Economics

Analyzing Xi’s Absence From The Latest BRICS Summit

Authored by Andrew Korybko via Substack,

Chinese President Xi Jinping declined to travel to Rio for the latest BRICS Summit on the reported pretext of scheduling conflicts and having already met with his Brazilian counterpart Luiz Ignacia Lula da Silva twice this year.

The South China Morning Post speculated that the real reason was that Xi didn’t want to be “perceived as a supporting actor” there given the state dinner that Lula will hold for Indian Prime Minister Narendra Modi, however, who’ll be the first Indian premier to visit Brazil in nearly six decades.

Despite the border de-escalation deal that Xi and Modi agreed to during the last BRICS Summit, China and India still remain rivals, which recently manifested itself through reported Chinese support to Pakistan during the latest Indo-Pak Conflict and India’s perception that China is using the SCO against it. Accordingly, with Modi indisputably being the top VIP at the group’s latest annual gathering, it might therefore indeed be the case that Xi felt uncomfortable and thus declined to travel there to attend.

This hypothesis directly leads to the question of why Lula agreed to make Modi’s visit an official state one with an associated dinner despite him traveling there to attend a multilateral event. While it could just be for reasons of protocol considering the historical significance of his visit, Lula might have also calculated that it could expand Brazil’s balancing act from its hitherto mostly binary Sino-US nature into a more complex one through the inclusion of India. That could in turn alleviate some pressure from Trump.

Lula, whose evolution into a liberal-globalist during his third term (as documented in the several dozen analyses enumerated at the end of this one here) led to him closely aligning with Biden, endorsed Kamala right before the last US presidential election and recently told Trump to stop tweeting so much. All of that naturally put him in Trump’s crosshairs precisely at the moment when Brazil and the US are engaged in trade and energy talks whose successful outcome is more important to Brazil than to the US.

As luck would have it, Modi’s decision to attend the latest BRICS Summit in person and thus become the first Indian Prime Minister to visit Brazil in nearly six decades provided Lula with an opportunity to give him a state visit, which might have been responsible for Xi’s absence from the event as was reported. From the US’ perspective, there might indeed be a connection between these two developments, which could ingratiate Lula with Trump if he comes to share that perception at his advisors’ suggestion.

After all, this is the first time that Xi won’t attend a BRICS Summit in any capacity, not even remotely. The resultant optics fuel Western media speculation about China’s commitment to the group, which can manipulate some of the global public’s views regardless of its veracity. This sequence of events – China’s Indian rival (which is still friendly with the US in spite of the US’ latest efforts to subordinate it) visiting Brazil, Xi declining to attend the BRICS Summit, and Western media’s spin – aligns with US interests.

Accordingly, Xi’s absence from the latest…

America’s “Healthcare” System Is Now A Structured Financial Skim/Scam

Authored by Charles Hugh Smith via OfTwoMinds blog,

“Healthcare” grift, graft, fraud and financialized skims / scams will bankrupt the nation.

I’ve been writing about America’s healthcare system for 18 years, emphasizing two enduring themes: 1) our lifestyle is unhealthy, with predictable consequences and 2) healthcare as it is currently configured will bankrupt the nation all by itself.

This recent article on how having a baby without complications now costs over $44,000 adds a third theme: the tragi-comic insanity and absurdity of the “healthcare” system that has been normalized, as if this is the only possible way to organize healthcare:

“And They Wonder Why The Birth Rate Is Declining”: A Mother Went Viral For Revealing The Costs Of Being Pregnant In America:

Lastly, Kayla reveals that her baby received a bill, too, which added up to $12,761.30 without insurance. For their family of five now, the cost of insurance per month is $2,500 — a nearly $400 increase from when they were just a family of four. “We’re still waiting for him to process on our insurance,” she explains, “so, for now, this is the cost without it.”

One user said, “America’s healthcare system is a joke… how does the newborn have a $12k bill?”

It’s more than a joke–it’s travesty of a mockery of a sham of a system that actually improves health. There’s an even darker side of the picture–the takeover of the system by financiers and fraudsters–which truth be told is a redundancy.

We can now add a fourth theme: stripped of purposeful opacity, America’s “healthcare” system is nothing more than a structured financial skim/scam. Before we dig into that, here are a few of the dozens of posts I’ve written on “healthcare” since 2008:

U.S. Lifestyle + “Healthcare” = Bankruptcy (June 19, 2008)

The “Impossible” Healthcare Solution: Go Back to Cash (July 29, 2009)

Why “Healthcare Reform” Is Not Reform, Part II (December 29, 2009)

Sickcare Will Bankrupt the Nation–And Soon (March 21, 2011)

How Healthcare Became Sickcare (March 18, 2022)

Let’s start with what childbirth cost back when healthcare was paid in cash. Here are the costs of childbirth in 1952 at one of the finest hospitals on the West Coast, The Santa Monica Hospital: $30:

According to the BLS Inflation Calculator, $1 in 1952 is $12.13 today, so adjusted for inflation, the $30 fee to deliver a baby would be $363 today. Here are maternity rates from 1952:

A private room was $19, or $230 in today’s currency. OK, so we have fancier equipment now, more staff, etc., but really–does that explain what once cost less than $1,000 in today’s money–paid in cash, no insurance–now costs $44,000? No. Here’s why: structured financial skims/scams.

Dutch Rojas (@DutchRojas) is a go-to source for explaining the opaque way “healthcare” skims / scams siphon off hundreds of billions of taxpayer dollars. Consider these X posts:

Why is healthcare expensive?

You go to your doctor.

Same building, same service.

But now it’s 3x the price, because they sold to a health system.

The secret?

A “facility fee” was added.

Medicare and commercial payers just hand it over.

It’s not for better care.

It’s for ownership.

Every consolidation deal is a bet…