promote regional columnists submission guidelines about us volunteer
 


← Obama Can't Win: America is Already Bankrupt

Three Tests for Our New President →

Madoff and Our Ponzi Economy

December 19th, 2008 | Economics, Federal Reserve, government, politics by Peter Schiff

Although the $50 billion loss engineered by Madoff is truly a staggering accomplishment (and was done using old-fashioned fraud rather than the mathematical wizardry that has characterized Wall Street’s recent larcenies) the size of the scheme pales in comparison to the multi-trillion dollar Ponzi structures run by the United States government. In fact, rather than looking to jail Madoff, President-elect Obama should consider making him our new Treasury Secretary. If not that, at least make him the czar of something!  FULL ARTICLE

This website uses IntenseDebate comments, but they are not currently loaded because either your browser doesn't support JavaScript, or they didn't load fast enough.

1 comment so far ↓

#1 Michael Boldin on 12.19.08 at 11:36 am

I think Schiff really summed it up best with this:

“A chain letter is no more viable when run by governments than when run by private citizens. However, government orchestrated pyramids have the advantage of required participation. As a result, they can maintain the illusion of viability for several generations. But the longer such schemes operate the larger will be the losses when they ultimately collapse.”

The problem is “required participation” aka force.

Leave a Comment

Keep it civil. Personal attacks not tolerated!