In 1919, Charles Ponzi invented a business model in Boston, USA, and he claimed to have insight into a way to arbitrage through stamps, in order to promise the society a three-month deposit cycle, 40% interest rate high interest rate investment products, attract people to invest in its stamp business, and actually pay interest on time.
A few months later, the whole of Boston and even the whole of the United States went crazy, people rich and poor gave generously to Ponz, and in one year, Ponzi raised a huge amount of $15 million, and was hailed by Americans as the three greatest Italians on a par with Columbus and Marco Polo.
In the eyes of Americans at that time, Ponzi was like Columbus who discovered the New World, discovered money, Ponzi was sent by God to lead everyone to get rich, and he would use his golden finger to bring everyone rolling wealth. It was not until Ponzi went bankrupt in August 1920 that it was discovered that he had bought only two stamps from beginning to end, that the so-called arbitrage model had not actually earned a penny, and that the interest paid before was all on newly acquired financing.
This set of new debts to pay off old debts and tear down the eastern wall to make up for the western wall was later known as a Ponzi scheme. The Ponzi scheme, which has grasped the weakness of human nature for 100 years, has been staged in different forms in different countries and different years, and they have all gone to the same end, thunder. The Ponzi scheme has exploded countless times in 100 years, but in Albania, he is about to usher in his own highlight moment. After another practice in Albania, people know where the destructive ceiling of Ponzi schemes is.
When did a Martian country out of the world, a large arsenal ready to deal with Resident Evil, be involved in a Ponzi scheme? How did the Albanian epic Ponzi scheme come about?
In 1989, the drastic changes in Eastern Europe gradually spread to Albania, and Berisha, a private doctor in the capital, felt that the world was in chaos and the situation was very good, and felt that he could take advantage of the great changes in Eastern Europe. So Berisha resigned as a member of the Workers' Party and began political speculation.
A new party was formed called the Albanian Democratic Party, although the name of the party is the Democratic Party, but Belisha has a similar attitude to the democratic election as Trump, the election I won is fair and just, the election I lost was dark and cheating, he has lost many elections in his life, but none of them have admitted that the election failed, but he has constantly incited voters to launch violent protests.
And the reports about Berisha engaging in black methods have never stopped, but he himself has never admitted it, but frantically slandered the opponent for election fraud, it is simply the king of Eastern European small understanding, if Hoxha's Workers' Party government is Eastern European Gaddafi, the Democratic Belisha government is Eastern European small understanding king, two saints serve a country, Albania's blessings are still small?
In the first parliamentary election that officially began in 1991, the ruling party Workers' Party won, Berisha and other Democrats of course did not recognize the election results, insisted on electing Berisha as president, the first thing he did after coming to power was to immediately gouge Hoxha's grave, and implement the charges, arrest Hoxha's family and the top level of the Workers' Party, but poor Comrade Hoxha was ready to live forever, but he did not survive the 7-year itch, with such a president, Albania naturally has no good fruit to eat.
A few years after Berisha came to power, corruption was still rampant in the country, administrative inefficiency, and like many countries that underwent great changes in the same period, sudden capitalism made Albania unable to trial and error, the treasury was poor, the transformation of former state-owned enterprises was difficult, and a large number of bankruptcies were brought about a disastrous consequence, relying on the inertia of the past, the loans of Albanian state-owned banks were basically lent to state-owned enterprises, and the poor operating conditions of state-owned enterprises made the bad debt rate of Albanian banks reach an alarming level. In 1994, two of Albania's three major state-owned banks had a bad debt rate of more than 50 per cent, had reached bankruptcy standards, and were considered by international organizations to be among the worst banks in Europe.
In order to save the bank South Korean government credit loan line, since the end of 1994, state-owned banks can only issue loans according to 45% of the application limit, the efficiency of Albanian state-owned banks has reached a jaw-dropping degree, the same bank between different branches often takes a week to arrive, the efficiency is similar to the lightning in Zootopia, the efficiency is similar to the lightning in Zootopia, the efficiency is low, Coupled with the tightening of loans, the common people are completely desperate for Albanian banks and can only find their own way.
We'll talk about it in the next issue~