The entire economy is a Ponzi scheme. The global financial system is insolvent

THE INTERNET POST

George Washington
Washingtons Blog/Global Research
Sat, 13 Apr 2013 13:22 CDT
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financial elites
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Ponzinomics

Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky, the Wall Street Journal and many others say that our entire economy is a Ponzi scheme.

Former Reagan budget director David Stockton just agreed:

So did a top Russian con artist and mathematician.

Even the New York Times‘ business page asked, “Was [the] whole economy a Ponzi scheme?

In fact – as we’ve noted for 4 years (and here and here) – the banking system is entirely insolvent. And so are most countries. The whole notion of one country bailing out another country is a farce at this point. The whole system is insolvent.

As we noted last year: Nobel economist Joe Stiglitz pointed out the Ponzi scheme nature of the whole bailout discussion:

Europe’s plan to lend money to Spain…

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