I’ve been fascinated by the collapse of Bernard L. Madoff and his Ponzi “investment” scheme. It was a wonderful, runaway tale, and the way he pulled the wool over everybodies eyes was amazing.
Sadly, he didn’t learn from the master of all Ponzi schemes, and failed to manage to convince everybody that the collapse, burn and total destruction of his scheme was somebody elses fault. After all, he’s the one under bail and investigation, whereas The Master continues to be applauded and feted worldwide.
I am, of course, referring to the master Ponzi ringmaster himself, Mr G. Brown, PM of UK PLC. The man who has spent the last 10 years selling, mortgaging and flogging off everything he can get his hands on to keep the ball rolling, the UK economy booming and the populace happy. Bringing in cash to pay off the previous investors, raid the pension funds, sell off the public utilities, keep property prices high, keep the merchant bankers rich. Of course, once the last of the crown jewels were flogged off, the market collapses. In a way, he’s been affected in exactly the same way as Moffet, except he’s making a valient effort to blame the Yanks – and we seem to be buying it.
And not even Ed or Charles can convince me that the collapse of the UK credit market and implosion of sterling isn’t going to doom Spain (well, Andalucia) to a long, painful recession. Until the two million Brits in Spain, and the same in France, can start spending cash like drunken sailors again.