transcript
show notes
A Ponzi scheme is not merely a financial crime. It is a philosophy of false acceleration.
The term comes from Charles Ponzi, an Italian immigrant who became infamous in the 1920s in the United States. He promised people extraordinary returns on their investments in a very short period of time. He claimed he had discovered a way to profit from international postal reply coupons — buying them cheaply in one country and exchanging them for higher value elsewhere.
The idea sounded intelligent. The profits sounded irresistible.
People invested. Want to know more? Enjoy today's episode.