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Thread: The investors suffer large losses from Madoff's fraud!
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[quote=PSYCHIATRIST,347244]Bernard Madoff just played the same game that most other financial institutions play. His ponzi scheme is not the only sham currently in operation. There are others that are accepted practice. The main thing about his ponzi scheme is that it has few branches in the pyramid. Thus, it is easy to point out the sham. However, old age security, Canada Pension Plan and employment/unemployment insurance are ponzi schemes too. We simply accept those as normal practice. The entire “credit crunch” is the failing of a massive ponzi scheme: fractional reserve banking backed by central banking of fiat money. Everything rolls along under the radar — we are cultured to think that low levels of inflation are normal and healthy — as long as the banks are able to continue making loans. The whole thing comes crashing down when the bank runs out of credit-worthy customers. Nobody ever looks at our centralized banking system as a ponzi scheme because when all else fails, the central bank can print more money! If Bernard Madoff had the backing of a central bank — the way the commercial banks do, his business plan would succeed. [/quote]
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