“The last bubble to fail that will expose these remaining Ponzi schemese is the US dollar and the Treasury bonds. They are the products of a nation that has been overtaken by a rogue culture of sociopaths and swindlers.
Bernie Madoff was no rogue trader. He was successful for as long as he was because he blended in, he was one of the crowd, he was an independent player within the greatest financial swindle in history, the US financial markets and ultimately the US dollar.
Experience suggests that you will ignore this warning, wishing to think of yourself as an insider. After all, it is the weak, the naive, the unsuspecting, the under-developed, the unsophisticated others that are the victims, and indeed they are. After all, what can stop this? The returns are so good, and have been paid steadily for so many years. And you are among the smart ones, the elect.
The endgame will come and strike the astonished like lightning.
You will not realize what has happened until you wake up one day and the accounts are empty, the returns cannot be paid, the promises are proven false, and the principal is gone.
And you will be facing the teeth of the storm with pockets full of empty promises and worthless paper, and no one will be able or willing to help.
And those responsible will say that you were lazy and foolish, and need to be smarter and work harder like them. Those who you imagined were shepherds will be revealed as ravening wolves.
How do we know this? It is already happening again.”
Have you seen the currency markets today? The US Dollar is getting hammered. But it is just piling on yesterday's rout.
>>“The last bubble to fail that will expose these remaining Ponzi schemese is the US dollar and the Treasury bonds. They are the products of a nation that has been overtaken by a rogue culture of sociopaths and swindlers.<<
Bernie Madoff fits smoothly into both groups, sociopaths and swindlers and the Americans who salute the flag, sing the national anthem, march in patriotic parades, cheer Fourth of July speakers – normally good Americans.
“If America is destroyed, it may be by Americans who salute the flag, sing the national anthem, march in patriotic parades, cheer Fourth of July speakers – normally good Americans, but Americans who fail to comprehend what is required to keep our country strong and free, Americans who have been lulled away into a false security.”
- Ezra Taft Benson, An Enemy Hath Done This