Fascinating stuff, thank you. What I take from this is that the whole mess we are in is the result of the world’s largest Ponzi scheme, which was completely legal.
Correct. And Every executive at the mega banks and brokerage firms were rewarded with untold millions.
Well said.
One thing missed by the author is the threat present in the end-game of another Ponzi scheme, namely Social Security, a brilliant scheme whereby an entire generation has voted to enslave thier grandchildren, in the finest tradition of democracy.
Those Boomers who did actually bother to save and invest for their retirements will need to start selling their investments to generate ongoing income. Pulling all of that equity out of the markets will also, in addition to all the other stuff that is going on, put more downward pressure on the markets.
All in all, this is not going to be a particularly fun ride for many.