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This morning, to a reader who wrote concerning my latest “SITREP,” I pointed out the U.S. has fallen victim to the same circular reasoning I see where many other matters and issues are concerned. “The nation’s economy improves on account of all the business generated by making lots of loans,” goes the asinine reasoning; “and since the economy is good, we can make as many loans as we like without fear of having to foreclose.” This form of a Ponzi scheme has always led to disaster historically, and here we are. The wonder of it all is not that the public is so stupid or ignorant of logic to recognize the Ponzi scheme, circular logic reasoning, but that it’s knowledge of history is so poor that it can’t remember the first time the banks pulled this Brobdingnagian bunco stunt.
No, I don’t mean the Savings and Loan swindles of a few years back. I mean formation of the Federal Reserve. In...
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