History of financial crises

June 2024 Forums General discussion History of financial crises

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    Interesting item popped up in my in-tray this morning


    BTW has anyone seen the short Netflix series called “Eat the Rich”? It’s about a group of amateur retail investors cum Reddit users trying to beat Wall Street at its own game and “democratise” the world of finance (LOL, LOL, LOL). It focuses on a business called Gamestop and the efforts of a large hedge fund to “short” it on the stock market.

    Here’s the link https://www.netflix.com/es/title/81424332


    There is also this quite good Netflix series, Money Explained

    “A conversation about money and its many minefields, from credit cards to casinos, scam artists to student loans.”

    Here´s a write-up for the first episode:

    The first episode explains how people keep falling for “Get Rich Quick” schemes, which promise great wealth for a small fee.

    The presenters go into detail about past scams.

    For instance, a 19th Century Scottish adventurer named Gregor MacGregor invented a country in Central America, called Poyais, and sold people land in it.

    But unfortunately, the country never existed, and MacGregor fled with the investors’ money.

    While this may sound like an extreme example, plenty of people are still falling for similar tricks.

    There are a number of different scams currently out there:

    Advance fee schemes ask you to pay some money now for a lot more money later, but the reward never materializes.
    Pump and dump schemes are initiated by investors, who buy up a large amount of an individual stock. Other people then believe that it is valuable and also start to purchase it, driving up the price. Once it’s high, the initial investors sell, thereby driving the price back down.
    A Ponzi scheme uses new investors’ money to pay older investors while claiming to make a profit.
    Coaching schemes sell you a course that is supposed to make you more money, but it doesn’t work. The scammers get rich selling the course, not implementing the methods illustrated in it.
    The experts in this episode warn that everyone can fall for these tricks, and we should be exceedingly cautious.

    They state that “if it sounds too good to be true, it probably is” and advise listeners to report fraud because that’s how scammers eventually get caught.”

    Then there is this – on the workings of the stock market

    • This reply was modified 9 months ago by robbo203.
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