The Pope is in Brazil and it is winter there. That made me think of the 2016 summer games. Will the summer games be held in their summer, or the summer in the northern hemisphere? The answer is the games will held in their winter, August 5 to August 21, 2016. At least we will still get a respite during campaign season 2016. Still it is inconsiderate of northern hemisphere nations to require the host nation to host the games in their winter.
Ponzi, The Incredible True Story of the King of Financial Cons by Donald H. Dunn. Carlo (Charles) Ponzi, born in Italy in 1882 and died in 1949 in Rio de Janeiro, Brazil, did not invent the Ponzi scheme, but he gave it its modern-day fame. I purchased this book when the Bernie Madoff scandal was in full flower, but I did not get around to reading it until after Barack was re-elected. Ponzi’s life is a fascinating tale of small successes and many failures until he had an inspiration.
He discovered that postal coupons purchased in one country could be used in another country, and thus exploit currency exchange rate differences. Huge percentage profits were possible, but the dollar amounts were small. Ponzi decided to proceed as if dollar profits were unlimited. He sold notes to buyers who were promised a 50% return on their money, at first after 90 days and later reduced to 45 days. When the banks were paying only 4% in 1920, word spread rapidly that Ponzi was paying 50% every 45 days. Lines started forming as people rushed to take advantage of the get-rich opportunity that Ponzi offered.
For 6 months, Ponzi prospered and then the wheels started to come off. Ponzi refused to reveal how he was redeeming the postal coupons that he claimed were the source of his profits, as similarly Bernie Madoff refused to reveal how his stock buying and selling could consistently beat the market in both Bull and Bear markets. To succeed for a time, a Ponzi scheme must grow in size as new investors’ money is used to pay off older investors. Eventually someone will question how such large operations function without leaving a trace of evidence of doing what they say they are doing. There were not enough postal coupons in the world to support Ponzi’s operation, and the stock tickets supporting Bernie Madoff’s operation were counterfeits.
During the GOP primary season, there were accusations that Social Security is a Ponzi scheme. Untrue. All the numbers supporting Social Security revenues and obligations are known and public information. In a true Ponzi scheme, the operator refuses to tell how he/she generates the extraordinary returns. Mitt Romney’s tax proposals where he refused details more closely resembled a Ponzi scheme than Social Security does.
- Greatest Lies in History – Bernie Madoff and Get Rich Quick (codybateman.org)
The Czech Republic team is playing Brazil at this very moment and there are no empty seats. I wonder if it has anything to do with the swimsuits that the women are required to wear at temperatures above 60 degrees. I noticed that each team is represented by a three-letter abbreviation and Brazil’s is BRA which appears on the upper part of their two-piece swimsuits.
- Can beach volleyball can solve our foreign policy woes? (thecheapseats.ca)
- Czech Republic’s Marketa Slukova: reason to watch Olympic Beach Volleyball (photos) (thesportsbank.net)
Bought a gallon of orange juice at the store and wanted to avoid juice with pesticide exposure from Brazil. Searched the refrigerated section of the super-market carefully I thought. When I got the juice home, my wife pointed out that the container showed a Florida origin on the front and a Brazil origin on the back. We have determined to drink only the juice from the front of the gallon container.
- FDA Halts Orange Juice Imports (thedailymeal.com)
- Orange Juice! (everydaygyaan.com)
- FDA Finds Fungicide in OJ to Be Sold in US, But FDA Says “It’s Just Fine” (truthsupport.wordpress.com)