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The Next Ponzi Scheme? Take a Close Look at the U.S. Banking System, Says
Michael Parness, CEO of TrendFund.com
4/1/2009
Michael Parness, the outspoken CEO of
TrendFund.com, believes that the current U.S. Banking System is nothing more
than a government supported Ponzi scheme and says a drastic overhaul of the
banking system is necessary.
"Take a look at the definition of a Ponzi scheme: a fraudulent investment
operation that pays returns to investors from the money of subsequent
investors rather than from profit," said Parness. "Anyone remember how Madoff
and Stanford Group finally collapsed ... when people started taking their
money back."
"What if everyone were to go to their bank tomorrow and demand their money
back immediately? The banks are insolvent and this run on banks would force
many or most of the bigger banks to fail completely and disintegrate, because
the true number for a government bailout of the banks is actually $50 to $100
trillion," added Parness.
Parness believes that a drastic overhaul of the banking system needs to take
place immediately. "Nationalizing the banks is the first step, because it
will allow the government to cut out the middle man, guarantee all deposits,
give out loans with lower rates and better terms, and renegotiate mortgages.
Most banks are insolvent and surviving on borrowed monies, meaning the
public's accounts. So to try to continue to maintain shareholder equity is
foolish."
"The banking system has been the biggest Ponzi scheme on earth for a long time
and the only difference is that it has had Wall Street and the government's
blessing," said Parness. "What we are witnessing is the death of the banking
system as we know it, and perhaps, unfortunately, the death of the economic
system as we know it."
Parness recently turned heads on Your World w/ Neil Cavuto on Fox News Channel
by predicting that the market would go under 5,000 in 2009. In 2008, Parness
nailed his market predictions, and while the market had its worst year ever,
he had his best year ever as a trader. He just released his new book Rule
Your Freakin' Retirement (St. Martin's Press).
A high school dropout, who once lived homeless on the streets, Michael Parness
founded TrendFund.com in 1999 and it's the leading online trend-based advisory
service for the individual trader. Parness has written "Rule The Freakin'
Markets" and "Power Trading/Power Living" (St. Martin's Press).
www.trendfund.com
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