Charles Ponzi is one of the most notorious fraudsters in history. Promising investors spectacular returns, he attracted investments in his scheme using new investors to pay off the earlier ones.
He has been back in the news recently following the allegations made against Bernard Madoff who has allegedly made off (geddit?) with millions of dollars prior to the collapse of his own business and his own apparent admission that his fund was a Ponzi.
Here in Britain, we have a scheme, apparently to pay for our pensions and the NHS called National Insurance. YOu put something aside each month - I think it's about 10% of your salary - and it goes towards your pension and healthcare. The only thing is that it doesn't. It actually goes towards the cost of paying for todays pensioners as their NI contributions have already been spent.
So, my conclusion is that either National Insurance is just another tax or it's all a great big Ponzi. What do you think?
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