"Mish, I generally agree with what you wrote, but could you or somebody else explain why US healthcare is the most expensive in the world while providing relatively crappy results?"

  1. No competition
  2. No controls

Europe can do better because doctor salaries are limited, US drug manufacturers price drugs cheaper in Europe, salaries in general are not as high, liability expenses are not as high, fraud is not as high. In the US system, there is no incentive anywhere to cut waste or expense.