Madoff ran his scam through secrecy. He escaped detection. Congress runs a far larger scam in full public view. Hardly anyone notices. Of those who do notice, almost none say: "This Ponzi scheme will surely go bankrupt." This includes economists. Most of them are employed in universities, and they are counting on Social Security and Medicare for their retirement years. When it comes to faith, economists believe in statistical impossibilities. They see a Ponzi scheme in action, and they think: "I will get out in time. I will die."
Who will redeem those IOUs? To redeem is to buy back. Who will be the redeemer?
The Federal Reserve System, of course. It can afford to. It has the right to print money. A lack of money is never a problem for the FED.
Gary North on the deception by Congress and the Fed that is Social Security and Medicare. The lie is perpetuated by the belief that we will die before it all unravels.
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