Economic Growth: The greatest Ponzi scheme of them all
Economic growth has all the earmarks of a Ponzi scheme. The detailed workings vary from place to place and change over time, but certain basic features of the scheme are noteworthy. Each succeeding generation pays into the scheme by undergoing a protracted period of costly education and training. When certified as skilled workers, the rising generation begins to receive ‘interest’ on its ‘investment’ in the form of wages derived from a job, and at the same time continues to contribute to the scheme.
August 15, 2013