The Albanian civil war, also known as the Albanian rebellion, Albanian unrest or the Pyramid crisis, was a period of anarchy, civil disorder and violence in Albania in 1997, sparked by Ponzi scheme failures.


Albanians protesting...

In late 1996 and early 1997, several failed get-rich-quick schemes robbed hundreds of thousands of Albanians of their life savings. Investors poured an estimated $1 billion into various pyramid schemes -- a staggering 43% of the country's GDP.( When protestors demonstrated in the streets demanding restitution, riot police attacked them. The lack of an acceptable government solution to this problem exacerbated the situation, and the riots spread across the country. These riots, and the state of anarchy which they caused, are known as the Albanian civil war of 1997.


Weapon depots looting in 1997.

When the schemes collapsed, there was uncontained rioting, the government fell, and the country descended into anarchy and a near civil war in which some 2,000 people were killed. At the end of the conflict, power had transferred from the Democratic Party to the Socialist Party.


An Albanian guarding a factory

Although the Albanian civil war was a dramatic event which garnered international attention, it was but one piece of that country's long and difficult transition from an isolationist Communist state to a parliamentary democracy, which began in 1992.
The pyramid scheme phenomenon in Albania is important because its scale relative to the size of the economy was unprecedented, and because the political and social consequences of the collapse of the pyramid schemes were profound. At their peak, the nominal value of the pyramid schemes' liabilities amounted to almost half of the country's GDP. Many Albanians — about two-thirds of the population — invested in them.


Albanian rebels...

The wide appeal of Albania's schemes can be attributed to several factors, including Albanians' unfamiliarity with financial markets; the deficiencies of the country's formal financial system, which encouraged the development of an informal market and, within this market, of the pyramid schemes; and failures of governance. Although Albania's transition to a market economy was rapid and quite successful, financial sector reform was very limited. Albania's formal financial system was rudimentary.

With the banks unable to satisfy private sector demand for credit, an informal credit market based on family ties and financed by remittances grew. The informal lending companies were initially regarded as benign and even as making an important economic contribution. Operating alongside them, however, were deposit-taking companies that invested on their own account instead of making loans. These companies were the ones that turned into pyramid schemes.


Evacuation of U.S. citizens in Albania (Operation Silver Wake)

For more goto source:
http://www.globalsecurity.org/military/world/war/albania.htm

following

No war can spring up in Nigeria because of a failed ponzi scheme

Instead, we look for another new one to join

Our gullibility is among the top ranked in the world

izzou:
No war can spring up in Nigeria because of a failed ponzi scheme

Instead, we look for another new one to join

Our gullibility is among the top ranked in the world

Nna, spot on!
Nigerians disobey every reasonable laws of nature. Push a man to the wall, he has nowhere to run but to turnaround and fight, push a Nigerian to the wall, he will break that wall and continue running

GogetterMD:

Nna, spot on!
Nigerians disobey every reasonable laws of nature. Push a man to the wall, he has nowhere to run but to turnaround and fight, push a Nigerian to the wall, he will break that wall and continue running

Hilarious

izzou:
No war can spring up in Nigeria because of a failed ponzi scheme

Instead, we look for another new one to join

Our gullibility is among the top ranked in the world

This is a wise man...I wish to have more ppl like ds around me.


Mumu too many

Watching

MMM SENIOR BROS

;D1..so the greed didn't start today.

Every man at his default state is greedy and self-centered.

Wow

we have reached our limit.

It can't happen in Nigeria o. But when there is poverty in the land what do you expect of the ordinary Nigerian

GogetterMD:

Nna, spot on!
Nigerians disobey every reasonable laws of nature. Push a man to the wall, he has nowhere to run but to turnaround and fight, push a Nigerian to the wall, he will break that wall and continue running

U just described the average Nigerian.

izzou:
No war can spring up in Nigeria because of a failed ponzi scheme

Instead, we look for another new one to join

Our gullibility is among the top ranked in the world

ur head dey dia nwanne...we wuld always be Nigerians

I met one girl she invited me to a business serminar. Getting there I met it was all this internet money doublier stuff. I just vex comot. For my mind there mumu never still do after MMM palava. Many Nigerians are so easily deceived upon claiming sharp.

The government needs to curb all these "money doubling" schemes as soon as possible because Nigerians are gradually getting addicted to it

Mmm participants...how market?

I know an average Nigerian is greedy but let's be honest Nigerians can't stop jumping from one ponzi scheme to another because of the ever rising inflation in the country, the government have failed us. I just pray for God's mercy on us

GogetterMD:

Nna, spot on!
Nigerians disobey every reasonable laws of nature. Push a man to the wall, he has nowhere to run but to turnaround and fight, push a Nigerian to the wall, he will break that wall and continue running

Tiri gbosa for you

will be back to share some experiences.

GogetterMD:

Nna, spot on!
Nigerians disobey every reasonable laws of nature. Push a man to the wall, he has nowhere to run but to turnaround and fight, push a Nigerian to the wall, he will break that wall and continue running

Very funny but true. I don laugh tire

hmmmm MMM

So true. I remember the time. I've even mentioned it here.

The country has gotten over it sha

K

izzou:
No war can spring up in Nigeria because of a failed ponzi scheme

Instead, we look for another new one to join

Our gullibility is among the top ranked in the world

You know this

GogetterMD:

Nna, spot on!
Nigerians disobey every reasonable laws of nature. Push a man to the wall, he has nowhere to run but to turnaround and fight, push a Nigerian to the wall, he will break that wall and continue running

Tor