Peter Schiff on The Real Ponzi Scheme

December 17th, 2008 9:12 pm  |  by Marc Gallagher  |  Published in Bailouts, Banking, Big Government, Debt, Economics, Federal Reserve, Money, government spending, inflation  |  0

Peter Schiff nails the uproar over the Madoff fraud perfectly in his latest commentary. I have yet to see a more perfect paragraph summing up the way I see the U.S. financial system and government than this…

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!

Take a few minutes and read the rest. It is quite good.

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