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FIB - Scams 101 - Ye Olde Archives
Posted By: Mel. White In Response To: Re: What is definition of "ponzi scam" (Maxie)
Sunday, 5 February 2006, at 3:02 p.m.
> Is this the the same guy that started SSI?
> Looks like it fits pretty good!
No, and no. Go back and read the definition of Ponzi again. This is a tired old canard put out by some political factions, and relies on your knowing only surface definitions and not stopping to think.
* Ponzi scams pay to only the top 3% of participants (more than 3% of the people in social security have gotten funds.)
* Ponzi scams collapse as soon as the initiators have gotten enough money (leaving all the funds in the top 3%)
* Ponzi scams offer double, triple or more the amount of money invested (this was never a promise with SS)
* Ponzi scams rely on each level below the first bringing in double the number of people in the previous level. After about 6 levels you need more people that live in the US to particpate. After 10 levels you need more people than exist in the world today to participate.
* Ponzi scams are short-term (otherwise the people couldn't run off with the money.)
There have been Ponzis run by the governments in Albania and in the Phillipines. The schemes lasted about 3 years, and collapsed amid riots and the deaths of thousands. Before you start believing those truly "Social security is a ponzi" site, please take time to read about the REAL governments that got involved with REAL ponzis and see what really happened and how fast it took down the economy.
http://www.crimes-of-persuasion.com/Crimes/InPerson/MajorPerson/albania_ponzi.htm
http://www.worldbank.org/html/prddr/trans/so97/albania2.htm
(sorry if this sounds like a rant, but this is one of the urban legends that gets repeated about as often as the $6.00 chain letter)
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