Powder Blue Report

News, finance, politics, sports, and fun from the west coast

Thursday, April 09, 2009

Quote Of The Day

"Our fractional reserve financial system is just a gigantic Ponzi scheme. It can only survive as long as it expands, which is to say, as long as new debt is flushed through the system to finance old debt. But like all Ponzi schemes, the larger it grows the more unstable it becomes. Eventually, it collapses of its own weight."

James Sinclair.


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