Monday, October 19, 2009

Was whole economy a Ponzi scheme? June 30, 2009

LONDON — It was perhaps inevitable that we ended 2008, the year we learned we were up the creek, with a great financial scandal: the Madoff Ponzi case.

What is even more remarkable is the way in which the alleged fleecing of wealthy people and charities – investors who should have known better or employed people who did – of many billions of dollars serves as a mirror for the broader culture. It shows how we went wrong and where we are left, now that we realize our errors.

Click Here to read the full article.

By James Saft
The New York Times


Published: Thursday, January 1, 2009




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