I mentioned in my last blog that I would comment on the similarities between Bernard Madoff's Ponzi scheme and the tradition of fractional reserve banking. However, many other, and probably more eloquent, writers have had similar thoughts and done the hard work for me. In a break from tradition, this blog simply directs you elsewhere to pursue this astounding, and concerning idea.
The Wall Street Ponzi Scheme called Fractional Reserve Banking: Borrowing from Peter to Pay Paul, by Ellen Brown
Ponzi Schemes in Russia, Colombia and the US: from Mavrodi to Murcia to Madoff (MMM), by Kaufmann