Tag «ponzi scheme»

Channeling Kurt Vonnegut

I presented at SUNY-Fredonia on 2 April 2012. The standing-room-only audience, in a room with 200 chairs, included about 30 students from a class on Kurt Vonnegut and similar number from a class on environmental chemistry. I was informed the Vonnegut students would be attending the day before the event, so I asked their instructor …

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We’ve known this was coming for a long time. Every empire is built on a foundation of sand debt. The Ponzi scheme works for a while but, at some point, the debt we’ve passed along to future generations must be paid. The alternative is default, which can happen with extreme rapidity. The latter option is increasingly attractive because the current U.S. debt of $10.5 trillion far exceeds the value of all the currency in the world combined with all the gold ever mined from planet Earth. This seems like a problem to me.