The 1694 inversion and the Ponzi geometry of the American retirement system
By Wendy Williamson
WendyWilliamson.com
September 24, 2026
"It should be clear that modern fractional reserve banking is a shell game, a Ponzi scheme, a fraud in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipts." - Murray N. Rothbard, The Mystery of Banking