Wednesday, February 3, 2010

Ponzi scheme on the Potomac

Subject: txt mny crpt bbro sclm -
The U.S. attorney general recently announced that the Justice Department is beefing up its efforts to fight financial fraud such as Ponzi schemes.

Good.

The agency should start by reviewing the spending habits of the federal government, which is running the largest Ponzi scheme our country has ever seen. (Snip) That is essentially what the federal government is doing, as it continues to spend and promise far more than can ever be paid for... [snip]

• The federal government’s total debt, including unfunded liabilities, means about $600,000 of debt for
every - U.S. - household.

Sooner or later, the federal government’s scheme will come crashing down, and the loss will be mammoth.

But it doesn’t have to end that way. If our country takes bold and decisive action soon, the worst effects can still be avoided.

We should start with the obvious. When the bathtub is overflowing, a wise first response is to turn off the faucet. The federal government’s spending-increase spigot needs to be shut off...

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[As of 5:45 am 2/3/2010: {click to enlarge, or better...



see it 'live' here >> http://www.usdebtclock.org/ } = all fields live and explained when you 'hover' over them - quite cool (and alarming)]
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