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Wealth Creation, or a Ponzi Scheme?

By Michael Hudson URL of this article: www.globalresearch.ca/index.php?context=va&aid=11480 Global Research, December 23, 2008 Last week the Good Lord evidently realized that not enough people had been reading Hyman Minsky's explanation of how financial cycles end in Ponzi schemes – the stage in which banks keep the boom going by lending their customers the money to pay interest and thus avoid default. So He sent Bernie Madoff to dominate the news for a week and give the mass media an opportunity to familiarize newspaper readers and TV watchers with just how Ponzi Schemes work. What Mr. Madoff did was, in a nutshell, what the economy as a whole has been doing under the moniker "wealth creation."

If the media were able to wait until as late in the financial collapse as last week to provide helpful diagrams about how Ponzi schemes need to keep on growing exponentially, it is simply because bad foreign financial news is not deemed newsworthy in North America. But Europe has...

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