Economists now admit debt based consumption is a Ponzi scheme

As if it hasn't been obvious to everyone who understands economics, Bloomberg reports that the self serving economist Larry Kotlikoff and others have released "new" papers saying that debt based consumption is "like" a Ponzi scheme. 

Folks, debt based consumption isn't "like" a Ponzi, it is the very definition of one.  And it doesn't take some learned economist to understand this.  In fact I was one of the very first to ever have used the term "Global Debt Ponzi" and probably the only one to have highlighted the fact that it has the same acronym as "Gross Domestic Product" - GDP.  I called out many times that what is counted in GDP is actually not mostly production but in fact mostly consumption.  So it is clear that those running this Ponzi for their master know exactly what it is.  Some people always get rich in any Ponzi.  These are the ones who exit before the collapse.  Anyone buying gold and silver right now will exit the Ponzi with something tangible.  The property market is going exponential because others prefer that mechanism for storing their wealth outside of the system.  But real estate has a lot of risks including the fact that it could be destroyed or confiscated in a civil war.  Gold and silver are mobile and they are fungible and they are liquid internationally.

A day of reckoning is coming folks.  It doesn't take some Ivy League economist to see that.