10 years ago
1
The Whole Economy Is Rife with Ponzi Schemes
The Ponzi scheme has been a recurring fixture of economic life in rich and poor nations at least since the 19th century, creating a few millionaires and ruining the lives of millions. Yet most people have only a vague idea of what they are, which may explain why so many continue to fall for their strange and almost mystical allure.
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http://www.scientificamerican.com
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article behind paywall, just fyi