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| Failing to Prosecute Wall Street Fraud Is Extending Our Economic Problems | | Print | |
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Washington’s Blog Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky and the Wall Street Journal all say that the U.S. economy is a giant Ponzi scheme. Virtually all independent economists and financial experts say that rampant fraud was largely responsible for the financial crisis. See this and this. But many on Wall Street and in D.C. – and many investors – believe that we should just “go with the flow”. They hope that we can restart our economy and make some more money if we just let things continue the way they are. But the assumption that a system built on fraud can continue without crashing is false. In fact, top economists and financial experts agree that – unless fraud is prosecuted – the economy cannot recover. Fraud Leads to a Break Down in Trust and Instability in the Markets As Alan Greenspan said recently: Fraud creates very considerable instability in competitive markets. If you cannot trust your counterparties, it would not work
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