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SENTRY JOURNAL » EU, European Union, Financial Meltdown, Global Economy, Jeff Mosiman, Ponzi Scheme » EU Ponzi Scheme: Is the End Here?

EU Ponzi Scheme: Is the End Here?

by Jeff Mosiman

In America we seemed to be all too concerned with the price of gas, the cost of food, the newest toy in our garage (4 stall as nothing less would do), the need for redistribution of wealth (ok just the Marxist left) and of course the oil spill in the Gulf; but we spoiled, pampered, selfish Americans should be more concerned with the happenings half way around the world.  During my time at Norwich in June of 2008, a friend of mine relayed a story of how families were killed by each other, neighbors by neighbors and businessmen by those they worked with over a Ponzi scheme gone wrong.  And here we see the same Ponzi scheme being committed not by a would-be robber or swindler, but a government itself: Greece.  Greece is on the brink of collapse and so too is the European Union.  Spain, Portugal and Italy are all positioning themselves to prevent this from happening, but the die has been cast and the events set in motion; it will happen.  The scarier part is that it is coming to America very soon.

Now this all seems like a madman’s theory and it might be if not for our interdependence of commerce and wealth.  The stock market retreated yesterday and oil dropped $3 per barrel on the news of Greece’s instability.  What will happen when this explodes to the other three nations and Germany or France says to fix the problem: not with my reserve.  We were so worried about nuclear destruction we forgot that monetary destruction is just as likely when governments’ out promise their spending capabilities.

Here in the United States we have done just that.  Look at Michigan, New York or California as examples as they may look to the federal government (THIS MEANS YOU) to bail them out.  Well, we have enough pinheads in Iowa outspending our financial resources so I don’t need to help the pinheads in other states fix their mess.  In New Jersey Governor Christie made the decision to take the problem head on and has been lambasted for doing it.  There have been calls that he hates education, doesn’t care about the kids and so on all the while a 49 yr old state retiree gets $3.3 million in retirement benefits from $125 thousand paid in; does it sound like a Ponzi scheme anyone?  Now that does not include his $700 thousand of health care either.  At what point do we need to end our own Ponzi scheme?

The Stimulus Plan was a bust, a payback to those who supported President Obama; unfortunately we have Senators Grassley (once a conservative) and Harkin that perpetuated the Ponzi scheme.  And now it appears that Britain and Ireland have been added to the list of countries that will be negatively affected when Greece falls.  How ironic that the origins of democracy and arrogance combined will be the downfall of the European Union and maybe, just maybe, the collapse of the entire globally economic system.

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Filed under: EU, European Union, Financial Meltdown, Global Economy, Jeff Mosiman, Ponzi Scheme

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Comments
  • TRESTIN MEACHAM May 7, 2010 at 5:03 AM

    I think we may be at the point that all we can do, is prepare ourselves for what is coming.

  • jeff mosiman May 7, 2010 at 9:07 AM

    Trestin,

    I am one of the lucky few that have and are currently engaged with that preparation. Living in the country I feel that there are certain advantages to the food issues that may come up. Unfortunately I see us teetering on the edge and when the collapse dose come the 30s will seem like a rather mild in comparison. Many of the necessities needed to survive have been lost by a society that demands instant gratification. Look at us now using the internet to communicate instead of pen and paper. The future is more uncertain now for us (US citizens) than ever. I only hope that we emerge as a stronger and more resilient country as a result. Thanks for the comments and review of my posting.

    Jeff

  • Matt May 7, 2010 at 6:04 PM

    I think that the general consensus is that this is going to get a lot worse before it gets better. We will have to prepare for some bad times to come.

    I fear that everything will have to collapse before the "progressive" agenda is conclusively proven to be a fraud. Even in complete failure, however, they will continue to blame capitalism.

  • jeff mosiman May 7, 2010 at 6:55 PM

    Unfortunately Matt you are correct. It is funny that you cannot point to one economy that has worked as Marx or the left sugested, and somehow we are supposed to believe that it will work now. Granted the US is much stronger financially than Russia and Marx stated that monetary stability would be required for his ideology to work, but after a short time even the government out spends the reserve capital. They cannot help themselves…..all ot them.

    Thanks for the comments
    Jeff

  • USAWatchmen May 7, 2010 at 9:35 PM

    I'm from Iowa and for the most part I think Chuck Grassley's heart is in the right place, but Harkin is an idiot. Anyway, I agree that things are getting pretty bad and will only get worse. And Matt is also correct saying that they will still blame capitalism. Unfortunately it must get much worse before it can get better.

  • Jeff Mosiman May 9, 2010 at 6:24 AM

    USAWatchmen,

    I would agree that Grassley's heart is in the right place, but voting on a bailout for the states and unions is not acceptable. Even the strong conservative over time will get lost in the cess pool of Washington DC. Limited government and the belief of the individual must be first and foremost, because once power is given those with power seldon surrender willing.

    Jeff