Nobody ever lost money by overestimating the stupidity of the American people
Suppose I asked you for a $100 loan, and promised to pay you back $83 by the end of the year. What, do you think I am crazy to approach you with such a proposal? It appears that the American people find this deal sufficiently attractive. We have the Federal Reserve that is diluting the value of the dollar by 20% a year. And we have the banking system that offers 12-month CDs at rates varying from 1.5% to 3%. And then we have the depositiors who lend their money to the banks under these terms and imagine that they are saving.