The Greatest Ponzi Scheme in History / by James Rickards • May 4, 2017

This is a syndicated repost courtesy of The Daily Reckoning. To view original, click here. Reposted with permission.

The Chinese credit bubble is a ticking time bomb. That bubble is primed to explode with or without anything Trump does. When it happens and how it happens will have profound implications for your portfolio.

Bernie Madoff may have set a record for the biggest Ponzi scheme in U.S. history (if you don’t count Social Security), but China has set the world record.

Madoff’s scam was either a $65 billion Ponzi if you count fake profits, or a $20 billion Ponzi if you just count original investor money that he stole. Either way, it was a U.S. record.

Now China is about to set the world record with a $9 trillion Ponzi. Here’s how it works…


Read more ... source: The Bitcoin Channel

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