Planet Money · October 7, 2026 · 25m

Charles Ponzi's scheme (plus a new scam)

This episode of Planet Money tells the story of Charles Ponzi, an Italian immigrant who in 1919 stumbled upon International Reply Coupons and saw a chance to get rich. With investors' money, he launched what became the archetypal Ponzi scheme—a fraud that made his name synonymous with financial swindles. The show traces how his scheme worked and its lasting linguistic legacy. This rerun, first aired in 2023, also features a segment on a modern-day scam.

This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.

Preview

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The Origin of the Ponzi Scheme

Charles Ponzi used International Reply Coupons to promise investors huge returns, creating the archetype of a Ponzi scheme.

Claude ChatGPT Gemini

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International Reply Coupons as Arbitrage Opportunity

Ponzi saw that International Reply Coupons—a prepaid postage instrument—could be bought in Europe and redeemed for higher-value stamps in the U.S.

Claude ChatGPT Gemini

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