All the old paintings on the tombs
They do the sand dance, don't you know
If they move too quick
They're falling down like a domino
--The Bangles
Two years ago, politicians and media were quick to recognize and report the ponzi scheme run by Bernie Madoff at the expense of his investors.
Today, however, a much larger Ponzi scheme is being run by the US government at the expense of US citizens. The US Treasury sells bonds to banks. The banks then turn around and sells those bonds to the Federal Reserve. The Fed buys those bonds w/ freshly printed dollars.
This is sometimes referred to as 'monetizing the debt.' But it is a Ponzi scheme, pure and simple.
btw, nice work for those banks that serve as middlemen, as they are privy to free money for brokering the pyramid.
The United States has resorted to monetizing its debt. That should be a frontline story. Yet, politicians and media remain largely silent...
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Rudolph von Havenstein took great pride in his work, bragging repeatedly about the Reichsbank’s success in gearing up physical note production to meet soaring market demand. Rather than practice or urge monetary restraint, he regarded the explosion of physical banknote production as a triumph of German efficiency. Such was the need for speed, in the fall of 1923 when prices were doubling every 3 days that he was forced to resort to airplanes to get the currency to the more distant economic centers.
~Martin Hutchinson
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