The Bezzle

[k4kyv]

I heard an interesting term used on a news program last night reporting on the economic crises.  It's called "the bezzle".

The "bezzle" is a term that was coined by economist John Kenneth Galbraith. At any given time there is a certain amount of embezzlement going on in the economy. Now this falsely inflates the total wealth of the economy at that moment because, not only does the embezzler now have substantial resources under his control but the embezzled does not yet know that he or she has lost those resources. And so there is a double counting of wealth, of both the victim and the victimizer. And the inventory of that duplicity is what Galbraith called the bezzle.

[Jim, W5JO]

You must be talking about Madoff.

[WA1GFZ]

It is very dumb to rip off a lot of rich people. He will be safer in jail.

[W3RSW]

What's the little frame surrounding my Megahertz window?
No answers from HUZ please. 

uh, ok, I was thinking of bezel, the framing of the radio slide rule.

[Carl WA1KPD]

It is very dumb to rip off a lot of rich people. He will be safer in jail.

Ya think?

I'm sure a few "Bubbas" in the house can be hired as consultants to do some particularly nasty portfolio reviews to the man.

[WA1GFZ]

Catch Trump's comments on this guy today....you know you are bad when the Donald calls you a sleeze....

[Ed/KB1HYS]

Hmm.  More importantly, I can "I" ripoff a bunch of "Rich" folks for billions???

I wonder if He'll right a "How To" book from jail...

[Jim, W5JO]

If he gets jail, chances are some president will pardon him like Marc Rich.  At those altitudes they view crime a bit different than down where I live.

[KA1ZGC]

It's pretty sad when people can only understand the concept of "embezzlement" and its economic effects by some chucklehead dumbing it down and giving it a chintzy name like "The Bezzle".

Reminds me of an Onion headline I saw recently: "WaMu files for ChapLev".

Pardon me while I puke in my checkbook. 

[k4kyv]

It's pretty sad when people can only understand the concept of "embezzlement" and its economic effects by some chucklehead dumbing it down and giving it a chintzy name like "The Bezzle".

That term was not coined recently and  has nothing to do with dumbing anything down.  Galbraith died in 2006, and he came up with the word decades ago.  I used to pass him by on his early morning walk through Cambridge Common back in the early 70's when I lived near there.  Some talking head on a recent news commentary happened to recall it while talking about the current "crisis".

It doesn't mean the same thing as embezzlement, but was meant to be a facetious term to describe the proceeds from undiscovered embezzlement, or any other undiscovered ripoff for that matter, that gets counted twice when they do statistics on the economy, thus inflating the country's total worth. 

I suspect a lot of money is getting counted twice these days, maybe even 3 times, creating a substantial Bezzle.

Reminds me of an Onion headline I saw recently: "WaMu files for ChapLev".

Pardon me while I puke in my checkbook.  Lips sealed

Lighten up!

[W3RSW]

One liners are almost always subject to humorous illumination.

I think 'Bezel' matches well as a derivitive, not a diminuitive in any way.

(sorry, preachy again....)

[ab3al]

fo shizzle nizzle

[Steve - WB3HUZ]

Since most economists don't know what they are talking about, not sure why anyone would use a phase coined by one.

[W2ZE]

fo shizzle nizzle

Yea, fo shizzle my bezel y'all

[WA1GFZ]

Yea Huz the overeducated idiots did us good this time.

[k4kyv]

Since most economists don't know what they are talking about, not sure why anyone would use a phase coined by one.

Because the "Bezzel" just keeps on growing by the day, and has now reached trillion-dollar proportions.

[Steve - WB3HUZ]

Same as it ever was.

[N3DRB The Derb]

sort of, but now it's actually worse than it ever was, but it was the same...

[Steve - WB3HUZ]

Nah, its not worse. Some people just want you to think that. History shows differently.

[W3RSW]

Do you guys realize how much money is sequestered in Swiss banks?
Yeah your right, always has been, always will..... 

WWII's pogroms, purges and state sponsored thuggery probably saw the biggest transfer of booty, stolen money and goods, works of art, etc, ever into Swiss holdings (in real terms, not today's dollarettes, yennettes, or euroettes..)    Swiss banks made reparations not too long ago... it was just window dressing though, probably pennies on the dollar. 

All the crappola going on now is the continuing result of human basal, our darker nature, more of the "simply because we can" mentality.

You might remember in 1935 or so when Rockefeller, sr. was told he might have all his money taken away by the fed was reputed to have said, " go ahead; you can take all my money Friday and I'll have it all back again Monday anyway."   Although to his credit in that instance, I think he was referring to the intellegence of the average "investor" and/or "gov't oversight agency.

So has it been, so will it be....  always.