Thursday, December 24, 2009

U.S. Ponzi Smoking Gun

I hardly ever link to another blog. I figure my readers read most of the same blogs I do and don't need repetition on this one. Well I am going to make an exception because Zero Hedge has an absolute MUST READ from Sprott Asset Management.

In early November I entitled a post called Ponzi Finance. I started seeing the financial system as a Ponzi Scheme. I had not read or heard anyone make that leap. Well others are starting to agree.

Eric Sprott entitled his latest letter "Is it all just a Ponzi scheme?"

A miraculous $510 billion of Treasuries (on pace for over $700 billion by year end) is being purchased by unknown buyers.

Eric isn't some fly by night conspiracy theorist. He spoke at the Value Investing Congress in New York City in October. His returns the last ten years are incredible.

Go to zero hedge to read it. A must read.

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