Wall Street insider Bernard Madoff would be a great one for President-elect Obama to appoint as the Social Security Czar! He knows how the system works.
It goes like this: money extracted today is used to pay the benefits of all those who paid in before, as if there is some fund that holds earlier 'mandatory contributions.'
Where is the money that was extracted earlier? Raided and spent by the politicians!
When will this Ponzi scheme completely unravel? When the Funds extracted today can no longer fund the benefits paid out on that day.
Wasn't that projected to be sometime in the future like 2021 or 2040 or some such distant date? Guess what numbers were used to make that prediction? The empiricists made estimates based on their completely blind view that the U.S. economy was going to grow continually, according to their ego-driven interventionist models.
Ooops! The Keynesian long-run has now arrived! Screech! The complete melt down is at hand and so now we find out that the predictions of the empiricists (like usual) were ill-informed and politically motivated.
All of the sudden the bankrupcy of the Ponzi scheme that we call Social Security is on the doorstep. This is where the expertise of Bernard Madoff comes in. He is familiar with the next step - confess that it was just a Ponzi scheme!
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