{"id":38698,"date":"2010-01-01T01:00:00","date_gmt":"2010-01-01T00:00:00","guid":{"rendered":"https:\/\/www.futuribles.com\/les-pyramides-de-madoff-limposture-de-bernard-mado\/"},"modified":"2022-12-28T09:18:23","modified_gmt":"2022-12-28T08:18:23","slug":"les-pyramides-de-madoff-limposture-de-bernard-mado","status":"publish","type":"post","link":"https:\/\/www.futuribles.com\/en\/les-pyramides-de-madoff-limposture-de-bernard-mado\/","title":{"rendered":"Madoff\u2019s Pyramids. Bernard Madoff\u2019s Deception Shows up Some Others"},"content":{"rendered":"<div class='post-container'>The article by Jacques Bichot that we publish here is intended to be roundly provocative, offering a timely lesson on the strange operation of \u201cmodern\u201d economies. It shows, in fact, that Bernard Madoff was an illusionist on a grand scale and a skilled builder of paper pyramids in a manner that was both brilliant and, at the same time, highly revealing of what is, in the end, quite a widespread practice.\nDrawing on Jacques Rueff\u2019s distinction between \u201creal\u201d and \u201cfalse\u201d entitlements, Bichot demonstrates how the latter developed by way of a \u201cfinancial bubble\u201d that was increasingly disconnected from the real economy. And he shows that, though Madoff was able to create an illusion of individual wealth this way, \u201cso long as there were enough \u2018suckers\u2019 to believe in it\u201d, the illusion collapsed when creditors began to doubt him and collectively tried to reclaim their assets.\nYet, he tells us, the property market, \u201cfunded\u201d pension schemes and even states themselves operate no differently! They produce \u201cfalse entitlements\u201d, from which members of the oldest current generations benefit improperly, to the detriment of younger and future generations, who will eventually \u201cpick up the tab\u201d.\nThe ideas in this article will certainly provide food for thought, and may even spark some outraged reactions. Futuribles has opened its columns to their author despite their somewhat controversial nature.<\/div>","protected":false},"excerpt":{"rendered":"<p>The article by Jacques Bichot that we publish here is intended to be roundly provocative, offering a timely lesson on the strange operation of \u201cmodern\u201d economies. It shows, in fact, that Bernard Madoff was an illusionist on a grand scale and a skilled builder of paper pyramids in a manner that was both brilliant and, &hellip; <a href=\"https:\/\/www.futuribles.com\/en\/les-pyramides-de-madoff-limposture-de-bernard-mado\/\">Continued<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"none","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"both","_seopress_redirections_param":"","_seopress_redirections_type":301,"_seopress_analysis_target_kw":"","footnotes":""},"categories":[55,1324],"tags":[],"keyword":[1073,846,851],"class_list":["post-38698","post","type-post","status-publish","format-standard","hentry","category-forum","category-revue-futuribles","keyword-systemes-economiques-en","keyword-marche-financier-en","keyword-economie-internationale-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/posts\/38698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/comments?post=38698"}],"version-history":[{"count":3,"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/posts\/38698\/revisions"}],"predecessor-version":[{"id":60354,"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/posts\/38698\/revisions\/60354"}],"wp:attachment":[{"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/media?parent=38698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/categories?post=38698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/tags?post=38698"},{"taxonomy":"keyword","embeddable":true,"href":"https:\/\/www.futuribles.com\/en\/wp-json\/wp\/v2\/keyword?post=38698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}