Pimco’s Bill Gross: USA is Giant ‘Ponzi’ Scheme

[bearice]

Quote from bearice:

Which other countries are "Giant ‘Ponzi’ Scheme"?

USA is not alone in this world. I think 10% of world economy is ponzi.

 

[Scataphagos]

Quote from bearice:

USA is not alone in this world. I think 10% of world economy is ponzi.

All or nearly all of Europe, too. Any country, state, or municipality running budget deficits.. and especially those with unfunded social liabilities.

 

[the1]

You mean like taking billions from the taxpayers and lending it to the automakers or creating TARP to feed the banks that blew themselves up? Seems to me the Government is taking from the strong and giving to the weak.

Although, I have admit that not doing that would have led to dire consequences. Imagine BAC, MS, MER, GS, GE, GM, F, and many others, completely out of business. That would have been catastrophic.

Quote from endsongs:

The purpose of a recession or even a "Great Depression" is to clean out the weak parts of the economy so the stronger parts can take over.

 

[bearice]

Madoff goes to prison for swindling several hundred people in his ponzi scheme, congress gets applauded in the media for swindling 300 million people in their ponzi scheme.

Translation: The ponzi scheme will collapse without more money being pumped into the system to pay the bonds coming due.

 

[bearice]

Parent Offers Body Parts To Pay Off Child's $200,000 Student Loans

An anonymous parent in the Boston area recently posted an ad on Craigslist offering to sell their body parts to pay off their child's student loans.

The ad detailed a person 5 feet 10 inches tall, weighing 200 pounds with "organs in working order." The writer offered blood, plasma, kidneys in place of the $200,000 in education bills.

"Use my body for anything legal, or medically experimental," the advert said. "Simply pay off all of my children's student loans ($200,000) and you can use me anyway you need."

http://www.huffingtonpost.com/2011/02/25/craigslist-parent-body-parts_n_828511.html

 

[sprstpd]

Quote from the1:

Although, I have admit that not doing that would have led to dire consequences. Imagine BAC, MS, MER, GS, GE, GM, F, and many others, completely out of business. That would have been catastrophic.

Everyone says this as if it is a truth delivered from God. I would much rather have a world without BAC, MS, MER, GS, GE's financial division, and GM. They all have proven to be fatally idiotic in some way or another and they all should be put to rest.

 

[bearice]

Quote from bearice:

Parent Offers Body Parts To Pay Off Child's $200,000 Student Loans

Loans are one of the biggest reason for present global financial crisis.

 

[endsongs]

Quote from the1:

You mean like taking billions from the taxpayers and lending it to the automakers or creating TARP to feed the banks that blew themselves up? Seems to me the Government is taking from the strong and giving to the weak.

Although, I have admit that not doing that would have led to dire consequences. Imagine BAC, MS, MER, GS, GE, GM, F, and many others, completely out of business. That would have been catastrophic.

Isn't that what I said?

Letting some banks and the automakers fail would have only had a temporary impact on the economy. The money would have been better spent elsewhere.

 

[olias]

Quote from sprstpd:

Fallacy. This is what the entrenched financial institutions want you to think.

I totally disagree, but perhaps you can turn me on to some information that would change my mind. ...I doubt it

 

[schizo]

Quote from intradaybill:

After all he doesn't understand what a Ponzi scheme is. In that scheme, you borrow from A to pay B. US is not borrowing but creating fiat money out of thin air. This is not a Ponzi scheme. Actually, if the US did not print money but borrowed more from the open market then we would have a Ponzi scheme.

Wrong! Federal Reserve used the printed money to buy the Treasury. In essence, its aim is to rob the creditors like China by lowering the debt via dollar depreciation.

Ponzi scheme need not be limited to robbing A to pay B. If you can continue to rob and pay the same person at the same time, I call that Ponzi as well.