Cagey Consumer

Pyramids topple Albanian regime


March 13, 1997
A series of pyramid schemes (actually Ponzi schemes) resulted in a chaotic revolt in Albania.

The story is reminiscent of various incidents reported in the book Extraordinary Popular Delusions and the Madness of Crowds, such as tulipomania. To read of such behavior in present day seems humorous, but it demonstrates the serious results when a populace actually starts to believe that the road to riches can be found in make money fast schemes.

Related links:
When Pyramids Collapse
The meaning of the Albanian Revolution
Albania in Revolt
Army Tries to Restore Order in Albania (Time, 1/27/1997)

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Updated September 15, 1999