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| The Objectless Offic… on The great pacific garbage… | |
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| Bryan Strawser on Goodbye Len |
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Expect to see alot more Ponzi schemes come to light in the near future. This quote from Galbraith is applicable – “At any given time there exists an inventory of undiscovered embezzlement in—or more precisely not in—the country’s businesses and banks. This inventory—it should be called the bezzle—amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and the money is plentiful. But even though money is plentiful there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In a depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks”.
By: vince on December 20, 2008
at 3:50 am