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Ponzi schemes everywhere
| February 25th, 2014 at 12:27:59 AM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |  Philip Coggan says that the debt crisis may overturn the global economic order.“The debt crises of Greece, Ireland and Portugal are just the start.” With its aging populations and overstretched budgets, the West’s “Ponzi scheme is running out of suckers,” he says. In November, a Russian lawmaker submitted a bill to his country’s parliament that would ban the use or possession of the American currency. Mikhail Degtyarev, compared the dollar to a Ponzi scheme. He warned that the government would have to bail out Russians holding the U.S. currency if it collapses. I used to think that John Maynard Keynes was the most influential economist in the world. Now it seems to be Charles Ponzi. |
| February 25th, 2014 at 4:31:44 AM permalink | |
| Fleastiff Member since: Oct 27, 2012 Threads: 62 Posts: 7831 | He should be careful. The Icelandic Banking Crisis was solved when Icelandic people revolted and forced the bankers and the banks to suffer the hardship, not the account holders. What does he suggest as a substitute? Bitcoins? Rubles? |
| February 25th, 2014 at 6:06:13 AM permalink | |
| zippyboy Member since: Oct 24, 2012 Threads: 2 Posts: 665 |
Renminbi |
| February 25th, 2014 at 8:35:33 AM permalink | |
| theodores Member since: Oct 28, 2012 Threads: 2 Posts: 85 | [deleted] |
| February 25th, 2014 at 9:43:06 AM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |  Developers of 7 ultra luxurious billionaire's condo towers near 57th street are arguing that Manhattan real estate is a better way to retain value than any currency. It's an interesting concept, that there will always be buyers for homes at $5500 per square foot. For the truly paranoid rich guy, there are $2 million fallout shelter homes in upstate NYC  In the event that the zombie apocalypse never comes, it could be the world's most expensive fishing cabin.  |