If the recent letter by Duncan Schweitzer, “‘Social Security is not a Ponzi scheme’,” (Feb. 14), was not tongue in cheek, I suggest Mr. Schweitzer educate himself on Ponzi Schemes and the basics of economics. By its formal definition the Social Security system is, in fact, the biggest Ponzi scheme ever invented in world history, making Bernie Madoff look like child's play. And if someone believes that a fiat currency can succeed by printing an infinite amount of money without drastic economic consequences, why then doesn't the government just eliminate all tax burden on the population and print how many trillions of dollars it needs (or wants) to run the country.

Fiat currencies have been tried by governments for hundreds of years, and there is no recorded example (NOT ONE) which has succeeded over the long run. One of the biggest economic mistakes in U.S. history was President Nixon's ending the gold standard, thus producing the fiat currency that is now 31+ trillion dollars of debt owned by the American people. Our fiat currency has lasted longer than most fiats, and it is about to go belly-up. Mr. Schweitzer might also want to read what his hero, Alan Greenspan, says about that.

Peter Landolt

Groton