人人发财的故事，为什么总以崩盘结束？

Core Insights - The article discusses the economic collapse of Albania in the late 1990s, highlighting the rise and fall of pyramid schemes and the consequences of a weak financial system [2][3][4][5][6][7]. Economic Background - Albania, a small country in the Balkans, has a history of economic struggles, particularly after the collapse of its planned economy in 1991, leading to hyperinflation and a significant drop in per capita income [2]. - The transition to a market economy was chaotic, with the government implementing "shock therapy" that resulted in soaring prices and rising unemployment [2][3]. Rise of Investment Companies - From 1993 to 1996, numerous investment companies emerged in Albania, promising high returns of 10% to 30% per month, attracting significant public investment [3][4]. - By the end of 1996, these companies had absorbed funds equivalent to half of Albania's GDP, with government tacitly supporting their operations to maintain public confidence [3][4]. Collapse of the Financial System - The financial bubble burst in early 1997 when a major investment company stopped payouts, leading to a chain reaction of failures among other firms and widespread civil unrest [4][5]. - The collapse resulted in a severe economic regression, with many families losing their life savings and the country experiencing a decade's worth of economic setbacks [4][5]. Lessons and Parallels - The article draws parallels between Albania's experience and recent financial crises in emerging markets, where high-yield investment schemes have led to similar outcomes [5][6]. - It emphasizes the psychological factors driving investment behavior, where individuals are drawn to high returns despite the inherent risks, often leading to collective financial disasters [6][7]. Conclusion - The key takeaway is that the most dangerous times in financial markets often occur when everyone is making money, highlighting the importance of skepticism and patience in investment decisions [7].