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It's less a backyard furnace and more the MLMs that everyone in Albania invested in in 1997. They at one point locked up [edit](50%) of their GDP - and their ec

It's less a backyard furnace and more the MLMs that everyone in Albania invested in in 1997. They at one point locked up [edit](50%) of their GDP - and their economic advisor - before having a civil war about it. This required the IMF to airdrop big bags of money to bail them all out. [1] There's nothing to wait for proof on, it's been 13 - almost 14 - years and it does nothing better than a classical system other than regulatory arbitrage, grift and crime. The fundamentals are crystal clear. It's hot garbage - rather, it's Mary Kay for young men. [2] And that's if we're lucky. [edit] It's an unholy fusion of a grey goo coal-powered linked list and anarchocapitalist libertarianism [3]. [1] https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.htm https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.ht... [2] https://mobile.twitter.com/tracyalloway/status/1467720876741525504 https://mobile.twitter.com/tracyalloway/status/1467720876741... [3] https://i.redd.it/1fwrkwoec7281.jpg https://i.redd.it/1fwrkwoec7281.jpg

oblio 5y ago
I'll probably steal both this: > It's an unholy fusion of a grey goo coal-powered linked list an anarchocapitalist libertarianism and your third link :-D
- JKCalhoun 5y ago
  > it's Mary Kay for young men I like that one better.
arcticbull 5y ago
By the way, what does this sound like? > The wide appeal of Albania's schemes can be attributed to several factors, including Albanians' unfamiliarity with financial markets; the deficiencies of the country's formal financial system, which encouraged the development of an informal market and, within this market, of the pyramid schemes; and failures of governance. > There were also governance problems, both in the financial sector and more generally. The regulatory framework was inadequate, and it was not clear who had responsibility for supervising the informal market. Even after the approval of a banking act in February 1996 that appeared to give the Bank of Albania the power to close illegal deposit-taking institutions, the central bank could not obtain the government's support. Indeed, the government was supportive of the companies: senior government officials frequently appeared at company functions, and, in November 1996, even as the pyramid schemes began to crumble, the prime minister and the speaker of the parliament accepted medals in honor of the anniversary of one of the companies. During the 1996 elections, several of the companies made campaign contributions to the ruling Democratic Party. There were allegations that many government officials benefited personally from the companies. If y'all don't think this is embodied by Hester Pierce I don't know what to say. [1] https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.htm https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.ht...

oblio 5y ago

I'll probably steal both this: > It's an unholy fusion of a grey goo coal-powered linked list an anarchocapitalist libertarianism and your third link :-D

JKCalhoun 5y ago
> it's Mary Kay for young men I like that one better.

arcticbull 5y ago

By the way, what does this sound like? > The wide appeal of Albania's schemes can be attributed to several factors, including Albanians' unfamiliarity with financial markets; the deficiencies of the country's formal financial system, which encouraged the development of an informal market and, within this market, of the pyramid schemes; and failures of governance. > There were also governance problems, both in the financial sector and more generally. The regulatory framework was inadequate, and it was not clear who had responsibility for supervising the informal market. Even after the approval of a banking act in February 1996 that appeared to give the Bank of Albania the power to close illegal deposit-taking institutions, the central bank could not obtain the government's support. Indeed, the government was supportive of the companies: senior government officials frequently appeared at company functions, and, in November 1996, even as the pyramid schemes began to crumble, the prime minister and the speaker of the parliament accepted medals in honor of the anniversary of one of the companies. During the 1996 elections, several of the companies made campaign contributions to the ruling Democratic Party. There were allegations that many government officials benefited personally from the companies. If y'all don't think this is embodied by Hester Pierce I don't know what to say. [1] https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.htm https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.ht...