My prediction: the coming collapse of China’s Ponzi scheme economy

China is the world’s Ultimate Crony Capitalist State. It has been now for decades and despite the shiny buildings in many places the gears of the nominally communist country have been grinding down for a while now.

Many people have forgotten the serious economic tremor of the summer/fall of 2015 that was centered in China. At least many Americans have. The Brazilians who were sent spinning off into economic crisis because of the Chinese economic earthquake haven’t forgotten.

Read More

The “I’ve paid in all my life” fallacy — Social benefits are often sold as insurance-based schemes. But they don’t work that way

If there is one thing that will get people worked up it’s talking about the real nature of Social Security.

Social Security is not an insurance product. It is pay as a society goes. Payroll taxes pay for people currently on Social Security. Then, one day the payers become payees. Or that’s how it’s supposed to work. But what happens when one generation (the baby boomers) is larger than the following generation?

And that’s just one of the giant problems that need to be confronted with Social Security.

Read More

Ex-Im Bank Finances Small Business Ponzi Scheme

Image: Mafia Today

(From ATR)

The Export-Import Bank (Ex-Im) provided millions of dollars in financing to a Miami small business perpetrating a Ponzi scheme, according to a recent report by the Department of Justice (DOJ). The business had already defrauded private lenders out of $8 million in loans and used $2 million in Ex-Im financing to pay off these lenders and continue their scam.

The business, run by three family members defrauded private lenders out of millions of dollars by creating fictitious invoices for the sale of merchandise that never occurred.

Read More

Newsweek: “Whoo-boy, does ABIM (American Board of Internal Medicine) have a lot to hide.”

If one wants to be an internist one must be certified through the ABIM. However according to the attached report the ABIM is basically a Ponzi scheme in a lab coat, that Enron-like irregularities run through the organization’s books.

Read More

Bill Black: Our System is So Flawed That Fraud is Mathematically Guaranteed

I don’t agree with everything Professor Black prescribes. He and I have pretty different views as to the roll of government generally.

However he advocates shining a light on the dark swamp which is our worldwide financial system, where super leveraged bankers swim through the economic muck like pinstriped alligators. And we are certainly for that.

Read More

Wall Street Insider: 10-15% of the US Economy is fraudulent

In this interview which first appeared at  and was reposted at Jim Chanos, famous for shorting Enron and highlighting the fraud at the firm, talks corporate fraud generally and crony capitalism. He makes a number of assertions worth considering regarding the dishonesty on Wall Street, and explains why short sellers are vital to the marketplace. He explains that all the big fraudsters taken down in the past 20 years have been taken down by short sellers or journalists or both,

Read More