Alexander Jung: “Ponzi Planet: The Danger Debt Poses to the Western World”

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Alexander Jung: “Ponzi Planet: The Danger Debt Poses to the Western World”

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Abstract

When Carlo Ponzi, a dishwasher from Parma, Italy, immigrated to the United States in 1903, he had $2.50 in his pocket and a million-dollar dream in his head. He was able to fulfill that dream, at least temporarily. Ponzi promised people that he would multiply their money in a miraculous way: by 50 percent in six weeks. With his carefully parted hair and charming accent, Ponzi beguiled investors and fueled their avarice.