Geithner Admits Treasury is a Ponzi Scheme
This is unbelievable. From Reuters:
“It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations,” Geithner said in a letter to Senate Majority Leader Harry Reid that was obtained by Reuters.
So the only way to pay existing investors is to issue more debt to new investors?
Disclosure: I own shares in TMV.