The Power of Philanthropy; the Fed chairman signals more easy money. MAFI is now live!
Phasing out the welfare state is critical to create financial independence.
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Join the Financial Independence movement.
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New free book from the Mises Institute.
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“Government has proved incompetent at solving social problems. Virtually every success we have scored has been achieved by nonprofits…[thus]..“nonprofitization” may for modern societies the way out of mismanagement by welfare bureaucracies.”
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The NCH Baker hospital in Naples, FL is building a $295 million state-of-the art heart center scheduled to open in two years. How is it being funded? Yup, philanthropy.
Several wealthy Naples families have provided tens of millions of dollars and others have donated for a total of $200 million to date.
Peter Drucker provided a roadmap to phase out the welfare state and replace it with the quintessential American value—philanthropy.
Drucker’s 1991 WSJ essay’s recommendations would save taxpayers hundreds of billions of dollars immediately and trillions of dollars over the long term.
This is one of the first steps in recreating an America based on voluntarism—and a constitutional federal budget.
In other words, philanthropy is in the DNA of the American people. Unfortunately, the federal government has been coopting the nonprofit sector since the Great Depression. This in part explains why the federal debt has surpassed $37 trillion recently.
The welfare—and warfare—state have spent taxpayers’ dollars not authorized by the Constitution. That is the existential threat to America’s prosperity.
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Financial and precious metals soared today in response to Fed chairman Jerome Powell’s Jackson Hole speech hinting that lower interest rates are on the horizon. Translation, the Fed will inject more new money into the economy, “goosing” the markets once again.
The bottom line, if history is repeating itself the markets may soar from here until the end of the decade. Not in a straight line, of course. This is not a prediction, but a likely outcome given the Fed’s roller coaster policies.
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Murray Sabrin, PhD, is emeritus professor of finance, Ramapo College of New Jersey. Dr. Sabrin is considered a “public intellectual” for writing about the economy in scholarly and popular publications. His book, The Finance of Health Care: Wellness and Innovative Approaches to Employee Medical Insurance (Business Expert Press, Oct. 24, 2022), and his other BEP publication, Navigating the Boom/Bust Cycle: An Entrepreneur’s Survival Guide (October 2021), provides decision makers with tools needed to help manage their businesses during the business cycle. Sabrin's autobiography, From Immigrant to Public Intellectual: An American Story, was published in November, 2022. He is also the author of Why the Federal Reserve Sucks.
They have no choice but to keep the money pumping and the debt rolling.