The Madoff Ponzi- Loosing faith in America

Over the last 12 months the US and its regulatory agencies have made a mockery of themselves. If the financial crisis wasn’t enough to prove their inefficiency and ineffectiveness now we have Madoff popping its ugly head out robbing investors of over $ 50 Bn. To put things in to perspective this is the largest financial scam ever.

Securities and Exchange Commission Chairman Cristopher Cox said the agency failed to act for almost a decade on “credible and specific allegations” of wrongdoing by Bernard Madoff, who authorities say bilked investors of as much as $50 billion.

We have asked time and again what the regulators were doing when exotic derivative instruments were being invested in indiscriminately, we have asked the same question about off-balance-sheeting various assets. And now we beg again to know why a blind eye was turned to the Madoff Scandal.

This brings about a lot of questions pertinent to the way America’s businesses, policies and politics is governed. It is no secret that Madoff was a contributor or a lobbyist and donated over $.2 million in the past few years to various political parties. Lobbying is something I’ve always called an official form of bribery. To compliment that statement I’d like to throw one around. Who’s the biggest backer of any assistance to the Big-3? Yes spot on, none other than President Elect Barrack Obama. May I ask how much has been given for his campaign by these entities? I think it’s a big question it always has been. It’s a form to legalize cash for favorable policies and this time the world is seeing and not just like other times when they were just witnesses this time around the world is casualty.

The world has considered America a safe place to do business, the US Dollar a safe currency to hold and US assets the safest to bet on. All these beliefs have been shunned in the last 12 months, yes I put my hand up and say the dollar myth will be shunned soon.

Lets not fool ourselves here:
Regulators are literally blind.
The Fed doesn’t have a clue of what it’s doing.
American Debt is now beyond correction.
It’s not Wall Street but Main Street that’s in the doldrums.
America is trying to pull of the biggest scam ever.
And the dollar is no safe haven (really).