Wednesday, July 01, 2009
It Happens In All Ponzi Schemes
All ponzi schemes crash, at one point or another, when the suckers are either all tapped out, or new suckers cannot be induced to fall for the utopian pitch of never ending returns. The great ponzi scheme, which is the federal government, may be suffering from just such an eventuality.
As we near the end of June, which is supposed to be one of the four biggest months for federal tax collections (January, April, and September are the others), it is clear that the serious receipts shortfalls are not only continuing, but have caused the March 20 projections of the administration and the Congressional Budget Office (CBO) to be outdated.
Unfortunately, for Americans, the State has warehouses of smoke and mirrors, and a monopoly on force, which the State will use indiscriminately to maintain their illusion of beneficience and liquidity.
Via The New Clarion, in a post titled Going Galt?.