Ponzi! Fact or Fiction?!?

While many are somewhat familiar with the Common term, Ponzi and have an idea of what it means many are still quite clueless. Chuck Ponzi was know to have been one of the greatest scammers in American history. So this is why his type and style of defrauding folks has resulted in the coining of his last name as a term synonymous with being ripped off.

If the evidence shows that Madoff really did defraud people of an estimated 50 Billion, he will not likely have the term Ponzi scheme changed to Madoff scheme I do not think, even though Madoff has made Ponzi look like an amateur.

Normally if it is too good to be true it probably IS. In general a Ponzi scheme has a few common elements, there is the promise of a very high return on your investment and in the classic Ponzi, the new investors money is used to pay some monies to the older investors by the Ponzi operator. In a Ponzi, the intent in the beginning is to defraud.

What I find most disturbing about Ponzi schemes is that they are devastating to those who often lose everything for some pie in the sky dream of financial independence. By the time the Ponzi operator is caught, there is no money left! Ponzi created a company called: "Securities Exchange Company".

Now we have the "Securities and Exchange Commission" operated by the true greatest Ponzi operator of all time, above even Madoff, the US Government. Does the Social Security Administration have madoff beat? Compare the current federal defecit to the 50 Billion and decide!  What is very troubling is that the SEC had to either help Madoff or look the other way.  I have a hard time believing that the SEC let this go right past and under Their nose, undetected.  If the SEC didn't help Madoff or didn't look the other way, the only other explanation would be that those running the SEC are grossly incompetent.  With madoff able to committ such a horrific crime it calls the whole SEC into question.  Why even have a SEC if they can't detect fraud to the tune of an estimated 50 Billion USD, until the money is all gone!

It is a widely known fact that the Social Security System as created by FDR or Teddy or whoever it was, is nothing more than a Ponzi scheme. While SSA does not promise huge returns, they force you to participate and use your money to fund the people who are retiring.

When the current president talks about the federal deficit, what he is talking about is how much money that has been stolen by way of the Ponzi scheme through SS (social security). This amount is the amount of money that the government has "borrowed" from the SS fund. We know they stole it but they insist they borrowed it.

However, what gives them the right to "borrow" someone's money without their approval or consent? Where I come from we more appropraitely call this Theft.

So now that Ponzi has died after a long stay in prison, and now that Madoff is set to fall, even though he remains free on bail for at least another day, why not get rid of another Ponzi scheme run by the United States of America called Social Security. I do not wish to participate in the SS ponzi scheme any longer nor do I want to continue to fund my fathers SS checks. Every Ponzi scheme eventually fails as it is based on fraud and is operated in a dishonest and/or fraudulent manner. I don't expect the SS ponzi scheme will still be paying out by the time I get there in less than 20 years.

I am not able to add a link to youtube, I do not think, But I watched a video of Ron Paul speaking in some hearings kicking the government in the chops for running a Ponzi scheme called Social Security.