I have said this for years. To have believed all the hype over the last fifteen years one would have to believe in magic. Most of the wealth in this country as calculated by the dollar value of all notional currency is inherently false. Call it inflation, call it fraud, it is not real. All pension plans derive their ability to pay from current production regardless of notional contributions. We have an 18th century cash drawer mentality for a economy that is mismatched to that era’s ethos. If that fundamental contridiction is not addressed we will revist this again, the burst bubble, and want in a land of plenty.
Madoff Was A Piker — America’s Big Banks Are a Far Larger Fraudulent Ponzi Scheme | Corporate Accountability and WorkPlace | AlterNet2009/04/07