The government is aghast at the $50 Billion Ponzi scheme former NASDAQ chairman, Bernard Madoff, has been implicated in. This is the largest Ponzi scheme in history, according to U.S. officials. The following snippet is an except from a United Liberty article.
"...Is Madoff’s scheme really the biggest of all-time? The U.S. Social Security program is far bigger and, in this writer’s opinion, meets the definition of a Ponzi scheme.
The Social Security program is a pay-as-you-go program in that current “contributions” (lawful stealing) pay for current “benefits” (paltry returns for your stolen money). There is so much about the program to disagree with, but, no matter one’s viewpoints on government welfare, one must admit that it is a Ponzi scheme. You invest in the fund with the promise of future returns, but, in fact, there is no investment made by the administrator. The only source of funds for the returns is new investment..." Read more.
Very nice.
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