President Biden could put to rest any concerns about his fitness for office by engaging me in a vigorous, issues-oriented debate. Let’s end the speculation and let the voters see for themselves. #Kennedy24
Quote tweet #BidenDebateKennedy if you agree
It’s time to scrap AML / KYC entirely.
The idea that politicians should know how citizens spend their money is a new and deeply flawed idea.
An entire generation has been fooled into thinking this is a necessary part of finance and the world continues to double down on an unworkable system.
Only 30 years ago when I started my career as a stockbroker/ financial advisor I could call you on the phone and sell you MSFT or IBM stock and I did not need your DOB or your social security number. You didn’t even need to have money in the account.
The 1990s to the post 9-11 Patriot Act (which was a horrible law) saw a radical increase in AML /KYC requirements. These seem to get worse every year.
In my office when we were first required to take a drivers license, the older brokers were incredulous: “What do you mean we need an ID for someone buying stocks?!? What’s next, you need an ID to buy gas or groceries?”
Now, just 25 years later an entire generation thinks this is normal or how it should be. Worse yet, some think the system won’t work without it. The opposite is true — the compliance gums up the works and adds friction where it should not exist.
While the regulator class arrogantly acts as if AML KYC is their birthright and ending it is some sort of untouchable rail, the justifications are weak. Why do we have these regimes? To stop “money laundering”? What is that? Who is the victim? Is it to stop “human trafficking” or “terrorism”? If so, how? Is it to “stop” the 12,000 entities on the OFAC list by messing with the 2,000,000,000 people not on the list?
Are major criminals somehow stopped by this? Has it stopped crime? Even if it did, is it worth burdening millions of firms and billions of people with paperwork and procedures that slow down commerce? Shouldn’t efforts be made to go after the actual criminals rather than encumbering the entire world with an inefficient compliance regime?
Money must be able to flow and move. People must be able to take risks and make investments as they choose. This is the lifeblood of a solid economy and the jobs, growth, prosperity and peace that comes with it. The US (and by extension much of the world due to our influence) is sacrificing jobs, innovation and opportunities by chasing an extremely ineffective and indirect compliance regime.
The entire idea belongs back in the dumpster of history. Let the investigators chase terrorists & human traffickers for those actual crimes and let the other billions of us use and move our money as we wish.
Hey @Jason - I used to consult for pharma companies.
The key point about pharma advertising is they don’t spend to impact customers who watch news. It’s to impact the news itself.
Pharma sees ad spending as part of their lobbying and public affairs budget. It is a way to buy off news networks to influence the debate.
It isn’t complicated - if pharma is the largest source of revenue for nearly every mainstream media entity in the country (which it is), those media entities will think twice before writing a story negative of pharma or seriously investigating why Americans increasingly sicker (which is good for pharma).
Let’s take ozempic. The issues at hand isn’t whether the Besties take it but whether the government should pay hundreds of billions to subsidize the drug as first line of defense against obesity (which is on the table).
The media - from @nytimes to @60Minutes - have run major pieces saying obesity isn’t in our control and arguing we should prescribe this drug widely - even to children. These are pharma talking points. They need to define obesity as a lifetime disease to “manage” in order to get government funding for ozempic.
An alternate (and truer) story would be investigating why we’ve all gotten heavier - which is due to ultra processed food our government has subsidized. We didn’t get systematically lazier in the last 50 years - something happened.
The USDA panel on nutrition, which 95% of the members are paid for by pharma, still recommends Americans two years and up can have 10% of their calories he added refunded sugar. 10% of all food stamp spending goes to sugary drinks. An average child eats 100x more sugar than they did 100 years ago for instance.
There are clear policies to reel that back (like cutting subsidies) and urgent stories needed by the media on the true root cause of obesity (which itself is just one manifestation of our chronic disease crisis tied to food).
But you rarely see this - the coverage overwhelmingly carries the pharma narrative and does not explore root causes. This is by design because, again, pharma is able to buy the news.
Today, 80%+ of deaths and 90% of healthcare costs in the US are tied to PREVENTABLE and REVERSIBLE lifestyle diseases. Heart disease, diabetes, kidney disease, many forms of cancer and Alzheimer’s are essentially food-borne illnesses and would be wiped out with simple public policies to un-poison our food supply.
In tech, innovation means lower prices and better quality.
In healthcare, more spending means worse outcomes. Healthcare is now the largest AND fastest growing industry in the country.
If the American experiment fails, it will be because we let our country become sicker, fatter, more infertile and more depressed at an increasing rate (which is what’s happening) while also letting our country go bankrupt from healthcare costs.
This is the largest issue facing our country and the MSM is not only disinterested, they are actively gaslighting the problem.
That’s why pharma ads matter.
Reserve currencies come & go. They usually go because the nation that issues the reserve currency abuses the situation.
Delusions of world domination, endless wars and endless welfare are embraced.
These terrible ideas are then financed by money that's created out-of-thin-air.
Seal the deal with Envelope Money - now available on the AppStore.💰We are sending out Early Access invites all month long! Download the app to test out a demo while you wait for your account invite. 🎉 https://t.co/t5d0biusVg