Patrick Boyle
Try out Blinkist for 7 days for FREE plus 25% off a premium membership! https://www.blinkist.com/patrickboyle Thank you Blinkist for sponsoring today’s video!
Aside from losing over 1.13 million people, the United States is thought to have lost billions of dollars in pandemic relief fund fraud, according to the most recent Associated Press analysis, published this week.
The analysis discovered that fraudsters took more than US$280 billion in relief cash, while another $123 billion was lost or misspent.
“Combined, the loss represents 10 percent of the $4.2 trillion the U.S. government has so far disbursed in aid,” according to the report.
According to the analysis, this was the worst heist in U.S. history, with criminals stealing billions of dollars in government money intended to stabilize an economy in free fall.
Patrick’s Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Ways To Support The Channel
Patreon: https://www.patreon.com/PatrickBoyleOnFinance
Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle
Visit our website: www.onfinance.org
Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle
Patrick Boyle On Finance Podcast:
Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b
Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313
Google Podcasts: https://tinyurl.com/62862nve
Join this channel to support making this content:
https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join
Try out Blinkist for 7 days for FREE plus 25% off a premium membership! https://www.blinkist.com/patrickboyle Thank you Blinkist for sponsoring today's video!
Let’s steer this back to the actual issue at hand. How about all the corporations, politicians, and businesses that stole billions in support while we got 2 relief checks. Businesses were paid millions. The company I was working for sacked all of us and got over 1 million dollars of taxpayer money to help tie them over but none of us saw it. Who cares about what China did, I want to know why businesses got billions of dollars in aid from the taxpayer but we got nothing. They could have froze all mortgages and added the months not paid to the end of total time, gave us all food stamp benefits and free utilities. How can you say that no one can work but still charge us living expenses???? Don’t let them fool you either with fake employment numbers that aren’t real or even based off how many people are working. Big cities are rampant with crime, suffering, and have nots from the pandemic while businesses got billions.
And how much money would have it cost to means test pandemic aid? While still getting money to 100% of the 90% of people who actually deserved it? Means testing is, historically, prohibitively expensive and tends to exclude the people who need the aid the most since they don't have the time, energy, means, nor expertise to jump through hurdles. It's generally better to go after the people who intentionally misused the funds afterwards.
I know of a company that sold to a larger company in the pandemic after taking $4.5 million dollars in Covid funds. The business was never impacted by Covid and the same leadership stayed on after the selling.
The main thing is if there was too many restrictions, it wont fulfill the idea of, just fund it, and we will nail the fraud later. As the downside could have been a total economic collapse without funding. Aka the downside was so scary the fraud looked fine
The Democrats took most of the money and used it for creating a dictatorship in the US.
FEMA is the biggest fraud pipeline on Earth
I fully support anyone who scams the government and gets away with it. Governments are the biggest frauds who steal from the people.
Taxation is extortion.
"Hey. Pay me a cut of your salary every month for this service you didn't ask for, or I take all your possessions and throw you in jail".
When the Mafia did this, they were the worst criminals. When the government does, it's For the people.
If you took some PPP cash you shouldn't have, I pray you get away bro. That's my taxes and I say you can keep it.
Covid was never as dangerous as made out at the time. We were all scammed.
Ignoring Covid was one of the biggest mistakes for lives and the economy . Countries who acted on the epidemic with speed and direction of the health professionals were and are the fasting to recover their citizens health and recover their impacted economy. This is easy to understand !
And if you were honest, you got a bit of the old "pants down, over a barrel" treatment. Sonny was right – the working man is a sucker!
Yeah, here in the Philippines, our own government officials scammed the taxpayers with funds diverted to their crony companies for vaccines and masks that only existed on paper.
Hello There
Do you have a podcast on Spotify 🤔
Gee government interferes and you get fraud damn what a non surprise
Thank you for your always interesting observations served with a side of pithy humor. I watch your videos and am immediately drawn into another one and it is a pleasure.
I've watched 7 minutes of your excellent and important podcast. I can't handle anymore. I don't blame the messenger.
Meanwhile every financial YouTuber was blaming “stimmie checks” for inflation last year 🙄
The Elites pulled together against their common enemy – Joe Public.
so doesnt that mean the dollar is oversupplied?
Fraud was a feature of the entire "Covid program", not a bug.
At least investigating these frauds is creating new government jobs for lawyers, accountants etc.
LOL.
I don't know it was the biggest scam of the century. I think that would go to the coco vacc
"The biggest scam" still sounds like it should be one single coordinated effort.
This is more like a shoal of piranhas each took their 'tiny' bite…
Patrick, thanks for this video revealing the scams behind the so-called pandemic. Climate change is also a major scam that's being perpetrated at this very moment. It would be greatly appreciated if you could elaborate on that too.
The biggest scammers managed to steal trillions legally!
The scam of the century was the "pandemic" itself and all the accompanying policies
Patrick Boyle is prolific! Excellent analysis and very informative.
Thank you.
Excellent video. I was subject to fraud based on Vovid payments here in the UK, so subject is close to my heart…and wallet!
Important to point this out. 9 trillion is a lot. And this money will be missing for solving important issues. It had been an opportunity for many to fill their pockets. It was a gigantic redistribution of wealth.
Numbers you provided…………….to me makes sense and am not surprised. Question is, have they learned from their mistakes. I use to get so many emails from the Gov. asking me if I want a low interest loan, almost everyday. .