Denninger: The "Bezzle", Defined
Read this essay for some deep insight into how the US economy was broken, how that misbehavior continues via the various "bailouts", and what is needed to stop the madness.
Too bad so few in power want it to stop.
Next stop -- Collapsia.
Alea iacta est.
posted by Concerned American | 4:59 AM
2 Comments:
In case nobody noticed...with Bernie Madoff peading guilty - it avoids a jury trial...including all of those nasty questions about where the money went and why the regulators did not bother doing anything to stop this. Most people are not aware that the SEC were made aware that this was a Ponzi scheme over 10 YEARS ago - by multiple people who figured it out just from the PUBLIC documents! Corruption and bribery were surely involved - all the way up the chain. Bernie has to keep his mouth shut or he may end up jumping out of his Manhattan high-rise...one way or another, these secrets will be kept.
"Government is not responsible for the fraud, but it is responsible for turning its head and refusing to look, investigate and prosecute."
government is not responsible for fraud, but government is responsible for this fraud, because it is enabled by rate manipulation.
this is the mission purpose of the fed, which was forced upon the market with an act of government bearing the resemblance of a law.
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