{"id":2367,"date":"2022-01-10T13:52:54","date_gmt":"2022-01-10T13:52:54","guid":{"rendered":"https:\/\/checkaco.com\/blog\/?p=2367"},"modified":"2022-01-10T15:06:51","modified_gmt":"2022-01-10T15:06:51","slug":"checkaco-news-a-warning-from-recent-european-history-the-day-albania-ran-out-of-cash-due-to-pyramid-schemes","status":"publish","type":"post","link":"https:\/\/checkaco.com\/blog\/checkaco-news-a-warning-from-recent-european-history-the-day-albania-ran-out-of-cash-due-to-pyramid-schemes\/","title":{"rendered":"CHECKACO NEWS: A warning from recent European history &#8211; the day Albania ran out of cash due to pyramid schemes"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"329\" src=\"https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/albania1997.jpg\" alt=\"\" class=\"wp-image-2364\" srcset=\"https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/albania1997.jpg 500w, https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/albania1997-300x197.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p><strong>A warning from recent European history: the day Albania ran out of cash due to pyramid schemes<\/strong><\/p>\n\n\n\n<p><br>You may have read this month about Elizabeth Holmes in America who has just been sentenced to serve time in prison for fraud. Essentially, she created an elaborate and contemporary Ponzi Scheme \u2013 a phoney investment that promised huge returns \u2013 for a machine that can detect all forms of disease from a few drops of blood. She demonstrated what appeared to be a legitimate device and soon had investors pouring in their savings making her a billionaire \u2013 except the machine didn\u2019t work. It was a con.<br><br>Back in the 1990s the former Iron Curtain Communist state of Albania was experimenting with the free market following the end of anti-revisionist&nbsp;Marxism\u2013Leninism policies. Several get rich quick schemes were set up fronting themselves as legitimate investors buying land, buildings and businesses by con men \u2013 but they were fraudulent, and their controllers took the money and invested it in themselves.<br><br>The amount of cash lost when 25 of the most prominent investment schemes collapsed ran into the billions with banks running out of cash and inflation reaching three figures. The upshot of the scandal in 1997 saw the country descend into anarchy and civil war. Banks and shops were looted and the nation\u2019s gold reserves were stolen as fighting broke out across the country \u2013 and it took an international UN backed armed intervention&nbsp;led by Italy to bring stability back to the country. And it had all started over Ponzi Schemes \u2013 if only they had Checkaco in Albania at the time!<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"322\" height=\"104\" src=\"https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/checkaco_logo-1.jpg\" alt=\"\" class=\"wp-image-2348\" srcset=\"https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/checkaco_logo-1.jpg 322w, https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/checkaco_logo-1-300x97.jpg 300w\" sizes=\"auto, (max-width: 322px) 100vw, 322px\" \/><\/figure>\n\n\n\n<p>Full peace of mind for&nbsp;<strong>\u00a36.50 per company<\/strong>&nbsp;checked when you buy three reports for \u00a319.50.<br><br>Quickly view a company\u2019s CCJ\u2019s, legal ownership, credit history, credit score and more.<br><br>Or buy in bulk:&nbsp;<strong>10 reports for \u00a337.50 (\u00a33.75 each); 25 reports for \u00a388.75 (\u00a33.55 each); or 100 reports for \u00a3335 (\u00a33.35 each)<\/strong><\/p>\n\n\n\n<p><strong>For details about Checkaco&nbsp;email info@checkaco.com or visit the website&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/checkaco.com\/\" target=\"_blank\">https:\/\/checkaco.com\/&nbsp;<\/a><\/strong><br><br><strong>Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A warning from recent European history: the day Albania ran out of cash due to pyramid schemes You may have read this month about Elizabeth Holmes in America who has just been sentenced to serve time in prison for fraud. Essentially, she created an elaborate and contemporary Ponzi Scheme \u2013 a phoney investment that promised [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[198],"tags":[],"class_list":["post-2367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rogue-traders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CHECKACO NEWS: A warning from recent European history - the day Albania ran out of cash due to pyramid schemes -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/checkaco.com\/blog\/checkaco-news-a-warning-from-recent-european-history-the-day-albania-ran-out-of-cash-due-to-pyramid-schemes\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CHECKACO NEWS: A warning from recent European history - the day Albania ran out of cash due to pyramid schemes -\" \/>\n<meta property=\"og:description\" content=\"A warning from recent European history: the day Albania ran out of cash due to pyramid schemes You may have read this month about Elizabeth Holmes in America who has just been sentenced to serve time in prison for fraud. 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