internet, much of our health care system is still operating in the dark ages of paper records and handwritten scrawls. American primary care doctors lag years behind doctors in other advanced nations in adopting electronic medical records or prescribing medications electronically. This makes it harder to coordinate care, spot errors and adhere to standard clinical guidelines.

          Top-of-the-line care. Despite our poor showing in many international comparisons, it is doubtful that many Americans, faced with a life-threatening illness, would rather be treated elsewhere. We tend to think that our very best medical centers are the best in the world. But whether this is a realistic assessment or merely a cultural preference for the home team is difficult to say. Only when better measures of clinical excellence are developed will discerning medical shoppers know for sure who is the best of the best.”

    2. Most states require liability insurance for motor vehicles, too.
      Chief Justice Roberts turned out to be the deciding vote on the health care issue. From what I can understand of legal gobbledygook, Roberts deemed “Obamacare” not legal under the commerce clause, but as a taxation issue, perfectly legal. Why then can he define the Health Care Act as legal, if he defined it as illegal under one clause of the Constitution? If it is illegal under any clause, it should be defined as illegal! The taxation clause does not trump the commerce clause!
      The dean of a university law school near my home referred to Roberts’s interpretation of the tax issue surrounding this act as a “peculiar” interpretation. Seems I recall being taught that the founding fathers referred to slavery as a “peculiar” institution, too. Fine, then let’s get rid of Obamacare just as we got rid of slavery-only let’s get rid of Obamacare before the passage of nine decades.

  3. The Founding Fathers were flawed as was the original Constitution. That’s why we later passed the Bill of Rights and why Jefferson envisioned a Constitutional Convention every few years to continue changing and hopefully perfecting the Constitution. Don’t forget ‘all men are created equal’ applied only to white land owners. (And equal except slaves!) You right wing-nut tea party anti-taxers keep talking about the founding fathers as if they were some demigods. They weren’t. And, if you have no better idea for health care reform then please keep your gratuitous criticism to your self.

    1. As humans, we are all flawed because of our “fallen nature.” However, the original Constitution was “flawed” only to the extent (1) that our Founding Fathers could not think of all possible situations, but gave a specific framework and process for changing the Constitution and helping it mature over time and (2) that it did not specifically disallow slavery (this failed by just one vote of a southern state representative). It was meant for ALL citizens, including women, Blacks, Indians (ie, everyone) many of whom also worked to help establish the nation and therefore deserve our thanks and praise, although not all states chose to recognize such rights, eventually leading to the atrocities of continued slavery and the Indian extermination wars. However, over time, the full Constitution has become better implemented for ALL citizens, with much blood, sweat, and tears. We need to return to that original Constitution, meant for ALL citizens of whatever nationality or ethnic group, whether rich or poor, not just the “enlightened elite.”

    2. You said – And, if you have no better idea for health care reform then please keep your gratuitous criticism to your self.

      AGREED 5000%

  4. If you’re going to criticize this govt takeover of healthcare you should,at least,suggest some alternatives.If you can’t come up with any,don’t criticize.I have some.1)If govt is involved in healthcare,it should only be to provide catastrophic care,2)Encourage everyone to have high deductible insurance,so the patient is paying the first $5K or more of each yearly healthcare expense,3)doctors and hospitals shouldn’t let people use their services,not pay and then pass the cost on to others.If you don’t want to provide free care,don’t do it.Charge these people in labor.Let them mow you lawn,clean rooms,answer phones or whatever they can do to pay for services rendered.This welfare mentality is nonsense.4)Get rid of the monopoly doctors and hospitals have on care.Let nurses and others compete for business by charging less,5)Incentives for taking better care of yourself and penalties for not,6)More bike lanes that infringe on car lanes,driving up the cost of driving and encouraging walking/biking,7)No cell phone,cable or satellite TV for anyone receiving healthcare and not paying for it.

    1. Many alternatives have been mentioned. Ask any MD and they will come up with a list of possible solutions. Allow medical insurance purchases across state lines for one. Tort reform for another. Overhaul of legal requirements for treating diseases so that MDs are not forced to prescribe prescriptions and laboratory tests just because the “law” says they must do so or face legal malpractice. The current system is a mess and Obamacare will do nothing to help the situation. Put MDs in charge and get administrative hacks out of the picture. It’s actually quite simple.

    1. Kevin , if you read Larry’s report … see Feb. 28 2011 … he has been short -term bearish on EVERYTHING ….. DOW / Gold / Silver ……read the old stuff …
      Give me a ring when he gets bullish on gold/silver , even the DOW , will you ?

    1. Heidi has been around long enough to know the scoop. The dow may go up but it may also go down, maybe, but not necessarily, as it might just go down a little before it goes up a lot, or it could go down a lot first then go up a lot, maybe, but not necessarily.

      Gold could see a huge drop in the short term, but maybe it will bounce up many times first, but not necessarily, but it could, then again it might not, but it is sure to drop suddenly, maybe, and then again maybe not because it could rise sharply quickly or slowly, maybe, but not necessarily, but it could, then again it might not.

      Can’t you ninnies ever get it straight. Larry has made it crystal clear for the past 5 years!!!!

      1. I recently read another precious metals prognosticator who believes that gold’s price shall drop down between $1000 to $1250, or maybe even lower!

  5. We MUST think at the level or ouf Founding Fathers. We were warned agaisnt the crime of small thinking; that was done specifically by Cotton Mather. Early Americans, meaning, those living in the 1600s do have a message.. use that or die.. it is that important.
    America, from the beginning, strove to creat its own, independent economic system and did produce financial giants, such as George Washington and Alexander Hamilton. They created The National Bank of the United States. Hamilton was killed by a British agent. A traitor, Andrtew Jackson, close that bank. It was rep[ened by Abraham Lincon, under the name The Second National Bank of the United States.. another killing.. so, that is our struggle.. to this day.. and we are mortally threatened.. Bertrand Russell threatened us to use the atomic bomb as “an instrument of terror against all governements..” etc.. wake up America – it is us or they..

  6. Obamacare is a disaster. It is filled with government conditions and tax increases within the bill. Most of you who comment on it have not even looked at it.

    Thankfully it will be repealed and replaced after the election. So will Obama before he can do any more damage

  7. Australia has a medicare national health system implemented in 1973 that ensures all people can receive the highest level of world class health services. It has been very successful and supported by both sides of politics. Australia also has little sovereign debt with a AAA+ credit rating. The economy is growing and the 13th largest in the world. Most Australians are financially well off and you don’t start to pay tax until your income reaches $18,000 pa. With an unemployment rate of 5% the country requires tens of thousands of people from overseas to help cover the jobs on on offer. Australia is a wealthy country and its citizens work to help each other and remember the lifestyle is second to none. We work harder and smarter and party well.

  8. Dumb Republicans. Founding Fathers were Intellectuals who believes in Science.

    Congressional Mandates Go Back over 200 Years

    Although it is almost 3 months old now, an article by a Harvard Law professor, Einer Elhauge, about early congressional mandates may be of interest to people who missed it. In 1790, the first Congress mandated that ship owners buy medical insurance for their seamen. (The idea was revived by Richard Nixon in the form of a general employer mandate to provide health insurance for employees, but it didn’t pass.) Then in 1792, Congress, with 17 framers of the Constitution as members, passed a mandate requiring that all able-bodied men buy a gun. President Washington signed the bill. In 1798, Congress realized that its 1790 employer mandate didn’t cover hospital stays, so it mandated that individual seamen buy their own hospital insurance. The bill was signed by President John Adams.

    If Congress can order seamen to buy hospital insurance, can it not order teachers or short-order cooks or undertakers to do so? Arguments that the framers of the Constitution were against individual mandates is clearly untrue: some of them actually voted for one or more and specifically for a health insurance mandate. Furthermore, Presidents Washington and Adams signed bills with mandates that they could have vetoed. It is surprising that although independent authorities have verified Elhauge’s story, it has gotten so little publicity although it was mentioned on the Smithsonian Institution’s Website last week.

  9. Great article Larry. One other consideration that I don’t believe politicians are paying attention to – the health care bill has numerous aspects that include the funding of abortion. Since money is fungible, all of us will be paying for abortion. Like it or not, agree or not, there are many people who simply will not compromise on this aspect of the health bill, and therefore will be forced to become law breakers.

    As to the more obvious financial side, we cannot add another money losing program on this massive scale to an already bankrupt country.

    Regards

  10. Larry is right on. Has been all along. It was all the other fools that fell for the LTRO trick.
    I am holding cash until Larry gives me the green light.

  11. Larry, Usually I love what you write however this time as you talk about healthcare I can’t accept your comment especially as you offer no other solution. Yes, people deserve to be “taxed” if they don’t buy insurance because many people will put it off until they are sick ! This is known as adverse risk in insurance and it because people don’t want to spend money until they need too. People with conditions of course are not in that group because they already need help and know it, miserably those people have the most difficulty getting insurance because as a business without laws against it, insurance companies don’t want those people for obvious reasons. The only way insurance works is when everyone has it. If regulation is needed GREAT – the US is pathetic in terms of mortality rate and health care success – and all this is at a cost of hugely more cost than every other country in the world. It is a travesty and misery that the US has 50 million without insurance and millions who keep jobs they hate because they need their insurance.

    Larry, perhaps you personal situation is too good to see this problem for what it is.

  12. I find few of any age that can give me the accurate definition of ‘socialism’. As a graudate in P:Olitical Science at the U of Cal, 1951, I was taught (but few are evidently) that socialism was defined as the ‘contgrol of the means of production by the government.” Professor Robert Lipsky dres a straight line on the board, labeled the right as fascist and the left end as Marxist. Then he drew a horshoe and told us that the extremist of each produce the same effect; dictatorship….as amply shown by Hitler, Stalin and Mao. In our USA today, Obamaination has amply demonstrated that the thought is implanted in those now governing. The auto compaines went broke. Chapter 11 was replace by an infusion of trillions of taxpayer dollars with the government ordering green cars to be built. Volt costs us $250,000 @ but who is buying? There was no market research, simply a product decreed by socialist, eco-weenies to implant a political philosophy vice dictated by market studies to show a public desire. Ignored was the fact that red blooded Americans are not going to stop every 60 miles to charge their damned cars. November is our last opportunity to save our Republic. We must throw out the Marxists and return to our Constitutional Republic forged by our forefathers with God’s help!! LKW

  13. Our founding fathers would be turning in their graves because someone can rake in the cash by producing nothing of any value, but by simply churning people’s accounts by scaring them with lines on charts that are completely manipulated by our criminal governments.

      1. I did not post that AMEN!!!! Someone else is trying to impersonate me for some nefarious reason. If Larry wants to use convoluted charts to make his points then he has every right to, and he can charge any fee he wants for his newsletters if people are willing to pay it and are naive enough to believe it. That is capitalism.

        Now, I’m not saying you will make any money, but he still has that right. And, if it does not bother Larry’s conscience, they who is Heidi to question his motives?

  14. larrry, i think this will b elike last year where ur direction will be right but ur forecasts r too deep of pullbacks. silver will not see 20 by end of july like u posted a week or two ago. i cant see it losing 35% in 3 weeks. and dow will not see low 1k maybe a retest of 12,1

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