Mad Money

Terrance Heath

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I have a confession to make. I’ve been trying to grasp the national global economic situation. I even constructed a (popular and recently updated) timeline. But I didn’t feel I could make any sense of it, Because, no matter how many times I’ve had it explained to me, it sounded like a bunch of people playing games with Monopoly Money; or some “worthless” paper (a phrase I’ve heard a lot in the past week. That is, until I saw this handy video from The Guardian confirmed my worse fears.

During these last several months I’ve had to learn phrases like “debt securities “ and wrap my brain around concepts like “credit swaps.” Just when I think I’ve got a handle on it, I find myself thinking , “No, it can’t’ be that. Surely not everyone would fail to see what was wrong with what going on. Someone must have known that it couldn’t go on; that it was unsustainable, because nothing in the system had any real value.” )

It all sounds like a pyramid scheme or a ponzi scheme — one with the top 1.5% or so of the population at the top and the rest of us closer the bottom

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