The following quote is from Wikipedia. It describes the way that the Madoff Investment was enabled by others that watched the Ponzi Scheme in operation and did nothing to prevent the fraud. Read the description of the scheme. We’ll later compare that discription to the operation of the American government.
TRUSTEE FOR LIQUIDATION
OF BERNARD L. MADOFF INVESTMENT SECURITIES ANNOUNCES FILING OF AMENDED
COMPLAINT AGAINST JPMORGAN CHASE
Allegations against JPMC, Seeks Jury Trial; Increases Minimum Damages Sought
from $5.4 Billion to at least $19 Billion
Our amended complaint shows that JPMC’s bankers literally watched the fraud unfold before their very eyes,” said Deborah H. Renner, a partner at Baker & Hostetler. “They could see that money customers deposited into BLMIS’s main account was not used to buy or sell securities. They could see that it was merely transferred to other customers, in patterns serving no legitimate business purpose. They could see millions of dollars routinely bouncing back and forth between Madoff and JPMC Private Banking customers. They could see that Madoff’s regulatory filings were materially inconsistent with BLMIS’s actual finances. Yet, as alleged, they allowed the fraud to continue.”
The revenue of the Federal government has risen exponentially from 1940 to 4 trillion dollars today. Meanwhile the Federal debt has risen exponentially during that same period to 25 trillion. The Federal government is leveraging their income with debt and TBills. The result is that Americans benifit from leisure time (unemployment) and cheap Asian products. However, future generations will be slaves in order pay off the debt while incurring no subsequent debt – or have an Asian president and live with the same standard of living as billions of other Asians.
The problem is, America is leveraging their future to ‘buy’ votes. Trillions of dollars are vertually spent to buy Americans cheap Asian products. Asian loans are buying T Bills which are then, via the ‘USA Ponzi Scheme’ distributed to government ‘workers’, welfare people and others so that they can enjoy the standard of living promised to them by the politicians and other enablers of the Ponzi Scheme.
Yes there are solutions, but government doesn’t discuss them because they are blind to the problem. They don’t need to discuss solutions if they don’t see a problem. The management of Enron and Madoff investments didn’t seen the end coming either.
The financial end of the USA is coming (perhaps in 2012), but it can be averted with prompt out of the box thinking.