Forget Madoff. Wall St. is the giant Ponzi scheme.
The former NASDAQ Chairman and investing icon Bernard Madoff admits he ran a giant investment scam that lost $50 billion. Everyone, the wealthiest and wise, were taken in. Even the Rothschilds were hit, not to mention Swiss banks, British Banks (Royal Bank of Scotland and HSBC), hedge funds (for a cool ten billion), Jewish charities, university endowments, pensions funds, municipalities. Lots of pain – but it’s also illustrative of the much bigger landscape. Wall Street and all the big banks were just Ponzi operations, paying out old investors from new suckers. Can you say “sub-prime”?
Hear, in his own words, audio of Bernie explaining why fraud just isn’t possible these days, due to stiff regulation. Yeah right.
It gets worse. The CDS/CDO asteroid is set to strike Earth in 2009. Bets totaling at least $50 trillion dollars come home for settlement. But that is more than the net worth of Earth. As Max Keiser points out – even if every American home and business were sold off to the Chinese and Saudis – the debt still wouldn’t be paid.
That is the black hole the American Treasury and the FED (read: the same bank nuts who got us into this mess) are trying to fill up with your childrens’ tax money. There isn’t enough money in the world to settle these gambling debts. The idea any of it is going to be paid back is ridiculous. It just goes into the hole, and is never seen again. That is called “deflation”.
Why doesn’t the government give the money to the people instead? Or at least start up some productive industry, like building alternative energy plants, and more trains. Sadly, the gangsters/bankers are in charge of our government now, scaring the politicians worse than Osama bin Laden. And paying them off too.
Then we interview Michael Byron on surviving the Crunch. He’s the author of the Infinity’s Rainbow series, and a professor in the San Diego area. His last book is:
“”The Path Through Infinity’s Rainbow: Your Guide for Personal Survival and Spiritual Transformation in a World Gone Mad.”
Finally, at the request by a couple of listeners, Alex comes clean about his food storage project. How much things cost, how long will wheat last in buckets, why is bulk food so hard to find all of a sudden? Getting in ahead of the curve, as the world food situation – even in plentious America – gets scary.
You will also hear a song I love, capturing the times “Clearcut” by Ethan Miller and Kate Boverman. And, of course, “Food Storage Blues” by Mormon Brother Thompson and the bean sisters.