Robbing Peter to pay Paul is not a durable line of work. Peter put in his money, but only in hope of a return that did not exist. Sooner or later, he would want it back.
Great article Bill, one of the best of many. I’ll be passing this on to many others. Obviously Ponzi and all like him never read or heeded the lessons of the book of Proverbs in the Bible.Or any other part of the Bible for that matter, especially the parables told by Jesus Christ.
Maybe Ponzi did read the Bible and was just helping his customers to get into heaven. “It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God” (Luke 18:25)!
“Which is the whole lesson, and it fits on a matchbook: a really good investment is one nobody tells you about. A really bad one is well advertised.”…. Kind of like these ads I’m seeing on TV shilled by a retired NFL QB promising 11% returns if you invest in this entertainment ‘venue’ company.
Well I am sure there are a lot more guns than gardens. So not sure if push comes shove if I would be shot or starve to death. However, at my age it makes little difference :)
Frankly, I don't think either will happen. More likely, a "re-set" will take place.
First out of the box will be "means testing;" that is, social security and Medicare will be relegated only to those who have no savings.
FYI: Medicare, along with military retirements, is not subject to annual appropriations; these two are entitlements that have to be paid.
However, even these "savings" will be moot unless our elected officials get serious about balancing the budget.
It can be done; Clinton did it. FYI: During his terms in office, I vividly recall attending periodic briefings by his VP, Al Gore.
He gave detailed briefings explaining how the Clinton Administrations was reducing spending.
It did so, as I recall, primarily by reducing headcount (a simple tactic our current president did so haphazardly that the public lost innumerable services but the gap between its spending and its revenue is wider).
Yes, yes but are the folks on TV shilling for gold and silver non stop for the past several years the same as the football QB shilling for his entertainment venue? Or are the commodities a different animal. It will be interesting to find out in real time, as that time is coming near.
I’ve thought the same. All the gold ads, along with an investment brokerage’s non-stop ads that brags about being “different, a fiduciary”, are these FOMO signals? Usually “Mom&Pop” ‘retail’ investors are late to the party. Are these market-top signals?
Comparing those elected officials who have spent their lives sending the U.S. down a rathole to Carlo Ponzi is brilliant. Sadly, I’d bet that many of them would embrace the comparison rather than be shamed by it.
Paul votes for the thief who promises to steal more. Peter votes for the thief who promises to steal less. And only thieves are on the ballot.
Great article Bill, one of the best of many. I’ll be passing this on to many others. Obviously Ponzi and all like him never read or heeded the lessons of the book of Proverbs in the Bible.Or any other part of the Bible for that matter, especially the parables told by Jesus Christ.
Maybe Ponzi did read the Bible and was just helping his customers to get into heaven. “It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God” (Luke 18:25)!
Right on, and I imagine Ponzi planned on giving all his ill gotten proceeds to the poor for his double blessing.
😂😂👏👏
“Which is the whole lesson, and it fits on a matchbook: a really good investment is one nobody tells you about. A really bad one is well advertised.”…. Kind of like these ads I’m seeing on TV shilled by a retired NFL QB promising 11% returns if you invest in this entertainment ‘venue’ company.
Bill's remarks today make me wonder when the "scheme" will end, foremost, its aftermath.
Great to be holding gold when dollars are worthless, but I fear guns and gardens will be more valuable (at least until seeds and ammo run out)
Well I am sure there are a lot more guns than gardens. So not sure if push comes shove if I would be shot or starve to death. However, at my age it makes little difference :)
Frankly, I don't think either will happen. More likely, a "re-set" will take place.
First out of the box will be "means testing;" that is, social security and Medicare will be relegated only to those who have no savings.
FYI: Medicare, along with military retirements, is not subject to annual appropriations; these two are entitlements that have to be paid.
However, even these "savings" will be moot unless our elected officials get serious about balancing the budget.
It can be done; Clinton did it. FYI: During his terms in office, I vividly recall attending periodic briefings by his VP, Al Gore.
He gave detailed briefings explaining how the Clinton Administrations was reducing spending.
It did so, as I recall, primarily by reducing headcount (a simple tactic our current president did so haphazardly that the public lost innumerable services but the gap between its spending and its revenue is wider).
Shot or starved - that’s dark, yet sadly plausible
Yes, yes but are the folks on TV shilling for gold and silver non stop for the past several years the same as the football QB shilling for his entertainment venue? Or are the commodities a different animal. It will be interesting to find out in real time, as that time is coming near.
Let's keep our eyes on the Newsweek cover.
I’ve thought the same. All the gold ads, along with an investment brokerage’s non-stop ads that brags about being “different, a fiduciary”, are these FOMO signals? Usually “Mom&Pop” ‘retail’ investors are late to the party. Are these market-top signals?
Comparing those elected officials who have spent their lives sending the U.S. down a rathole to Carlo Ponzi is brilliant. Sadly, I’d bet that many of them would embrace the comparison rather than be shamed by it.
The chickens are coming home to roost soon. Hopefully we have assets (non digital) that can help us later on.
Jim Marshall
"Kiss your cash goodbye
And point me towards tomorrow
Wish me luck--the same to you
Won't forget. Can't regret. What we did for fraud"
(Apologies to Edward Kleban)
Pretty funny one Bill!