REAL MONEY: Madoff pyramid scheme not biggest money lie

Right On!!, Rob Rikoon!

A fundamental basic of economics, regardless of the system, is...'wealth' is created by making something of value. Whether it's a farmer growing wheat, a beekeeper working to produce honey, or a tool & die machinist taking a piece of raw blank metal and making a bolt to use in constructing an automobile, true wealth (read 'money') is only created when somebody works to create or add value to something, and can then offer that item of newly-created or increased value for sale or trade to someone else who wants it and has something of equal (or greater) value which they are willing to exchange for it.

Any scheme which purports to increase someone's 'wealth' without the work necessary to create that 'wealth' is false. And, yes, that includes someone putting their 'wealth' to 'work' to create 'wealth'... loaning money at interest...(which is really all the stocks and bonds markets are) since someone, somewhere, will have to work to add value to the borrowed 'wealth' in order to pay back the borrowed 'wealth', with interest, and at the same time create 'wealth' for themselves.

These simple basics seem to have gotten blown by the boards during these past few years, when thousands (millions?) of Americans thought they were becoming wealthy, without doing the necessary work to create that wealth.

Right On!!, Rob Rikoon!!

Right On!!, Rob Rikoon!

A fundamental basic of economics, regardless of the system, is...'wealth' is created by making something of value. Whether it's a farmer growing wheat, a beekeeper working to produce honey, or a tool & die machinist taking a piece of raw blank metal and making a bolt to use in constructing an automobile, true wealth (read 'money') is only created when somebody works to create or add value to something, and can then offer that item of newly-created or increased value for sale or trade to someone else who wants it and has something of equal (or greater) value which they are willing to exchange for it.

Any scheme which purports to increase someone's 'wealth' without the work necessary to create that 'wealth' is false. And, yes, that includes someone putting their 'wealth' to 'work' to create 'wealth'... loaning money at interest...(which is really all the stocks and bonds markets are) since someone, somewhere, will have to work to add value to the borrowed 'wealth' in order to pay back the borrowed 'wealth', with interest, and at the same time create 'wealth' for themselves.

These simple basics seem to have gotten blown by the boards during these past few years, when thousands (millions?) of Americans thought they were becoming wealthy, without doing the necessary work to create that wealth.

Right On!!, Rob Rikoon!!

has them all beat.

Amen!!

Sorry, but this is little more than tiresome palaver. A bunch
of not too clearly reasoned opinions, that I'd expect to hear
at a bar. Mr Rikoon could do better I should think.

Excuse me, but does anyone see the irony in Mr. Rikoon's comment about people being foolish for putting money into a(brokerage) firm with the same name on it as their advisor...while his own name is prominently displayed as part of the (trust fund baby) investment advisory firm "Rikoon Group, LLC"?
Most of his comments about the seductive lie of getting something for nothing and borrowing from our future to support our present spending habits were right on, tho.

Good Story!
We are headed into a depression, and must reduce our city, county, state, federal payrolls.
Especially reduce the pay of thouse makeing $70,000 + per year.