A Ponzi Scheme applies to any investment scheme where the promoter offers crazy returns to attract investors. If you invest your money in such a scheme, you might even get it back – plus some crazy rate of interest – as long as there’s still a flood of money from new investors. But the scheme is still as bankrupt as heck and, once the flood of new money dries up, the entire scheme collapses. And that’s the planet we live on now. Everyone’s borrowing, no one’s paying. And one day, the merry-go-round will stop.
The ‘Credit Crunch’ is not over. In fact, it has barely started.
“The world is now approaching the final death rattle of the greatest Ponzi scheme in history: a scheme by which the financial industry created a vast overhang of debt, a mountain of low quality assets – and laid the foundations for a disaster which will dwarf anything else in history.
The turmoil of 2008-2009 merely resulted in the massive transfer of debt from the private to the public sector. We’re now paying the price. But where will it leave us? PLANET PONZI reveals the true debts of the US government, shows how close Italy is to following the way of Greece – and explores Britain’s own finances in grimly realistic detail. This is a roadmap to the near-future, essential reading for our times.”
As a former member of the U.S. House of Representatives, prosecutor and veteran of one of the world’s largest global banks, I’m thrilled that someone like Mitch is using this megaphone to sound the alarm. It takes someone with his background to take us behind the PR spin and superficial headlines to discover the truth. — Rick Lazio