『S13 Ep3 Financial Crises: Ponzi Schemes』のカバーアート

S13 Ep3 Financial Crises: Ponzi Schemes

S13 Ep3 Financial Crises: Ponzi Schemes

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In the third episode of this ‘Financial Crises’ season, Simon and Bex discuss what we can learn from classic get-rich-quick ventures, such as Ponzi schemes.Some key points of interest covered in this episode include the following:Introducing this week’s topic, Simon explains that Ponzi schemes are a really good example of the way in which money can gain a powerful grip on our hearts and cause us to make unwise financial decisions purely because of a fear of missing out on a big payout. [00:44]To illustrate the way in which people are manipulated to join Ponzi schemes, Simon tries out his best persuasive techniques on Bex! [01:39]Ponzi schemes have existed before and after Charles Ponzi’s money-making projects in 1920s America, but his scam involving postage stamps (international reply coupons) was the classic example of an investment pitch which had absolutely no substance. In theory, he could have built up a profit from buying and selling stamps in different countries to take advantage of post-war currency fluctuations. In practice, he simply talked a good game and relied on money flowing in from subsequent investors to reward the early adopters of the scheme. However, when the money-go-round eventually came to a crashing halt, as it was bound to do, it was not only investors who suffered – six banks failed because of their involvement with Mr Ponzi! [04:57]Bernie Madoff used similarly deceptive techniques to build up his financial empire, which eventually collapsed in 2008. It is estimated that he managed to defraud over 65 billion dollars from investors who thought that they were buying into a legitimate investment strategy, spearheaded by a well known and highly respected Wall Street icon! [08:26]A key learning point from the devastating effect of Ponzi schemes over the years is that if a financial proposition sounds too good to be true, then it probably is! [10:13]Getting reliable investment advice, based on sound research and understanding, is not always a straightforward task, especially when finfluencers (financial influencers on social media) and other non-expert voices are prominent these days. If you are seeking serious financial advice, the best approach is to consult a regulated individual or firm from the register maintained by the Financial Conduct Authority. [11:47]Simon comments that the Book of Proverbs is a particularly good source of pithy and unambiguous warnings about the dangers of chasing money, especially when expressed in a contemporary translation: the New Living Translation of Proverbs 13.1, for example, says, ‘Wealth from get rich quick schemes quickly disappears. Wealth from hard work grows over time.’ And Proverbs 20.17 states that, ‘Food gained by fraud tastes sweet, but one ends up with a mouthful of gravel.’ [14:33]When asked whether Bitcoin is a Ponzi scheme, Simon observes that there are similarities between the two, but Bitcoin initiatives tend not to have a single promoter in the way that Ponzi schemes do. Simon also comments that he would define Bitcoin as an example of speculation rather than being a genuine investment activity. [16:14]Pyramid schemes mirror the approach taken by Ponzi in that they, too, have a strong hierarchical structure, with early adopters likely to benefit the most. Pyramid schemes do, though, trade genuine products; it’s just that the pricing mechanism is deeply flawed and ultimately leads to the goods being massively overpriced. [19:11]Simon’s concluding remark is to, ‘Get rich slow’, taking advantage of tried, tested and legitimate means of growing financial resources over time. [20:59] For her part, Bex reminds us of the importance of prioritising the things that we regard as ‘true riches’, such as relationships, how we spend our time and being generous. [21:28]Our next episode in this season will look at how financial bubbles are created and how we should respond to them. [21:49]Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.Our Instagram page will also provide you with additional content and features.This show has been brought to you by Free Range Podcasting.You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking here: https://where-your-treasure-is.kit.com/13c7b5fec6
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