"It's about how Bernie Madoff pulled the wool over the eyes of...

"It's about how Bernie Madoff pulled the wool over the eyes of so many people and they all pretended it wasn't happening."
What about you comment (in Red) on the content and not the messenger?
You may check my translation from my previous post:

Mr Peter Schiff

I do a lot of public speaking, but I mostly talk about the economy. I talked about the financial markets. But a funny thing is when I when I give these lectures, I get a lot of laughs. And you know, a lot of people what we refer to me as stand-up economist. So, I don’t know. I’m going to just go over some of the things I discussed and will know in a few minutes if the things that my audience has been laughing at all these years are actually funny. So, one of the things I talk about a lot is the national debt. You guys are making this easy. Well, you know the nationaldebt is like $17 trillion and that’s not the funny part. But anyway, and that’s just the tip of the iceberg, right? We have the unfundedliability is the off-budget items are enormous, but let’s just deal with the 17 trillion because I talk about the fact that there is no way. That we’re going to pay this money back. We just borrowed too much money. And the only question is how we're going to default. And the, you know, the major economists, the mainstream economists, you always say, look, Peter Schiff, you don’t know what you’re talking about. We don’t have to pay the money back. And I’m thinking to myself, we don’t have to pay the money back. I mean, we borrowed it. Have we discussed this with the lenders?Did the people who are loaning us all this money realize that that we’re notgoing to pay it back mean for example, you know we have a lot of short-term debt. Maturity is very short. So, in the next 12 months about 5 trillion comes due right, we got to pay back $5 trillion, and they say no, we don’t have to pay it back. You see we’re just going to borrow that $5 trillion to pay it back. And so, I said this. So that’s our plan, right? The plan is we’re going to borrow $5 trillion from thenew investors to pay off the old investment. Yeah, that’s the plan. Well, I mean, does anybody, anybody here know anybody else who kind of operated his whole business under that plan?

Bernie Madoff right where the US government runs a giant Ponzi scheme. And it’s actually not just me saying that. Bernie Madoff when he first went to gaol. He gave an interview and in that interview Bernie Madoff, said why you guys even talking to me, the US government is running thebiggest Ponzi scheme in the world and of course, when that article came out, it was a big story, immediately the mainstream media, the economists were saying, well, come on, ask Bernie Madoff. He doesn’t have any credibility. Who cares what he says? Well, he’s got credibilityabout one thing, right? Ponzi schemes. I mean, he knows a Ponzi scheme when he sees one. That’s why at the time, I said we should not have put Bernie Madoff in gaol. We should have made him the secretary of the treasury. I’ll give you a perfect example of why he would be a much better secretary of treasury than our last secretary. Who is Timothy Geithner? If you remember, we had a debt crisis. It was, you know, as in all the newspapers a couple of years ago. The debt ceiling. We weren’t going to raise the debt ceiling. Well, do you remember what Timothy Geithner? Said was going to happen if we didn’t raise the debt ceiling, he said. We were going to default on our debt if we could borrow more money. We were not going to pay back any of the money we’ve already borrowed right, now see, Bernie Madoff. Would never say something like that. See Bernie Madoff knows. I mean, this is basically Ponzi 101. When you’rerunning a Ponzi scheme, you don’t tell anybody that is a Ponzi scheme. You keep it quiet right? You at least pretend that you’re going to pay. You say, well, we’re going to raise taxes or we’re going to cut spending. You don’t tell the bondholders that you’re not going to pay. Now, you know, I also talk a lot about the Federal Reserve. Right now, you know, quantitative easing. You know what that is? It’s a euphonism for inflation. That’s all it is, right? But the Fed doesn’t want to say that their monetary policy is to create inflation because the people know enough to know that that’s not a good thing, right? So when they first came out with QE one, of course they didn’t call QE one initially. They just call QE It’s only Q E one, because it didn’t work and so they did QE 2. But, and that’s, you know, that’s how they do things in Washington. If it doesn’t work, youjust do it again, right? And you just keep doing it, right. The definition of insanity. But when they, when they announced QE one or QE and they finished it, I said well, you know they’re going to do another one ‘cause I knew it wasn’t going to work right. I know that quantitative easing is like trying to put out. A fire with gasoline, right. No matter how much gas you put on the fire is just going to get bigger and so you’re going to keep throwing more on it. So I said we will have another well sure enough we had QE two and then I was saying, well, we’re going to have more QE’S than rocky movies. and so we did that. We had QE three, but before we had QE three, right, we had. Operation Twist, which I was calling operation Screw, but then we had QE three, which became known as QE Infinity. But then, you know, Paul Krugman came out and said that it’s still not big enough, but now they’ve got all the QE’S, Now they’re talking about the exit strategy you talk about tapering. Now I was saying years ago when they did the first QE, I said that there was no exit, that they had checked into the monetary to the Roach motel of monetary policy, that there was no way out. And now there are some people, some mainstream economists that are saying that, yeah, you know, maybe it is going to be a difficult trick. To shrink the Fed’s balance sheet, you know, a trick like, you know, pull into a table out from under the dishes. You know, that old trick in yank the tablecloth. And if you do it just right, you don’t break the dishes, right? So it’s it. That’s a tough trick. That is not the trick that Ben Bernanke has to perform. I’ll give my idea of what he has to do. The trick Ben Bernacki has. Perform. He has totake the table and yank it out from under the cloth. He has to leave the cloth and the dishes suspended in mid air. That’s what he has to do .