'Rising Government Debt is a Ponzi Scheme' by Mike Shedlock

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Subject:	FWC: The Economist 'Rising Government Debt is a Ponzi Scheme' by Mike Shedlock
Date:	Mon, 28 Jun 2010 17:07:04 -0700
From:	Jas Jain

The Economist 'Rising Government Debt is a Ponzi Scheme' by Mike Shedlock

"Philip Coggan's arguments regarding the Limits of Debt are similar to the viewpoint I expressed in Peak Credit on June 25, 2008… Peak Credit -- Peak credit has been reached. That final wave of consumer recklessness created the exact conditions required for its own destruction. The housing bubble orgy was the last hurrah. It is not coming back and there will be no bigger bubble to replace it. Consumers and banks have both been burnt, and attitudes have changed."

http://www.safehaven.com/article/17317/the-economist-rising-government-debt-is-a-ponzi-scheme

 

As they say, imitation is the sincerest form of flattery (see Peak Debt! by Jas Jain, 09/04/2006, on the same website!). The US govt is running a Ponzi scheme. Warren Buffett is running a Ponzi scheme. John Chambers is running a Ponzi scheme. Goldman Sachs is running a fraud operation. Bank of America is running a fraud operation. We can go on and on. All this escapes Paul Krooksman and George Soros. They were busy attacking Germany last week. They are born-and-bred crooks that specialize in deception, fraud and manipulation. Ponzi schemes are one aspect of this. What this says is that Americans are born-and-bred dopes that cannot shake of the lure of Ponzi schemes. You see, the problem is unsolvable. Therefore, things would keep on getting worse.

Jas

Kirk Here:  Some of us have been calling Social Security (SS) an "illegal Ponzi Scheme" since we first learned it doesn't invest the money in appreciating assets.  Instead, the government spends every SS dime it collects, issues an IOU (one hand promising to pay the other) that is supposed to pay interest to cover our retirement, hires more government workers who then vote for more government spending and on and on.... All this time it promises to repay those who pay the SS Tax enough to retire on.