December 15, 2008 The Madoff Scandal and Post-World War II America This is the third of 3 essays on trust and the economy (the first two are here and here).
An article in Business Week says this of the Madoff scandal: Painfully, the allegations of fraud surrounding the Madoff affair are also exposing the fundamental fallacy of the global economy. Like Madoff's trusting investors, the rest of the world was willing to assume that the U.S. economy as a whole was a low-risk, good-return investment. This belief drove the entire structure of global trade and finance for the past 10 years. And when the subprime crisis showed this assumption of low risk to be false, the financial crisis resulted.*** more here: http://georgewashington2.blogspot.com/2008/12/madoff-scandal-and-post-world-war-ii.html --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "ShadowGovernment" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/ShadowGovernment -~----------~----~----~----~------~----~------~--~---
