From the Eccles Building to Vegas: The Fed Enables the Worst Ponzi Schemes

Source: Ludwig von Mises Institute
by Doug French

“It seems a short leap from Robinhood or Coinbase to a Ponzi scheme. ‘Investing is simple here,’ Robinhood’s website leads. ‘Start building your portfolio with just $1.’ Scroll down a bit on, and it says, ‘Take control of your money.’ Charles Ponzi himself, called ‘a wizard of finance’ in 1920, was ‘the discoverer of wealth and happiness.’ Common folk cheered the dapper five-foot, two-inch Italian while lining up, desperate to hand Ponzi their savings and earn a 50 percent return in forty-five days. Get-rich-quick schemes never go out of style. … In 2017, with the public suffering from the effects of the Federal Reserve’s financial repression, Las Vegas attorney Matt Beasley and former pharmaceutical salesman and mortgage loan officer Jeffrey Judd cooked up a scheme that enticed investors into funding investments in personal injury settlement contracts that offered high returns.” (06/21/22)