How do you say "Ponzi Scheme" using academic language?

Zerohedge has the answer.

Gawd, what a long winded and obfuscated way of saying that markets do not produce new value, they only trade value between winning and losing participants.  The only new value that comes in comes from new money from participants, not from value generated by the markets.  Thus it is a zero sum game.  Those who are in the markets with their retirement money are going to find out the hard way that the money they think is there is in fact not there. 

It is no different than a pension.  If you give your money to someone else to take care of, they will use your money to leverage up in order to make large profits which they keep a lot of and give you a little of.  At some point everyone is doing it and since all players are already participating there is no new money coming in any more.  That's when profits get hard to come by and the smart money begins to exit stage left (that is why I report on hedge fund liquidation - they know that the risk is now too high to play this game and so they are getting out).  At some point the owners of those retirement dollars come asking for them and when it reaches critical mass I can guarantee you that the money will not be there because the asset prices are fake, just like all the other fake things in our liberal economy, including the fake money.

People who don't know jack shit about finances and who discount my thousands of hours of research simply cannot bring themselves to believe what I am telling them even as the facts become more and more obvious.  In fact I am careful who I talk to about it because when the herd is operating under a belief system it can be dangerous to anyone who disagrees.  Hitler, after all, did not do what he did by himself.  He had tons of eager help.