An even bigger Ponzi scheme

An even bigger Ponzi scheme

Bernard Madoff made off with $50 billion through a Ponzi scheme, which is a scam in which new investments are collected and used to pay off earlier investments. Eventually, too many people are owed money and there aren’t enough new people paying in to make it work, upon which the whole scheme collapses. Ponzi schemes are illegal. But this is exactly how the U.S. government is funding social security !

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