Ever heard of money flipping? It’s a new scheme doing the rounds on Facebook and social media that promises to turn your £50 into potentially thousands. So how do you do that? Simple really, you pay others to get onto the bottom rung of a pyramid and then recruit more people to move you up a level and get paid yourself. What makes it so dumb is that it doesn’t even try to have the legitimate veneer of famous pyramid schemes of the past. It’s a Ponzi scheme, plain and simple, but what is one of those and who was Charles Ponzi, the man the scams are named after.
On this week’s podcast, Simon Lambert, Lee Boyce and Georgie Frost step back to America in 1920 to find out how Ponzi soared and then crashed – and look at the new money flipping scheme that has brought a trick as old as time to today’s digital age.
Welcome to another episode of This is Money, brought to you in partnership with NS&I. This week, Editor Simon Lambert and Consumer Affairs Editor Lee Boyce team up with Georgie Frost to deliver you the best of financial journalism and analysis this week. And who knows where Brexit will take us, but the simple fact is for now Europe still has a profound effect. Most notably Germany this week, as serious instability at Deutsche Bank, the country’s largest bank, and massive job cuts at Commerzbank, it’s second biggest, are sending waves through the banking sector this side of the channel. It’s not all bad news for the Germans though, as their budget supermarket Aldi is eating up more of the market share in Britain, though it seems at the expense of their own profits as well. Sustainable strategy? We’ll have to wait and see.
Also on the show, the World Economic Forum raises its estimation of the British economy, the Help to Buy scheme has run its course, BHS gets a digital resurrection, and the gang give their favourite of their 50 top savings tips.
This is Money is presented by Georgie Frost, in partnership with NS&I.
On this edition of This Is Money, Editor Simon Lambert and Personal Finance Editor Rachel Rickard-Strauss are in to talk more Brexit fall-out, of course; will Mark Carney’s reassuring tones be enough to steady the ship, as Sterling falls further than we've seen since Walter Mondale was a relevant cultural reference?
We’ll also be looking at property fund lockouts, and why you should NEVER trust them with your pension. And stay tuned to the end as we have a rare win for the little guy, to the tune of £19 Billion!
This is Money is presented in partnership with NS&I, and hosted by Georgie Frost.