Cautionary Tales with Tim Harford cover image

The Fraudster's Guide to Magic Money

Cautionary Tales with Tim Harford

CHAPTER

Decoding Ponzi Schemes and Market Bubbles

This chapter explores the history and mechanics of Ponzi schemes, focusing on early figures like Sarah Howe and examining notable cases like Sam Israel. It contrasts Ponzi schemes with market bubbles, emphasizing investor psychology and the impact of narratives on financial behaviors. The discussion unravels the complexities of fraud, the evolution of deception, and the distinct characteristics that separate Ponzi schemes from pyramid schemes.

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