Podcast: Are Gilts the biggest Ponzi scheme ever?

The UK Treasury may not be Bernie Madoff but there are certainly some ugly similarities, says John Mulligan.
 
Here's a couple - repaying existing investors through funds raised from new investors and the fact that the whole enterprise is frequently ramped up by exaggerated claims from the scheme operator. In this case, not the world's biggest fraudster but the UK Treasury.
 
The parallels don't just stop there - what if the investor has dated, non-index linked securities and faces being paid back in a devalued currency.

Click here to read the full text of the podcast.
 
Click on the 'play' button below to listen to John's podcast.