A while ago I wrote about some of my Albanian friends giving me a hard time about the emerging financial crisis in the U.S. They had jokingly offered to send "experts" from Albania to advise America on what happens when a pyramid scheme goes bust. We all had a good laugh. I never thought I would live to see the day when a serious analyst would look back to Albania in 1997 for insight into the U.S. condition.
That day has come. This blog post entitled "Albania's 1996 Ponzi scheme frenzy: So, what's America's excuse? is an interesting look back at what happened here and how the Western Capitalist World "tut-tutted" at the naivete of Albanians. Who's laughing now?
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16 years ago