Economic Darwinism

Geithner Admits Treasury is a Ponzi Scheme

Posted in Geithner, Ponzi, Treasury by Economic Darwinism on August 8, 2009

This is unbelievable. From Reuters:

Geithner asks Congress for higher U.S. debt limit

“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.