Monday, February 28, 2011

Madoff's Revelation

So Bernie Madoff, the multi-billion dollar swindler of middle class investors and Hollywood Elites alike, has declared that the entire U.S. Government is a Ponzi Scheme, similar to the racket he was running for years.

As proof, he cites the feeble federal regulations which did not prevent him from defrauding the government and his investors. Nor did government precautions stop the the banks which he was working with from abetting his extensive fraud. Madoff has even decried the recent enhancement in securities and financial oversight as "laughable".

In spite of the odious and rapacious swindling that Madoff perpetrated on his trusting clients, he is right to say that the entire U.S. Government is running a Ponzi Scheme, but not exclusively in the arenas of banks and securities regulations. Consider Social Security, an entitlement program which takes money from hard-working Americans to subsidize the retirement of others. Not only is this immoral system impoverishing the current generation to buoy up the insolvency of older generations, but the U.S. Government has been taking money from this fund in order to pay off other programs.

Social Security is the most brazen of Ponzi Schemes, since it not only openly takes money from one earner to subsidize another, who is no longer working, but carries out this massive fraud under the shameless veneer of legality in the name of promoting the public good. Even senile Senators like Bernie Sanders (I-Vt) have bought into the folly that this massive, bloated, insolvent scheme is working and worth saving.

By endorsing Bernie Madoff's point of view, I do not endorse in any way the harm that he has perpetrated on millions of investors, as well as his family and the public at large. Nevertheless, he has a point in calling out the U.S. Government on its Ponzi Schemes. He ought to know: it takes one to know one!

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