Posted by
Defend America on Monday, February 01, 2010 4:48:46 PM
Ponzi scheme on the Potomac
By GOV. TIM PAWLENTY |
2/1/10 4:59 AM EST
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.
In a Ponzi scheme, organizers create the illusion of profit for early
investors by siphoning money from later participants. It works until
there is not enough income to pay the promised dividends, exposing the
fraud and leaving everyone broke. That is essentially what the federal
government is doing, as it continues to spend and promise far more than
can ever be paid for by current and future revenues.
Last week, the U.S. Senate increased the nation’s debt ceiling by an
additional $1.9 trillion. That vote was necessary to further the Ponzi
scheme. It should serve as a wake-up call that this level of spending
is unsustainable.
http://www.politico.com/news/stories/0110/32282.html