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I bet there are hundreds of madoffs. I hope we call it a “madoff scheme” from now on just for fun. Everyone puts their money into an account trusting the government to take care of them, and not watch out for the interests of the banks. The online account might have a digital number or print out the number on paper so you feel like you have it, but if we all go out to get our money in cash tomorrow and store it under our mattresses, there wouldn’t be enough for 1/10th of the money. With the system based on “trust” of course there are going to be schemers that can get away with it for decades until there is forced liquidation and everyone wants their cash back all at once.
You think that the people depositing your money into the account, cant find ways to borrow from their deposits and get money from it? And then the fees can cover their costs so they can run out and spend your money. But the joke is on them too because the banks are doing the sam thing with regards to the loans and it’s mostly digital. And then the fed scams the government the same way and the government scams the rest of the world with it’s fuzzy math accounting and spending. If the government stops this system from going, people go bankrupt, and money comes up dry and they want to know why they don’t get there money. The government is very happy to find a culprit AFTER the fact. Where was the SEC these 20 years? They only figure it out AFTER the fact because they don’t give a **** about it until it threatens their chances of reelection and then they will just come up with a scapegoat.
I believe it dates back to somewhere around 1776, a bunch of men came together at a table and went short he USD.