The Ponzi scheme has been a recurring fixture of economic life in rich and poor nations at least since the 19th century, creating a few millionaires and ruining the lives of millions. Yet most people have only a vague idea of what they are, which may explain why so many continue to fall for their strange and almost mystical allure.
Source: http://www.scientificamerican.com/article/the-whole-economy-is-rife-with-ponzi-schemes/.