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Gary North: Social Security, Ponzi Schemes, and Leprechaun Economics

by Gary North, Remnant Review (Jan. 7, 2013)

I want to discuss an article. I may be exaggerating, but I regard this article as the most sophisticated exercise in terminal naiveté that I have ever read. It is an intelligent article with respect to the problems that it lays out. It is dealing with the Ponzi scheme economics of the modern world. Certainly, I am in favor of articles that discuss modern government economic policies as Ponzi schemes. I have been doing this for over 45 years, and I see no reason to stop now, especially since we are 45 years closer to the end of the Ponzi schemes.

Yet at the same time, I am always dismayed to see an article written about the inevitable Ponzi scheme collapse of the modern economic world that begins with some version of this assurance: if we act now, we can solve this. It is not too late. The article begins as follows:

Fortunately, there is still time to act. But leaders from all social sectors–government, business, organized labor, environmental and other stakeholder groups–need to act decisively and quickly in order to secure future economic prosperity, social cohesion, and political stability. It is in the nature of Ponzi schemes to collapse suddenly, without warning. No one knows what event may send the developed world and the global economy as a whole back into crisis.

I have heard some variation of this assurance for over 45 years…  To read more, go here:
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The article is copyrighted, thus I go no further here and simply pass you to the source.  If this were were not so devastating, it would make great humor.  Yes, it will take the reader a few minutes more, but it won’t be a waste of your precious time.

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