Mr. John Bogle is on target in his “Ponzi” letter published May 15.

I would further reinforce Mr. Bogle’s thought that three things are required for this government Ponzi scheme to work: 1.) The ability to tax; 2.) The ability to print money; 3.) “To fool most of the people most of the time.”

If Madoff (yeah, right, he made off with lots of loot) in his Ponzi scheme could have taxed his “investors” and printed money to pay them, he would not be relaxing in prison today.

No, on the contrary, he would be up for high governmental elected office, “National Finance Maven” sounds about right. Of course, that office would be specially created for him, since there is no such office. But no doubt with his credentials he would be elected.

This is how financial nonsense works in modern America today. Hip, hip hooray!