It's beginning to sink into me that the Bernie Madoff's disappearing $50 billion cannot be simply "a Ponzi scheme." Recall: In a Ponzi scheme, somebody gets the money. So in a $50 bill Ponzi scheme, somebody gets $50 billion. But if there were $50 billion walking around unsupervised, you'd think somebody might notice. One billion, maybe two or three, could easily get lost in the uproar, but there is an upper limit, and beyond that upper limit there's money tucked away somewhere, un-Ponzied and (so far) undisturbed. We don't know by whom or where, but we'd bet on some place where the drinks have little umbrellas.
Footnote: Do I get credit as the first person to use Ponzi as a verb?
Footnote II: All Bernie, all the time here.
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