The Madoff Stimulus Plan

The Chinese government is the largest foreign investor in the debt of the United States government. Economist Thomas Sowell points out that the United States government and Bernie Madoff have something in common: both took advantage of the investors who trusted them.

Sowell writes:

"The Chinese are no fools. They know that all this unbridled spending — even when it is called “investment” — means that inflation is coming. That in turn means that the dollars with which U.S. government bonds will be paid off will be worth a lot less than the dollars with which the bonds were bought.

Governments around the world have played this game for centuries, robbing those who trusted them enough to buy their bonds. Like Bernard Madoff, they call it “investment.”"

Perhaps we shouldn't send Madoff to jail, after all. It sounds like there might be a place in this Administration for a man with his kind of talent.