This article was sent to me by my dear friend and great mentor Tibor.
Thank you!
He very rightfully contested that the biggest Ponzi scheme in the US is social insurance and the pension scheme and not Mr. Maddoff. The common belief is that money is deposited into a pension fund and as one retires the income that comes from the funds will pay for a retirement pension. The truth however is that there is no money in the pension funds and everything that is paid in is directly paid out to pension beneficiaries. This means that the people who are paying in now will depend on more people paying for them once they retire, hence a Ponzi scheme. Some (e.g. government) are more equal than others - as polticians do not go to jail for their schemes.
Please read the article below...
Taki’s Magazine, edited by Taki Theodoracopulos
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment