Is This A Golden Age of Fraud?
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- čas přidán 26. 10. 2023
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A video about how "passive income" money-making scams seem to have taken over the world, and the economic implications of such scams.
@Tom_Nicholas Griftonomics: Why Scams are Everywhere Now: • Griftonomics: Why Scam...
@NewEconomicThinking Jim Chanos - The Golden Age of Fraud: • The Golden Age of Frau...
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Great vid man.
Really disected the mechanations of what i call economic auto immunity, where fraud is the only combative action taken to address fraud, in essence, retraction, it is however one cog in a redundant cycle, no literature on that, maybe have a dig there, avoid going down the confused rabbit hole of philosophy as it offers nothing but glorified poetry without the requisit rhyme.
Thing about the cutting edge is not the blade, its the cuts 😂
Is the match ponzi scheme the origin of term matchstick men?
as the gab between rich and poor grows bigger and the social contract is broken the social cost of being counter societal is even becomming sexy
big signe of the society in decline (crash)
I’ve used shockz openfit for many years. I can wear them when walking (and even biking).
not shocked at all by this, what do you expect when the federal min wage is $7.25 a hour
I appreciate you putting Grant Cardone as the thumbnail. Too many people worship this clown and have no idea what a shady grifter he is. Blows my mind.
😂 THANKS to retards, worshippers - #scammers rise in pile of #shit 💩 #andrewwithtits #betaboys #soyaboys #plant #front persons are scammers while their controllers enjoy majority of #money #bloodmoney #theranos #enron #berniemadoff (Madoff had keywords MAD + Offspring).
his ebook sounds good. Fortunately my pirated version only cover the first 3 chapter
Thank you for the information
For real your not lying I got on a call with his "sales" team and they are so predatory they will ask you to get money from family and friends even if you tell them you don't want to they don't like no for an answer
@@floresb76549 they will "ask" you? Not tell you as in demanding money? As in trying to see if there's a way to get the deal done since you went to them vs the other way around? Wow that's crazy.
I've thought the exact same thing for a while now. The guy has a total creep vibe like he's 2 hours sober after two weeks of doing blow on Epstein Island.
I love the line, "he must have gotten tired of the passive income..."
Yes that was great 😂
only British humor 😂
My aunt was an MLM queen and then a cryptocurrency seller. And there came a point where I absolutely believe she got swept away in the easy money, which she cleaned using real estate that she then rented. She made good money, but the trail of destruction she left with people who bought into her pitch was sad. One guy, an elderly Latino man who couldn’t even speak English, invested $64,000 with her, his life savings, and was totally wiped out. He died, and my aunt just walked away while the guy’s daughter struggled to raise funds for his funeral. So sad.
So very sad. Never put all your eggs in one basket. Greed kills. Your aunt is still alive and eventually you will see justice will send her to jail. Money can act like a python, squeezing the life and soul out of an individual.
Are you going to do something about her?
I’m guessing she’s not invited to Thanksgiving anymore.
That’s gut wrenching
@@MelGibsonFanno
I work with people who have unsolvable debts in the Netherlands . More and more young people end up having huge debts before they reach 30, because they trusted scammers. People often forget the 'most start up businesses fail 'part . Because most people who failed obviously don't feel like sharing out of fear being called a 'loser' , all attention goes to those who succeeded. This creates a false narrative. A lot of young people that are successful often have rich parents (or other financial backup) to try and fail a few times before succeeding . There's this social media induced illusion that everyone and their mother can start a business and become financially independent without too much problems.. This is when the scammers come in with sweet promises and no guarantees .
college loans
@@luciaconn6788 Not very high in the Netherlands fortunately
The words you're looking for is "survivorship bias".
@@craigmcpherson1455 I should look into it more,.but it certainly does seem to have similarities . . I noticed how many young people are hyped up by social media to look at themselves as potential winners ( while completely ignoring the obvious fact that for every winner there need to be set losers.)
And as every business is a gamble,the risk of losing is a potential outcome that's being disregarded .
@@spiritualanarchist8162 In the U.S. you don't need college loans. I graduated, saved up for a few years then went to a cheap college while I worked a full time job. I have no debts and never received a penny from my parents. It's about budgeting, patience, and hedging expectations - something that a lot of people never want to think about until it bites them.
You can’t apply to a job without exposing yourself to scammers now
Wym by that?
@@teeterthepop Every job is online application only now, so either the application website or sites like Indeed will give out your email. They also somehow get all the emails on any device your email is and give that out to spammer and scammers. The best part is that the application websites never even work so you don’t even get the application in 299 out of 300 times.
@teeterthepop there’s a lot of fake job postings on employment websites now. Even fake recruiters
@@teeterthepop popular job sites are filled with scammers pushing fraudulent “pay upfront” scams, or sometimes even worse getting people to act as unwitting drug mules or using them to launder stolen merchandise etc.
@@teeterthepopI get so many scam emails now from looking for a job. So many job sites either sell your data or if you have your resume on the site, scammers can get your info from that
One of my personal favorite "passive income" schemes is doing Drop Shipping. When I looked into it, the first words out of my mouth were "this is just being a Digital Avon rep!"
Now that everyone has gotten wise to dropshipping the fraudsters are selling courses on dropshipping (and pretending that their dropshipping method will still work)
Man this video was refreshing. To hear someone reputable actually lay out the reality of how much money is needed to make real ‘full time’ income from investing, as well as recognizing how hard small business actually is. I have a small business, and have worked ungodly hours, while being constantly gaslit by social media and self titled “entrepreneurs” to think that maybe I’m the moron because it’s not been easy, but as time has gone on, I’ve found these types to be frauds and grifters that blow away in a few years.
Yeah but to be fair a small business even if the hours are bad is one of the few ways to really hit above your education and social circle levels. I know guys that work sixteen hours a day but at the end those guys will retire with millions in the bank from their hardwork and will have hard assets they can rely on. While the joe average worker would have to work three times as many years to get half as far as they did.
@@moalboris239that is not even true
@@moalboris239 Well, using the numbers in your comment, if they’re working twice as many hours at the same theoretical level of productivity, they should be twice as far along in the same time period. Also, the amount of risk they are taking on, vs the risk of being an employee, merits greater reward. So… 3x the earnings for carrying substantial risk and working twice the hours doesn’t seem at all unreasonable…
What kind of small business are you running? I want to start my own business and was wondering about your experience, if you dont mind ofc.
@@screamskilos3951 I’ve been involved in two. First in motorsports, now in manufacturing. Happy to answer any questions you may have via DM.
Being raised honest is a major problem nowadays. Scammers are making fortunes and there's so many that they drive up prices for everyone. This is how economic systems fail. When people eventually don't believe in the system any longer, it falls apart fast.
The key is to not pay attention to what others are doing and make your own life plan
The real damning piece of it is...why should we believe in the system in the first place? It's been progressively extracting more and more wealth from the youngest and most vulnerable, burning the literal future through climate change, lying about its capacity to solve global human suffering, and enriching only the most venal and vile things pretending at humanity for our entire lives. What is there to have faith in?
@@savagebeastking8703 I'm trying to lose my morals but it's not easy. Should look at other people as targets, nothing else.
@@savagebeastking8703
That's not how the world works. If you're a fish in a fishtank and the fishtank gets stale, you're going to get it. One way or another.
Yes bro inflation is caused by the scammers
Ea Nasir, a Mesopotamian merchant, is famed for having the first written customer complaints against him, with stone tablets proclaiming that he sold bad copper nearly 4000 years ago. As shown by 16:40 he is clearly still with us, having committed fraud against death itself to remain among the living.
I read this in Patrick's voice
probably paid the ferryman with counterfeit currency 😂
If the Mexican model of the afterlife was true, he would be VERY confused right now. Cast off into the land of the forgotten for like 3800 years only to be brought back by Tumblr, of all things.
I thought he was running a doggy take away in Bletchley@@blakksheep736
Patrick did make that exact joke in standalone video he did on this case so I guess great minds think alike.
Choosing your parents wisely is a very good advice.
Harry and William did a great job
Fun fact, if the govt or law enforcement doesn’t care that you were scammed, just turn them in for tax evasion instead of the original crime, and watch them suddenly give a crap
True
Or stop voting for shitty politicians who tell us things we should know are fanciful. Then you might just find life isn't so bad (e.g. Finland)
I pay my taxes 👁️ over 100k in 2023
I work in retail fraud prevention. 2022 and 2023 have been off the charts across the industry.
Makes sense. Its harder to pay for things so people are getting desperate. Meanwhile fraud is often low effort, high gain, and minimal consequences.
What are some of the interesting kinds of fraud that you come across in your job?
@chrisl4999
It's not just essentials my dude. The Bath and Bodyworks (skincare/beauty place) subreddit had a thread earlier this year complaining about how many shoplifters there are and how bold they've gotten since corporate won't allow the employees to do anything to stop them and the store won't call the police until they meet a certain threshold of merchandise stolen to make it "worth it" to prosecute them. Literally had teen girls filling up bags of products and just walking out the door while commenting how easy it is. It wasn't recently but I also stumbled across a subreddit years ago about theft and a thread discussing how to get security tags off of stolen merchandise...the person was someone younger who had stolen from _Hot Topic_ using the excuse of the clothing being a necessity and something something capitalism is evil. A lot of smaller stores (and even chains) are also closing down because of theft making it unprofitable to be in that location, leaving gaps in lower income areas. Walgreens is a particularly good example of this since they're sometimes the only pharmacy nearby for people with no car. So no it doesn't really "make sense" since people aren't stealing bread and milk, and even if they are they aren't doing it once and are causing some businesses to lose so much that they can't operate.
In the meantime corporations are completely innocent! 😮
what has always amazed me is how people who have good judgement on day to day things like comparative shopping for groceries, will have a complete lack of critical thinking when it comes to big financial decisions. It is like their critical brain shuts down when something is too good to be true.
Oddly enough, your example is exactly why people get caught up in these things.
As consumers we _love_ to get a deal. There’s something in us that gives us a dopamine hit from paying less than what we’re supposed to. Exploiting that loophole. How many of us wishes we could tell a story like “yea, I bought into Bitcoin when it was fractions of a cent”. Problem is, too many people don’t realize that those situations are the exception and not the rule.
I doubt there was much to begin with, if you are actually critical, because you think, reality would just feel like a never ending scam.
But what always helps is to ask, how does this benefit me, or how will they make money, and questions going deeper into that.
This line of thinking quickly unveils any shady shit going on, you will miss the boom, but you can't lose either.
It's because critical thinking skills aren't as helpful as you think. Humans are emotional first and logical second, you and me included. Scams work because they target people emotionally. It's how you get people with PH.Ds and multiple degrees sending thousands to some check scam. Or how you get people who scoff and laugh at those in MLMs throwing all of their money into game stop stocks and NFTs.
They target the emotionally desperate. If you think it can't happen to you, it can. I almost got scammed when I was flat broke and jobless and two weeks away from being out on the street.
Greed. A dreaming man will deceive even himself if the expected result is quick and easy wealth.
They don't. They are just puppet trained this way to belive that's the way to make money.
"you have to sometimes do the stuff that doesn't work in order to find out what does". Worked many years in R&D, absolutely back this.
I don't know why we would think anything else when we've seen it over and over again in our own lives.
This is literally the definition of innovation. The one thing the US use to pride itself on.
As a software developer, I have been involved with products I thought were great that went on to die. I've been involved in development of products that sucked that went on to be big winners in the market.
Having been in R&D I can definitely relate.
I couldve told you this in 5th grade. Absolute no brainer statement
The level of corruption right now is absolutely crazy.
Fraud is definitely one of the top growth sectors, currently. I think it's due to the ease of executing scams with all the communications technology we now have, combined with laws that have not evolved to keep up. And, at least in the US, the "getting all the money you can" is deeply embedded into the culture. So much that I think most scammers genuinely think they aren't doing anything wrong.
When you don’t punish offenders. It’s technically legal. Laws are only as good as your ability to uphold them. And no court really cares
A new sucker logs online for the first time every second.
Christopher Columbus discovered the Americas. Fraud has had golden ages as long as human have been alive. WE JUST PICK AND CHOSE who to be seen as a villain/guilty and who gets a pass.
Golden age of corruption.
Saying fraud is a sector is like saying money is a sector- fraud is and will always be in every industry
I feel like in my adult life (graduated in 2008) it’s felt like work is almost a scam, like all the things you’re “supposed” to do to have stability and prosperity were just a bill of goods, and I always kind of half assumed that people savvier than me were up to some hustle that was over my head. I never personally fell for any of these investment or passive income scams because I assumed that they required the sort of extroverted, go-getter, hustler personality that you also need for normal sales jobs and I just didn’t have. It’s only in the last few years that I’ve realized how much of that stuff was scams, and how much I was falling for it in an emotional way even if I never lost any money in it. But as the non-scam opportunities for success wither, I suppose this is what you get.
You can succeed with an introverted personality, but it does take a little more effort. Some of these types of people have been fraudsters as well -- just look at Sam Bankman-Fried.
Once again introversion turns out to be a feature rather than a bug.
I'm 52 and think that your time frame is about right. I think we're still living in the crisis, and that shouldn't really surprise us.
I don't know about short term success.
But if you want long term financial security, then you can get some through the use of US government bonds. They're rock solid. Though the pay out isn't great.
An 1,000 dollar 20 year treasury bond isn't a bad investment at all. Though those kinds of bonds are usually bought by parents for their kids. Typically in the form of 6,000 dollars worth of treasury bonds bought after the child is born. To act as the kids "college savings".
Unfortunately, a 5% interest rate hasn't historically kept up with the rapid inflation in the cost of higher inflation. But the 5% does protect your money against normal inflation. So Bonds are still a good way to preserve the value of your money.
One big difference that comes to mind between your generation and mine is the costs of higher education.
Whereas my generation was mostly able to access college and post-grad degrees regardless of income (modulo some systemic discrimination), yours is widely expected to get in debt for large amounts of money before they can even get one of those precious degrees.
Some would be tempted to describe once prestigious educational institutions as vulgar profiteers, if not scammers, that couldn't resist the temptation to skim off of top of the future earnings of their students, and in so doing have compromised their past ideals of equal access to education.
It's obnoxious, because it remains true that a better degree correlates strongly with a better career and income, and I have to wonder how many of the folks unable to afford a degree they once would have been able to to earn through their studies may in turn fall into the scamming ecosystem.
I recall reading Tim Ferriss's Four Hour Workweek and I recalled he claimed some tricks such as picking a catchy title, buying copies of your own book to become a bestseller, becoming an expert through a paid magazine article and selling supplements. The guy wrote about shortcuts on gaming our current system. Shame on us for falling for it. After I read that book, I didn't have much respect for Tim anymore.
Don't blame the messenger. I'm sure there are people you currently respect that used these sleazy tactics to get where there at today.
I can highly recommend the 'If books Could Kill' podcast episode about his book.
The advice isn't technically wrong nor fraudulent though.
Spoilers: Know how your favorite influencer is hocking a drink, supplement, makeup, etc? Arnold Schwarzenegger got his start selling vitamins. Know how your favorite celebrity has a book, and a Masterclass course, and...?
You're trying to cry foul about something you buy constantly.
@@timothyharshaw2347its morally wrong , claiming to be an expert but literally just scamming everyone
Running a small business is not easy, I took over my father's business in 2001, and I ran it for about 11 years. Running a small business requires a lot of time, at times you will be working 7 days a week 12 hours/day. You have to deal with all kinds of problems, like shoplifting, getting bad checks, taking losses for items that don't move, dealing with a economic downturn, paying fees to the city/state/federal government, etc.
Exactly, a 9-5 end’s usually when you leave the building. Owning a business is 24/7
So why own a business? Exactly when it works it’s $$ no matter how hard it is.
I sold mine when someone offered money lol fuck running a business in this scam country
@@Shay416 It is 24/7. If you get a call from the alarm company, you have to go back to the business in the middle of the night.
@@Mr_Banker222 It isn't worth it these days. There is too much crime now. I plan to move to China and do business there in the near future.
I finally read "The 4-Hour Workweek," and it opened my eyes to how many 'hustle, rise-and-grind, multiple streams of income' people I've worked with who had committed that book to memory.
Funny thing is Tim Ferris works way more than 4 hrs. The whole promise is bullshit
Just another GET RICH QUICK scheme. This cheaters “philosophy” is as old as money itself. There is no free lunch.
I had three spam calls from India before this video even finished.
4 total today and it only 6:45 pdt.
Scam capital of the world
Yeah I was the one who called😂😂
I keep getting scam messages to click a link. Fkin hate scammers. Scum they are
Do you by any chance live in the UK? The Indian scammers are relentless there.
Gotta love it when people buy into some of this stuff. “Residual income”, creating “generational wealth”. The best advice I’ve heard regarding this stuff is “if it was so easy, we’d all be rich.”
And these schemes will always be around simply because nobody wants to spend a large portion of their life working.
Stats show that most millionaires follow strict rules regarding money, and didn’t become millionaires well into middle age. Two characteristics that common people don’t have regarding money : patience and self control.
That's ridiculous. Most people manage to save for retirement, and back in the day buy a house. You don't become a millionaire through ironclad self control, you do it by education and opportunity. If you never got a university education in the right fields you're never going to get stock options in a business, let alone run one. Then you've got to live in the right place, very few millionaires made in impoverished or rural areas. You've got to have the right people around you that set certain external expectations (again, nobody willed themselves rich) and know people who offer opportunities.
This isn't to say it's all doom and gloom (or easy), but you'd be better off buying a nice suit and surrounding yourself with the right people than trying to cut back on calories to eke out a few extra cents savings from your minimum wage salary
@@RugnirSvenstarr it’s not ridiculous. It’s been studied, most millionaires have very strict spending habits and didn’t become millionaires until they were about 50.
And what you’re saying doesn’t mean what I said is wrong either. Although I’m more inclined to say it’s way more in favor of opportunity than actual education. There’s a reason why that saying “I’d rather be lucky than smart” exists.
80% of third generation wealth goes bankrupt. So generational wealth is a myth. Nothing beats self control.
I had some in laws move in with me for a while. We called it “building generational wealth”
@@matthewjohnson3656 lol that’s one way of putting it.
Long before there was an internet, my father told me that there's no way to generate wealth without excessive hard work. And that anyone promising a shortcut is scamming. It's a simple but parsimonious principle
Watch out for the opposite end as well. If someone asks you to work yourself to the bone, make sure that they are upfront about what they owe you. Many businesses are profitable because they exploit their workers. To glorify money leads to scams, and to glorify work leads to slavery.
The fact that I've seen multiple CZcams ads about AI investing before getting halfway through the video tells you everything you need to know.
One of the most common things to hear someone say when purchasing a scratch-off lottery ticket is: "Give me a winner!" I look at them and ask, "Why would I knowingly give you a winning ticket rather than keep it for myself?"
They then ignore me and start a cycle of buying a ticket, scratching the ticket, buying another ticket, scratching the ticket, etc. This goes on, winning and losing until they have dipped into their funds long enough for them to realize how close they are to having to skip meals or walk to work. I once told a woman, who was handing me a solid inch-thick stack of scan sheets, that if she quit playing the lottery, she could probably retire from her job.
Lottery (and scammers) is a tax not on the poor, but on the credulous.
Or really, the lottery is a tax on people who are hoping for a quick massive change to their financial circumstances. People need money now, not when their 65.
Lottery is an extra tax for people poor at math
I know someone who had a successful career in finance appraising real estate investments and advising large corporations on how to wisely invest hundreds of millions of dollars for a good return. This same person is constantly on the verge of financial collapse because they can't manage their own money worth a damn, and never saw a get-rich-quick scam they could pass up.
To paraphrase a professor of mine, Being good at math and being wise enough to apply it to your life choices are two different things.
Because you don't know it's a winning ticket?
I recently booked an AirBnB in San Antonio. Arrived at 3am only to find out it was a scam. Called CS and was told to find a hotel (in a strange city at 3am) and they would pay me back. The lady at the apartment told me we were the 3rd person to come. The scam ad is STILL UP on the website. Never ever again. 😢
I love that your talk with coffee pulled me out of my feeling of dread. Because I was seeing people around my age of the later 20s and thinking about what it was that I was doing wrong.
And it turns out that a lot of them are sociopathic fraudsters and not only that they flaunt wealth they dont actually have, or engage in illegal activities. Also most of those people who are making much cash are just skilless influencers whose job is just to edit videos and profit from attention/lying to people. Not that it's bad to make millions from CZcams, but ideally most of us don't want fame.
So many of them are pathetic and laughable. They go on a private jet a couple times and rent an expensive car. Those things are tax deductibles for their scam business anyway
They also pay websites to post their net worth as some inflated bs number so that’s what comes up when people google their name
It always amazes me that the people who sell this "anyone can be rich if they wamt to" lie are always people who either have wealthy parents and the financial help of those parents or they got really lucky in one way or another usually the former
It's not a lie. Just not the full truth. Most rich people do illegal and immoral stuff to get their money. Also, a majority don't really care about being rich, as long as they can afford the basic stuff they need without having to borrow or other stuff etc
Self employment and franchises is like buying a job
I wonder about that, I have heard of someone falling into a financial trap owning a franchise in a successful sportswear company. I suspect the parent company sets the level of profit such that some do well and others go bust
@@WaryOfExtremesOriginal There's a lot of wage theft by people who went into buying the franchise with an adequate work ethic and morals and then the desperation to somehow make a profit just drives them to it. Some franchise owners are like slaves because they have bought a job no better than their employees have.
@@ribbonsofnightyeah, they need to own 3-4 franchises before making good money.
@@WaryOfExtremesOriginalSubway is pretty bad for franchisers. McDonald's is expensive to get into, if you already have access to that much money you can put it into whatever to make money
Social Media has dumbed down the planet.
The main issue about passive income is that, by definition, you are not doing anything. Which means that you are burdening society by taking resources without adding value (economic, social, artistic, scientific, etc). So any of the loopholes that enable it would be promptly banned by the law, because the increase of its adherents would be actively damaging to a nation.
The business I run in Thailand gets at least 8 phishing emails and 2 scam calls every week. The only way fraud and scams will stop is by giving massive prison sentences. They'll never stop when the rewards way out balance the risks
A change in culture where fraudsters genuinely fear for their lives should investors find out would also help, but unfortunately that's mutually exclusive with massive prison sentences.
Yea this way of thinking surly works with drugs lmao.
because so much of the scam is done by people now days right... not just a automated robot that sends messages and then even answer themself with other accounts and make it all sounds so real etc. But maybe you think its 8 phishing emails that are sent by individual people every day lol
Clawing back money from the PPP must be the highest ROI effort the US could ever pursue so of course they'll botch that.
Bills regularly show up to defund the IRS and SEC.
They'll take it back from legitimate recipients and let the biggest offenders keep the money.
The Republican House won't approve money to go after this.
@@dtemp132 I don't have much faith in them doing anything but make up scandals and fight culture wars but I surely hope their economic responsibility instincts might kick in. Enough money in the IRS now, why not this?
“when the shoe shine boy give you a stock tip it is time to get out of the market “
On the other hand, a tip from Nancy Pelosi is probably worth following up.
Or just tell the shoe shine boy to stfu and keep shining.
Ah, so that stupid 4 Hour Workweek book is why employers don't trust that employees are actually working from home.
Thank you for this fantastic report. Several of my own friends are people that I had to cut off because they now think scamming people is an acceptable business model. I tried to be kind and help them at my own expense, and paid the price (got dragged into crypto, lent some money, etc.). It's sad that society turned out this way, where destroying people you know is perceived as the best way to get ahead. 😢
It's amazing how many people flagrantly disregard right from wrong these days. We live in the age of greed as my mum once said.
I wonder if perhaps it has always been like this. I have memories from the 90s and it was very similar. Just using different mediums
@@merchz2 I think it's cyclical. During or right after an economic crash being openly greedy is frowned upon, but during prolonged bull markets it slowly becomes more and more acceptable until the next crash resets the situation.
As a small business owner, it's true you work more hours, but if you enjoy what you do, the time flies by as you're more connected to the work and it feels more significant.
Nope, still doesn't move me! I love a set workday & work week 🤷🏽♀️ My favorite secular holiday is Labor Day in reverence for those labor struggles!
@@Heyu7her3 Nothing wrong with being an employee, for some people it works great and they enjoy the set hours, easier general work requirements, and all of the other perks like being able to take a day off without too much loss. There's a reason why most people are ultimately employees, it's appealing for a lot of reasons. It's just not for me.
Congratulations. As a small business owner, I hope you are providing a service that is not of the discretionary type. No one has any money right now so if you are in the discretionary field, I hope you have a plan on how to survive in the high interest rate and low spending environment we are entering right now. For me, the only work I can do is as a government employee or consultant. I value my time and holidays more than I value money so I will gladly be an employee and change the world through my expertise to help others than make it about money. But again, to each their own. How will you leave your mark on the world when you are no longer here?
@@bobroberts2217 Quite the opposite, I'm in the most discretionary spending industry imaginable selling luxury cardboard squares and plastic, though at the same time in a world of hardship we all need a moment of fun to distract ourselves from the troubles of the world after all. As for my mark on the world, I think not working for the government, or well any government, is more than enough.
the same is true for employees who enjoy what they do. it is inherent in the nature of "enjoyment" not a feature of self-employment.
"Choose your parent wisely" lol. I wish I was born into a billionaire family.
I wish I had taken this financial advice.
I wish I never say those words and work hard enough to leave my kids something
Think once how billionaire's kids turned out to be. You never learn the value of money if it comes easy
@@indian9632you can’t learn to value something you don’t have.
@@saralotti7174 It's a good thing people give you money for your time and efforts. Lot of people waste their time whining, but my parents were broke and never gave me a dime - I went to college with no debts you just need to work hard and budget. Don't live like you're middle class if you're not
It's amazing just how many billions of dollars we would save the public if we BANNED MLMs
Write a law that bans MLMs and I will create an MLM that bypasses this law. In the meantime, small businesses are suffering from the additional administrative burden to prove they are not an MLM (because Lawmakers are paid by NOT small businesses). Meanwhile any good MLM can postpone any lawsuit long enough to get away with it even if it is discovered at all, all whilst keeping their members in the scheme by telling them about unjust persecution. You can ban driving to fast because it is obvious when so does, you cannot ban MLM because MLM are not obvious. Truly only teaching people about the basic economic principle, that: "the sucker is you and if you partake in a scam as anything but the og scammer the scammed is you" is the only way out of this.
Utter BS. Recursive recruiting (uplines/downlines) + upfront purchases for "sellers" = MLM. Make a law based on that and all those pyramid schemes go down. MLM companies are thriving because MLMs are not illegal. Once people learn about it, everyone always knows 100% what companies are MLMs and which aren't, there is no ambiguity. There's no small companies struggling to prove they're not MLMs because: 1) MLMs are not illegal; and 2) No one thinks that Joe Blo's at the corner selling burgers is an MLM.
Banning things is usually more economically costly than just letting them happen. The existing securities regulations have been studied and shown to have cost the economy trillions of dollars in economic growth over the last century. This would just pile on top of that.
its imposible cause US goverment would shut down emidietly .How much is national dept ? Those money are real i promise :D
@@howardroark3736 Ah, the 'ol we need more guns to solve gun violence school of thought. As if FTX and its ilk are not neo billboards for strict regulations. Your libertarian approach to life only works if you are the only one taking the shortcut buddy.
I think it’s important to also note the advances in toolsets that scammers now have at their disposal. The proliferation of internet technology around the globe, the ease of capital, not just cash and crypto but even gift cards, crossing borders and now chatbots that can customize scripts and mimic voices give scammers a much wider reach.
Just wait until they incorporate AI with voicing and all that. Will probably happen soon. That is when I think internet in its current form will die due to all the spam/scam
Also a lot of people blindly trust computers to always represent truth. For older people especially, when they think of their computer they only see it as doing what THEY want, so when their computer is being used against them they are blind to it.
Patrick's the bees-knees at explaining the economy and its related social trends.
I agree he is streets ahead!
he is also a top-shelf tranquilizer
Do bees have knees? I've never seen a crouching bee
@@Bghjssjald233 Are you certain? How closely were you looking?
I'm total noob at economics but he's one of my favourites, along with How Money Works and Money & Macro. Also The Plain Bagel is great for learning basics
Please do a vid about "choosing our parents wisely", I need to improve my life choices.
My parents left me the ability to work hard. It's payed off.
Yes, we need more people criticizing the '4-hour work week' book. It's done so much damage, it's really a lie and the number of self help books that are just a scam is overwhelming. Self-help should be regulated just like psychotherapy.
I don't know how or why we regulate self-help. We need to regulate people selling scams.
Right I’m pissed I just found out he didn’t even work the 4hrs. Man had two full time jobs. No wonder he’s always talking about depression, man is a con artist
@@ribbonsofnight if self help was regulated, then self help industry would collapse to nothing
Would have been cool to see you touch on the kind of fraud where people wildly inflate or deflate their stated assets to secure better loans or insurance rates. Seems like that's been popular with some people for decades.
senior trumpo
Lol you have no shame. The value of something is subjective.
No two people can agree on the value of something.
@@guenthersteiner3311 Not by anywhere near this degree. The scope is wayyyy outside of normal wiggle room. Hope you're following along.
@@guenthersteiner3311 You have no shame. In the case these kinds of fraud, it is one person who cannot agree with himself or herself about the value of something.
@@SamEbby try all owners of commercial real estate. Trump was just extremely egregious in the variance between appraised values for loans v property tax appraisals. But every large scale CRE owner and operator does this.
It is not a mystery as to why you are so well respected and your channel will soon hit a million subscribers. Your ability to articulate complex topics with such clarity and doing so while not leaving out an abundance of supporting material and high level third party analysis is so impressive. This is not Finance for Dummies. This effective communication personified. Whenever I finish one of your videos I am always reminded of the editors credo, "...if I would have had longer, it would have been shorter..." Your videos have zero fat. I think the best complement I can deliver is that, after your tutorials, I am able to convey to others a concise overview of your topics where as the recipient feels that they too understand the topic and they have zero doubt as to the credibility of what I conveyed. ADDITIONALLY, I am big of Michael Pettis references as he is operating at seriously elevated levels. And finally, you are surely one of Ireland's most polished gems. Thanks mate. And good on ya.. ☘️🏁
Even Meet Kevin was advising people to get pandemic relief money in a way that I felt at the time was dishonest. I'm glad I didn't take his advice.
Yeah he started in one direction and slowly started going the other way…
Meet Kevin has nowhere near as much money as he claims. If you saw his stock picks in 2020/2021 he would be broke by now, but no somehow he’s still rich and made a killing from these stocks, he’s not transparent at all
dude.. have u seen his courses prices? And the amount he made from youtube ads during the peak of financial youtube payouts..? it is very obvious to me that he made his money from that and maybe tesla and some other stocks but the stuff he spewed on his livestreams were just stupid@@AusValue
Is it ironic that the algorithm pushed a passive income scheme ad at me in the middle of this video? Anyway, if it appears to be too easy or too good to be true, it probably is. Good video, appropriate for the times.
The reality check I use is: “Would I ever pay someone to do nothing?”. It never failed me, money must always come from someone. If I can’t figure out where the effort is that is a massive red flag.
I’d say corruption is higher than plain old fraud.
As it has been and always will be, but that doesn't negate a 30% increase in fraud losses in a single year.
It's both higher and more visible, which encourages the same from the general public. If so many public officials are openly running a grift offering lies of a batter future for everyone while raking it in on the side, why shouldn't everyone else be trying the same? The underlying lies of the system are on full display. Fraudsters are just playing into them.
@@hospitable_ghost I wouldn't say "always has been". In fact, historically speaking, the heights of fraud are usually superceded by brief periods of far less fraud... and indescribable horrors towards those proliferating the fraud.
Oh, the amount of students have told me about some sort of scammy scheme when I asked them what kind of career they want to pursue after school...
My only complain with this video is Patrick didn't explain the correlation between passive investment and CZcams thumbnails of grifters with open mouths 😮
Damn it i know want him to explain this so baaaad!
Best advice ever "if your young choose your parents wisely".....😂
As a young person in the US, it’s sad how many people I see near my age falling for these schemes. I blame a lot of this on social pressure from social media and the burn out of a 9-5.
Meetkevin is the Walmart version of grant cardone
Great Value Grant Cardone….lmfao!
@@HelloHello33333 17:16 does not scream slimy con artist. Not at all.
@@HelloHello33333Fair enough, burning bank notes does not make someone a scammer. But flashing wealth to build an image of a successful entrepreneur is a cheap marketing gimmick. Especially if he pitches implausible grand dreams and charges thousands for a seminar.
Edit: my initial reply was dismissive and arrogant, sorry about that. My point is that someone following the guru template of large promises isn't trustworthy.
Let's consider this in terms of numbers.. if we google gc, the top result is related to his brand, which is 10x. It even markets 10x'ing your income. If we take a 10% compounding annualized growth rate (very good in my opinion), it would take 24-25 years to 10x an amount. You can check this by taking 1.1 and multiplying it by itself for 24 or run 1.1^24, it gives a number around 10. So what he's pitching is just unrealistic, my 2c.
@@HelloHello33333anyone with half a brain can tell that Cardone is a snakeoil salesman. He doesn't even speak coherently and seems to be a recovering dr*g addict
I'm studying to become a cpa and a cfp. The things that I thought I knew about finances because these fraudsters told me it was true is baffling.
So you know you have to get a 🪪 certificate or license to start any business and local ordinance and work toward it till eventually it happens!?...you can tell the difference between the fakes and phonies
When the lockdown hit I was laid off of two jobs and even had to move out of the band house I was living in. I was denied unemployment after applying and appealing even though I had been paying taxes for 14 years without a complaint or interruption. Thank god they didn't give it to me, how would they have paid all of these people?
😢
I've not been on unemployment for many years, but back when I was I knew the contractor responsible for administering it (our government loves contractors) used all sorts of dirty tricks. They'd make it conditional on attending completely useless courses. Or withhold payment for a week because you failed to attend a mandatory in-person job search session to prove you were looking for work. Sometimes they would reschedule these sessions with less than one day's notice, and inform you by post so the letter wouldn't arrive until after you'd already missed your meeting.
@@vylbird8014surely that can't be legal. I know the complaints process is hell but I would be inclined to find out who the official body is for types of complaints and go that route
How else are they gonna bail out all the billion dollar corporations 😢
If you lose your job through your employer’s actions you are entitled to unemployment benefits in most countries that have a social security system. Maybe you should vote for someone else next time
Suits are looking wicked these days my guy xx. Love you.
Hold that thought Patrick. I just got an email that a charge I didn't make on Amazon had processed. Luckily Amazon caught it and I need to call them and get my refund.
I get a text every few days that pretends to be the US postal service. It's a +44 number 😂
Amazing video yet again. People act as if the 2008 Great Recession is ancient history, but in many ways we’re still living with its effects.
Fraud and greed are closely related. Greedy people are the most easily defrauded.
The more people out there who are looking for a 20% "guaranteed" returned the more people who will be defrauded.
You mean 11% per month is real?
I don't necessarily think it's always greed, I feel like desperation also plays a key role there. I almost got caught up in a scam because I was so desperate for a job and income that I would have taken anything. They posted it on a relatively trustworthy job board, marketed it as an entry level job with training in the field it was in, and the pay was in the medium high range for the role. I only got suspicious because they wanted me to pay for the initial classes.
Gold/silver bugs. Because when the economy collapses and were thrown into madmax, eating gold and flinging silver nuggets at the cannibal pirates is a viable way of life.
Blame low interest rates. Investors tend to believe anything when capital is free.
A good point, although I recall a ponzi scheme in the early 1990's era of high interest rates. Ironically it was called "Pyramid"
This is a real answer.
Yep! Low interest rates for individuals and businesses sent this entire market out of control.
That what 40 years of Reaganomics gets you; it's not just about taxes.
Hearing that Coffeezilla thought he'd run out of work eventually after he exposed all the scammers is both sad yet surprisingly a great view of his character. He had a belief that there would be a finite amount of scammers he would find and was going to eventually be done with that, needing to move on, and it's probably not exactly all good news that he'll have plenty of work for a long while
"Economies grow faster and life is more pleasant the more people can trust each other." Wow. I don't say "wow" very often but that is an insightful statement. Dare I say, "powerful."
I think also that low interest rates push people into trying to find other ways to get some passive returns on their savings that would otherwise be provided for by savings account's interest payments. All of this money was up for grabs by anybody with a convincing enough pitch. When interest rates are higher, people are far less keen to even think about withdrawing savings, so running FTX style scams gets more difficult... still possible, but with a reduced pool of sucker funds
I've been getting lots of vintage style ads about "miracle tricks" that cure tinnitus and fix your eyes. Real "doctors hate her" type stuff with robot voices and stock footage of some mystery powder being stirred into a glass of water. It's given me some real deja vu.
So appreciate this video. The Meet Kevin types in this cycle are a perfect example, expert in stock market, realestate, global politics, etc. Literally names his courses "Hustler" University etc.
It would be a great start if CZcams stopped letting them advertise so much
Thanks for describing the struggle of small business ownership! Very rewarding if it clicks with your personality and goals, but definitely took at least two years to start working more flexibly and it still isn’t “passive” by any means.
8:55 “choose your parents wisely” why didn’t I think of that😂😂😂
Griftopia... One of the most egregious changes in enforcement action in 2009-12 compared with S&L or the Dotcom fallout was that the DoJ was so gravely concerned about the sentiment effects of going after more banking and FIRE actors that they held back on prosecutions. So the bezzle was allowed to deflate - had there been 3000 bank examiners like Bill Black roaming the countryside it would have crashed confidence that the problem was "contained". Thus further ire and mistrust, because everyone with half a brain could see the absence of bankers doing perp-walks and knew that a loss transfer onto taxpayers and other borrowers still in the market was under way.
The net lesson seemed to be that impunity was possible, especially if you're big.
"A fool and their money are easily parted" remains true
179 dollars for EAR BUDS. Shameful. Lemme google for a price that wont ruin my day should I misplace or lose one.
The thing about passive income, if it is that easy to get in and invest, they wouldn't share.
Obviously this reason is due to saturation. Any area like that will quickly reach and then exceed capacity, which will ruin it for further investment, or even for current ones.
Another possibility is that there is a finite cap of profitability for each investor, but that is only really something that artificially exists, or is due to an unwillingness for additional investment due to volatility. In either case, real profitability would be limited, you really couldn't quit your job.
Props for calling out Tim Ferris!
When folks say the system is rigged, they're not wrong.
Thanks for another very educational video! This one is a bit sobering, since you're looking at fraud as more of a systemic problem rather than just laughing at it. The part that really jumps out at me starts at 18:40, when you talk about how the "bezel" can be slowly eliminated by forcing other people (who often had no participation in the fraud) to pay for it. The example of the Chinese regulators is particularly disturbing. When they forced ordinary bank depositors to pay for the fraud incurred by the banks by setting deposit rates extremely low for a decade, they forced millions of people to pay for the mistakes made by a few, since the low rates meant their savings were being eroded by inflation. The people with the smallest savings effectively paid the highest price.
Someone always pays when the scam is exposed and the bezel disappears. But in a just world the cost should be paid by the scammer. In a somewhat less just world the damage should be at least limited to the victims. In the least just world we all end up paying for other people's fraud.
And they are doing it again with the housing crisis. There is no personal Bankruptcy in China. Their housing system uses a "pay to build" system, where the individual pays a large lump sum to secure a loan from a bank, that the builder than draws from to build the home. However, the Banks have not been doing their due diligence, releasing the funds from the loan without any of the work being done on the home. The construction firms have been operating like ponzi schemes, using new buyers to build homes for old customers after having lost the money from the old customers in land speculation. Many buyers are finding themselves with massive loans, and no house. The Banks (and by extension the Government, as the banks are state run) are going to force the individuals to pay back the loans anyway. Making the most recent customers responsible for absorbing the Bezzle.
Reminds me of socialising costs, privatising profits etc. I knew all this was happening in the west, haven’t finished vid yet.
Ahem... Emergency Stabilization Act of 2008... *cough*
That's India at the moment. The present government is a fraudster's delight. With 140 crore or 1.4 billion people, it's a dream come true for fraudsters preying on the ordinary, small saving junta.
Sadly these are many times still the best solutions, even if they are morally not sound. "Too big to let it fail" is real
I resigned from a Fortune 50 company this year because I refuse to participate in how massive the fraud is. The worst part is that not a single lawyer has returned my calls to discuss it.
Ohhh Wells Fargo…. Or Primerica…
„If it sounds to good to be true then it is most likely not true!“ Sounds obvious but is for some reason hard to realise for human brains
I like the ''Choose your parents wisely'' option!
My most hated grifters (because they’re less obvious) are the Doom n Gloom people who are always talking like they know something you don’t about the market crashing or the dollar collapsing. Then, they to get you to buy gold or silver. Such B.S.
Sounds like a variation on the old religious end-of-days types who were selling long-life foods and survival equipment for when Armageddon nears. Everything you need to survive the end of everything, at least until the Rapture comes.
The part of the sponsorship where you talk about connecting them to you car is dangerous. It’s highly dangerous to wear headphone or earbuds at all when driving. And it should be avoided point-blank to prevent people from thinking “well maybe….” And causing a wreck from their arrogance
This is one of the finest CZcams channels I've ever come across, and we're taking 10s of thousands of channels. Bravo to you and your team Patrick!
I’m halfway through this video and I’ve had 3 scam adverts so far 😂😂😂
you see those scams in the comments on videos all the time. I try to report them as much as I can. it pisses me off when they are so obvious.
Tools down boys! Patrick Boyle just uploaded!
UNBELIEVABLE! On Patrick's video warning against get rich passive income scammers, I have just watched two implausible get rich passive income scam commercials... these people have no conscience
I see a Patrick Boyle video, I instantly click and press like.
Could you explain why executives at firms get to have huge departure packages when a company is going under? One would think that the company would have to (or at least should be forced to by the government) to deny or void these contracts to fulfill existential obligations. What are the legal gaps or facilitations of this?
Probably because of some backroom plays. They knew the company was going under and set money aside for his pension. Fucking everyone under him over.
Definitely feels like it. And imo ot should really be illegal or regulated. As we all know a market with no regulations is a market like crypto. A lawless Wasteland of scams amd frauds.
I seriously love this channel. Thank you so much for sharing your wisdom with the world Patrick
I completely agree that passive income doesn't exist! Some say writing a book or setting up an online course is passive income; dunno about you, but it takes a lot of time and effort to do these. I'd rather call them delayed income
Is it bad when I saw Grant Cardone as the thumbnail I was like "Oh shit, what he did THIS time?"
You sometimes have to do the stuff that doesn't work to find the stuff that does is a great comment.
I'm glad Tim Ferriss is finally getting called out a bit, I don't know how he's managed to go so under the radar and accepted as some "expert" for so long.
he went to a silver spoon school, he is NOT self made
Amazing episode as usual, esp. on the passive income scam, although most of what you've said is true and should be commonsense, but people desperation for financial success is a major reason we often forgot the basics (Governments needs to study why people are feeling financially insecure and address those issues more effectively) .... I almost remind myself when it comes to those scammers with the simple question (why are you exposing the secret of your success? a true magician never exposes his tricks) since most of the human race are inherently greedy and tend to want to keep our source of income hidden, but they really are selling hype and dreams for themself to win at the end and not us the normies.
Thank you for this video sir. I love your summation on what is going on with the sale of information that one may obtain thru online research or post secondary. It's easier for them to sell the prospect of wealth, but analyzing the cyclical nature of business you can see the actual reason for lying on how to create a great lifestyle. It has never or will ever be a quick process.
I thought you were going to hit us with one of those meme sponsors, given the subject matter.
I like the sound of these shock phones but, thank you Patrick, you are a true and proper man.
You are just awesome at explaining things. I learn so much. I love the idea of the “Bezzle”. Boom and Bust is almost essential to expose it.
Thank you for being a vocie for average people.
Thanks, man. This helped set me free from the trap of trying over and over again to generate "passive income" and blaming the failure on me not trying hard enough. I had no idea these "influencers" were scammers. I'll stop listening to them now and keep focusing on building my skills. Oh, by the way, have you heard of those influencers who tell you you can earn like 10k/month from "faceless AI generated youtube channels"?