Minicast C5: The Albanian Pyramid Scheme

Albania emerged from one-party rule under Enver Hoxha as the poorest and most backward Eastern European state. Hoxha bequeathed Albanians 700,000 concrete pillbox forts and a complete lack of familiarity with even the basics of a cash economy.

Inexperienced in the ways of capitalism, Albanians didn't realize 100% monthly interest on a bank deposit is a red flag. So in 1996 the entire country fell into a mania for investments that turned out to be pyramid schemes. When I say the whole country I mean 2/3 of the GDP of Albania. 95%+ of all adults invested everything, then sold their homes and farms to invest more.

Minicasts are short stories for fans of quick, to-the-point podcasts and as a nice change of pace from the longer full episodes of Mass for Shut-ins.

I value your support on Patreon.