Social Security: The Biggest Ponzi Scheme You Don’t Know About

Yesterday, the mainstream media whooped and shrieked over the tough sentence handed down to swindler Bernie Madoff. “Madoff got what he deserved,” wrote the columnists. “Mr Madoff’s crimes were extraordinarily evil,” said Judge Denny Chin, who also told the jury that Madoff’s pyramid scheme was “staggering” and “off the chart.” Nobody seemed particularly interested in the far greater scam being pulled off on a daily basis by the US government (a scam that, incidentally, pays for Judge Chin’s salary and Madoff’s stay in the “big house”). But it’s clear to us here at Notes at least that the government’s $15 billion a day borrowing habit dwarfs Madoff’s $65 billion Ponzi scheme. As of June 18 2009, total US federal debt was $11,342,734,351,973 - or about $36,989 for every American. This represents 82.5% of one year’s worth of US... [read full story]                    

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