Former Nasdaq chairman Bernard Madoff was arrested last week for allegedly running the biggest dollar Ponzi scheme of all time.

According to the Securities and Exchange Commission (SEC)’s statement, Mr Madoff has confessed to losses of “at least”  USA Dollar 50 billion.

A giant Ponzi scheme? What was the actual scam?

We are not allowed to know what Madoff did wrong.

According to prosecutors (Ivo: from the SEC?), when asked by the FBI agents about his revelation to his amazed sons that his business was collapsing, he said simply: “There is no innocent explanation”, says The Telegraph. (1)

Along the way, the sheeple are coming to realise how bad the Crisis really is.

We have been living beyond our means for too long and have displayed the utmost creativity to continue doing that. That creativity has now come to an end.

Without collateral or anchor, no valuation can be trusted. Hence, the purchasing power of one USA dollar varies according to the place where you want to establish that purchasing power. The same product geographically varies in price.

FreeGold would put an end to these different valuations.

The dollar debt system is losing all its credibility.

Only universally valuable FreeGold can restore this credibility to “our” globalising economy.

At that moment, the same product will have the same price all over this planet.

Or will German chancellor Merkel continue to argue that there is now a general consensus to negate all economic laws? (2) (3)

This horrific fraud is a perfect icon of the era of central banking, which began with a vengeance on 15 August 1971, when Richard Nixon ended the remnants of the gold standard, and unleashed entirely discretionary monetary policy on the world. (4)

Ivo Cerckel
Siquijor, 14 December 2008

NOTES

(1)
Bernie Madoff: Profile of a Wall Street star
Bernard Madoff launched his high-flying career with a few thousands dollars raised from summer jobs as a lifeguard and garden sprinkler installer, and ended it in a pale blue bathrobe and slippers.
By Philip Sherwell in New York
Last Updated: 12:04AM GMT 14 Dec 2008
http://www.telegraph.co.uk/finance/3742427/Bernie-Madoff-Profile-of-a-Wall-Street-star.html

(2)
Wirtschaftspolitischer Rat
Vom Krisentreffen zur konzertierten Aktion
Von Andreas Mihm, Konrad Mrusek und Manfred Schäfers
13. Dezember 2008
http://www.faz.net/s/Rub0E9EEF84AC1E4A389A8DC6C23161FE44/Doc~E5E18EB9107EB439EB8363930B20AFD4C~ATpl~Ecommon~Scontent.html
SNIP
Der Blick zurück auf dem Weg nach vorn ist gewollt. Der stellvertretende Regierungssprecher Thomas Steg sprach mit Blick auf das Treffen im Kanzleramt an diesem Sonntag von einer „ideellen konzertierten Aktion“. Es sei zwar nicht beabsichtigt, die Runde zu einer dauerhaften Einrichtung zu machen, aber denkbar, dass das Treffen wiederholt werde. Auf jeden Fall steckt hinter der Einladung die Absicht, einen breiten gesellschaftlichen Konsens für das erwogene zweite Konjunkturpaket zu erzielen (lesen Sie die Namen auf Merkels Gästeliste).

(3)
“Madame Non” Merkel switches to “yes” as EU motto
Fri Dec 12, 2008 10:24am EST
By Kerstin Gehmlich
http://www.reuters.com/article/vcCandidateFeed2/idUSTRE4BB4OX20081212
SNIP
BRUSSELS (Reuters) – German Chancellor Angela Merkel on Friday laughed off the “Madame Non” nickname critics have given her over her European policies, saying “yes” had been her credo during climate and economic talks at an EU summit.
Merkel, who faces a general election next year, left the meeting with a mixed bag of gains and setbacks that might give some relief to German industry, but will also see Berlin pay more for climate measures in eastern Europe than it intended.
“‘Yes’ has been the motto of the day,” a smirking Merkel told a news conference at the end of the two-day meeting of European leaders, when asked about her “Madame Non” image.

(4)
December 13, 2008
The Age of Madoff
Posted by Lew Rockwell at December 13, 2008 01:36 PM
http://www.lewrockwell.com/blog/lewrw/archives/024400.html