Exponential Economic & Population Growth World Economy Runaway Train Ponzi Scheme; heading for Cliff of Finite Resources!

Robbing Peter to Pay Paul: A Ponzi scheme is a financial scam that involves paying abnormally high returns to existing investors from funds contributed by new investors. The entire financial system is equivalent to a gigantic Ponzi scheme; which include many interlinked subsiduary Ponzi schemes, such as the sub-prime crisis, the sovereign debt crisis, the derivatives crisis, etc.

Dubai mega-tower `last hurrah' to age of excess

Dubai mega-tower `last hurrah' to age of excess

By Brian Murphy, Associated Press Writer
Wed Dec 2, 6:10 pm ET

DUBAI, United Arab Emirates – When work began in 2004 to build the world's tallest tower, Dubai's confidence also was sky high with a host of mega-projects on the drawing board or rising from the sands.

That swagger seems positively old school these days. It's been tripped up by a debt crunch that has humbled Dubai's leaders and exposed the shaky foundations of the city-state's boom years — leaving the planned Jan. 4 opening of the iconic Burj Dubai with a double significance of hello and goodbye.

It will be both a debutante bash for a new architectural landmark and a farewell toast to Dubai's age of excess.

The Burj Dubai — a steel-and-glass needle rising more than a half-mile (800 meters) — may be the last completed work from Dubai's time of the giants. Most other of the unfinished super-projects announced in recent years, such as a second palm-shaped island or a tower to surpass the Burj Dubai, are either recession roadkill or being considered on a far smaller scale.

If they are still considered at all.

Dubai last week dropped what amounted to a financial bombshell — announcing its main government-backed development group, Dubai World, needed at least a six-month breather from creditors owed nearly $60 billion.

SA's Largest Ponzi Scheme Uncovered: Hundreds of Greedy Investors Conned with False Promises || Financial Armageddon: Frauds, Old and New

SA's Largest Ponzi scheme uncovered

Hundreds of investors stand to lose millions as SSG helps investigate false promises.

The Frankel Investment Scheme operates as an importer and exporter of Active Pharmaceutical Ingredients (API) from foreign countries. These ingredients are used by manufacturers of generic medicines and a large part of the API's are used in the manufacturing of the anti retroviral drug prescribed to people who were exposed to or contracted the HIV/Aids virus.

Founder of this scheme, Barry Tannenbaum is the son of a founding shareholder of Adcock Ingram and has a bachelors degree in science. Tannenbaum promoted his concept to investors claiming massive returns on investments. Tannenbaum supported his proposition by showing prospects purchase orders from major pharmaceutical companies such as Adcock Ingram, Aspen and Novartis for the respective API's valued in the many millions.

Another 'dramatis personae' in this scheme is Dean Rees. Rees is a well known attorney and his personal bank accounts were often used for investors to deposit their money into. When an attorney and investor from Routlidge Modise called a meeting for all investors last week, Rees, like a knight in shining armour, undertook to act as the legal representative for the investors. Rees also explained that he is Chief Operating Officer (COO), acting on behalf of the whole Frankel Group. However early in June Rees wrote a letter stating that he had been revoked as COO. Worried investors cross questioned Rees at the meeting and he explained that he had no part in the alleged fraudulent transactions and stands to lose all his investments just like everybody else.

Austrian Economist Peter Schiff Was Right || Peter Schiff: “Why the Meltdown Should Have Surprised No One!”

Austrian Economist Peter Schiff Was Right

Clips from 2006 - 2007 Predicting Current Economic Events

Why the Meltdown Should Have Surprised No One

Mises Daily by Peter Schiff

Posted on 6/12/2009 12:00:00 AM

[Henry Hazlitt Memorial Lecture, Austrian Scholars Conference, March 13, 2009. An MP3 audio version of this lecture is available for download. You can also watch the video. Transcript provided by Jennifer Lewis.]


Introduction by Joseph Salerno

It is my great and distinct pleasure to introduce the Henry Hazlitt Lecturer, Peter Schiff.

Schiff, president of Euro Pacific Capital, is familiar to everyone who has watched financial coverage in the last year. He is famed for being the most vocal financial economist to have perfectly predicted the crash.

Financial Warfare Trifecta: Population, Resources & Information:: 400 Millionaires Defrauded || Humanity: Need a Moral Bailout || The 50th Law

400 Millionaires Defrauded

SA PIG | Noseweek

Noseweek.co.za Editor Martin Welz says their information shows that some 400 millionaires invested an estimated R2-billion and speculation that sums of up to R15bn are involved (gone up in such a short space of time?) with businessman Barry Tannenbaum, with the promise of great returns.

Barry Tannenbaum, a grandson of one of the co-founders of Adcock Ingram, together with Johannesburg attorneys Dean Rees and Daryl Leigh, have been running a pyramid scheme promising massive returns on investments. Investors were told they would score between 15 and 20 percent in three months, and their money would be used to finance the import of chemicals which, among other things, were required for antiretroviral medicines for the treatment of HIV and Aids.

BARRY TANNENBAUM TAKES S.A. MILLIONAIRES FOR A R15 BILLION PONZI IN THE PARK

On Friday last week Johannesburg businessman Christopher Leppan applied to the Johannesburg High Court to have Barry Deon Tannenbaum, until recently of Rivonia, declared bankrupt.

Barry is the famously pious son of Harold Tannenbaum, mega-rich founder of Adcock Ingram, South Africa's second-largest pharmaceutical company.

Ten $$ Things To Do! || Lessons of the Global Financial Crisis: 1. End of Ponzi Prosperity; 2. Whatever it Takes! 3. Built to Fail!

Ten Things You Must Do!!

Karls Market Ticker! (Excerpt)

Don't say you weren't warned.

So without further adieu, here's my list of 10 things you need to be doing now:

1. Stop listening to those who claim that "The Market is telling you the recession is ending/over." Baloney. What was the market telling you in October of 2007 when the SPX hit 1576? That everything was great and "subprime was contained", right? Any more questions on that piece of nonsense?
   
   
2. Get out of debt - NOW. Revolving debt in particular is murderous. If your credit line hasn't been cut back or your interest rate jacked, you're one of the few. It will happen. Going bankrupt due to increasing debt service requirements (with or without job loss) sucks.
   
   
3. Stop spending more than you make - in fact, do the opposite - start saving. NOW. You need to be saving 10% of your gross income. Not net or "excess" - gross. These funds serve two purposes: an emergency fund (which you're likely to need) and if you have one already it will also serve as a fund to buy up assets that will be puked up when things get really bad. You don't get wealthy by selling to some other sucker - you get wealthy by buying when nobody has any money to buy - that is, by driving the hardest bargain you can imagine!
   
   
4. I've said it before but it bears repeating: have the ability to make it even if you lose your job. Most people say three months of reserves are necessary. I've said six months to two years, and I'll reiterate it. And reserves means cash, not credit. Parked in a credit union is ok - but be prepared to make that actual cash in a big honking hurry if you need to. How do you know if you need to? If and when the first Treasury auction fails, the market crashes below the 666 March low and/or a big bank fails, you need to.