Afghanistan Was a Ponzi Scheme Sold to the American Public

Source: Foreign Policy
by Alan Richards & Steven Simon

“To understand the U.S. exit from Afghanistan, think of Bernie Madoff. It is helpful to see the U.S.-built Afghan state as a Ponzi scheme — it was all a house of cards, and, at some level, everyone knew it. … a Ponzi scheme is a series of lies, with little or no factual basis, that are sold to investors as brilliance. It depends on a continual infusion of funds from new investors; the new payments are initially used to pay the original investors. So long as more and more investors can be conned into providing their money, funds are found to pay previous investors, and the scam can continue. When it becomes hard to get continued funding, or when important investors begin to withdraw, others notice, become skeptical at first, then panic, and finally withdraw their money — and, as in a bank run, the rush for the exits ensues.” (09/02/21)