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Fraud

The HSBC joins victims of Madoff’s alleged fraud.

This is the latest story in a series of economic debacles that make me incandescent with anger. I detest fraud. I detest government failing in its role as sheriff, and instead helping to create a crisis because politicians want to buy votes.

In his latest book Money, Niall Ferguson pointed out the destructive role of the US government which forced banks to make housing loans to people who lacked a down payment or even a job to repay them.

The banks then bundled the loans and sold them.

This is NOT what Adam Smith meant by a free economy. If people are not honest - if we can't trust them and if they can't trust us - the free economy, which has lifted billions of people out of poverty, will not survive.

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