The second-biggest Ponzi scheme in recent history—organized by the New York hedge-fund manager Bernard Madoff—led to losses of approximately $20 billion in 2008. The biggest, however, is still ongoing: the Ponzi scheme of the developed economies. It is not simply that the developed world has borrowed significantly from future wealth to fund today’s consumption, leading to huge burdens for the next generation. It has also reduced the potential for future economic growth, making it more difficult for the next generation to deal with this legacy.We'll be borrowing a billion euro a month next year as part of our 'austerity' programme here in Ireland. I hope all our migrating youth will come back to make the repayments...
Friday, December 14, 2012
Quote of the day from the Boston Consulting Group: