January 10, 2013 at 09:45 AM EST
Why the EU Crisis Has a Lot in Common With Bernie Madoff's Ponzi Scheme
This story by Mark Brolin originally appeared on Quartz. Bernie Madoff and the European Union have a lot more in common than you might think. In the private sector when someone assumes new loans to cover earlier losses but still claims the money is well-invested it’s called fraud. All of the problems will be taken care of “in the future ” the same vaguely outlined future in which investors can expect handsome rewards. In the public sector it’s called a debt crisis. Precisely such a mess is brewing right now within the EU. The main difference is that the ...
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