Indeed, it is somewhat surprising that there is not already rioting
in the streets, given the gigantic fraud perpetrated by the financial
elite at the expense of ordinary Americans. A leading economic
journalist has described the current financial crisis as a "gigantic
fraud", the fallout of a deliberate and preconceived profit agenda to
enslave the middle classes in a debt bubble.
The economics editor of the London Guardian, Larry Elliott, has hit
out at the global financial elite in a refreshing piece that marks a
rare shift away from the establishment hackery we are used to from
the corporate media. In an article titled America was conned - who
will pay? Elliot writes: Indeed, it is somewhat surprising that there
is not already rioting in the streets, given the gigantic fraud
perpetrated by the financial elite at the expense of ordinary
Americans. Business, of course, needs consumers to carry on spending
in order to make money, so a way had to be found to persuade
households to do their patriotic duty. The method chosen was simple.
Whip up a colossal housing bubble, convince consumers that it makes
sense to borrow money against the rising value of their homes to
supplement their meagre real wage growth and watch the profits roll
in.
As they did - for a while. Now it's payback time and the mood could
get very ugly. Americans, to put it bluntly, have been conned. They
have been duped by a bunch of serpent-tongued hucksters who packed up
the wagon and made it across the county line before a lynch mob could
be formed. Elliot also states that the debate is now not about
whether the US faces a recession, but is about how deep it will be
and how long it will last, comparing the downturn to the South Sea
Bubble crisis in 1720, and declaring that the "Ponzi securitisation
scam has been exposed." A Ponzi scheme, named after Charles Ponzi, is
one that offers abnormally high short-term returns in order to entice
new investors. The high returns that a Ponzi scheme advertises and
pays require an ever-increasing flow of money from investors in order
to keep the scheme going, meaning it is inevitable that it will
eventually collapse.
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Source: http://groups.yahoo.com/group/phantomtruth/message/15381 
