from Kerry Lutz's Financial Survival Network
Wayne Zell, a CPA and attorney, discussed the importance of having an exit plan in place when starting a business. He recommends creating a revocable trust to avoid probate and to maintain control of the business. He also suggests having a management succession plan in place to ensure family harmony and to benefit the community. Wayne also advises entrepreneurs to make time for their passions outside of work and to plan for the future after exiting the business.
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If you can understand inflation, you have a shot at understanding how the world works, and where it’s heading economically.
This is a financial newsletter, not a political one, much less a partisan one. But politics affects markets. And if I come across as partisan when weighing in on politics, so be it.
The net result of these dynamics is official unemployment can soar but employers will still be scrambling to find qualified, willing employees. 
In this week’s The Reason Roundtable, editors Matt Welch, Katherine Mangu-Ward, Nick Gillespie, and Peter Suderman untangle the holiday weekend debt-ceiling deal between President Joe Biden and Speaker Kevin McCarthy (R–Calif.) and consider the recent sentencing of Oath Keepers leader Stewart Rhodes for his role in the January 6, 2021, Capitol riot.
A cursory examination of history reveals that the United States is mired in the same process that precipitated the collapse of the great empires of the past. The foibles and failures of human nature and their impact on the rise and fall of empires is amazingly consistent and the end result always inevitable. Can this nation avoid a similar fate?
Another deal to extend the debt limit of the U.S. government appears to have been reached. If that’s a surprise to you, then I guess you haven’t been paying attention over the years.
Wall Street mega banks, as well as others, are moving vast amounts of their debt securities from one accounting category to another accounting category in order to stretch out unrealized losses over the life of the instrument. As the FDIC chart above indicates, as of December 31, 2022 unrealized losses on investment securities at U.S. banks stood at more than $600 billion.
Whoever buys the defaulted loan gets the tower. So far, investors and specialized lenders have been on the hook, not commercial banks.
Have we finally reached the end of the road? When it comes to the economy, most of us focus on short-term cycles. In recent years there have been times when the economy has been growing and there have been times when the economy has been shrinking, but all of those short-term fluctuations have happened in the context of a long-term trend of debt-fueled “growth”. We have been relentlessly stealing from the future in order to make the present more pleasant, and most of us pretend that the piper will never have to be paid. But of course the truth is that a day of reckoning is fast approaching, and that day of reckoning is going to be immensely painful.
With only days to go before the federal government of the Land of the Free defaults on its debt, it appears that a compromise may finally be on the horizon.
World renowned CV19 critical care and pulmonary expert Dr. Pierre Kory is now running a full-time CV19 vaccine injury practice. With more than 675 million CV19 bioweapon/vax injections in America alone, he has a lifetime of work ahead of him. Kory says, “We live in a country where there is a humanitarian crisis unfolding, and it’s being kept a secret. . . . Most of society is just humming along thinking vaccines are ‘safe and effective,’ and they don’t understand that these vaccines were a humanitarian catastrophe. It really affected the health and the survival of us as a country. In a two-year period, the average life expectancy of Americans went from 79 years old to 76 years old. Who has to die to produce that kind of reduction? It’s not 80-year-olds who are dying. It’s young people dying that drives such a change in our average life expectancy.”