For that—for a Ponzi scheme that would threaten to bankrupt capitalism across the entire Western world—you need people much smarter than Ponzi or Madoff. You need time, you need energy, you need motivation. In a word, you need Wall Street. But Wall Street alone doesn’t have the strength to deliver a truly cataclysmic outcome. If your ambition is to create havoc on the largest possible scale, you need access to a balance sheet running into the tens of trillions. You need power. You need prestige. You need a remarkable willingness to deceive. In a word, you need Washington.As Gary North wrote in a brief review of Feierstein’s book, “The central banks have colluded with the national governments in order to fund huge increases of national debt, beyond what can ever be paid off. In other words, [Feierstein] has described government promises as part of a gigantic international Ponzi scheme.” In a recent interview, Peter Schiff, who was laughed at when he predicted the economic meltdown of 2007–9, said interest on the federal debt alone “will be about a trillion by the end of this year. By the end of next year [it will reach] two trillion dollars—and that’s if interest rates don’t go up. . . . This is a huge debt bomb that’s going to explode.” Ultra-high corporate and credit card debt, along with bank insolvency sustains his argument for a coming collapse, the polar opposite of Biden’s economic dream. Along with this, Reuters notes that the spread between two- and ten-year Treasurys is at the deepest inversion since 1981. Rarely has an inverted yield curve not signaled a recession. Can Jerome Powell and his advisors steer the economy into a soft landing? Not this time. “The only landing possible is a crash, where everyone on board dies,” Schiff recently tweeted. Ponzi and Madoff went to jail for their schemes, but how do you prosecute governments for theirs? Prosecution implies being a part of government. And with rare exceptions such as Ron Paul, those who go into government believe gold is a barbarous relic and the Fed is a good thing that just needs a little government tinkering. So, the guilty will go unpunished, unless public outrage misguidedly turns to nonjudicial violence. The rest will be too busy trying to survive and protect those they care about.
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