The first time I noticed the behaviour of Ponzi financing was during the boom and bust of the Cyprus Stock Exchange. After that period, I was lucky to observe closely the boom and bust of the Stock Exchange in Athens and the financial crisis of 2008.
Since we currently are in February 2026, I have collected several books and cases regarding the Financial Instability Hypothesis, the Minsky Moment and the Ponzi financing practices, worldwide.
There are many books and articles related to Hyman Minsky, the Financial Instability Hypothesis, the several versions of Ponzi schemes and Ponzi financing. Unfortunately, as I repeatedly noticed, very few people can understand the behaviour of the Minsky Moment, the Ponzi schemes and Ponzi financing.
This is the main reason why people still become victims of those practices. This happens because Business Administration as a study still fails to provide all necessary material to the learners. We don’t really deal with Fraud investigation during our studies in Business Administration. This is more of a personal interest and a personal motive. As my investigations covers private companies, public companies and national economics for the last 36 -39 years, I noticed a common pattern ; a gilded period that leads to ruined lives.
In the term of private companies and public companies, ruined lives are the lives of the shareholders and their families. In the term of national economics, ruined lives are the lives of the mass. Too many people lost their houses, after 2008. Even today, the pattern is identical. After a detailed investigation, in Cyprus and Greece, I found the traces leading to corrupted politicians, money-laundering practices and Ponzi financing.
Nobody can easily explain in detail how the lives and prosperity in Cyprus, Greece, Italy, Spain or Portugal were ruined in a couple of years. Even worse, nobody can explain how the lives and prosperity in England, France, Germany and Ukraine are now in the exact same pattern, for different reasons in each case. This is why I decided to explain what really happens through my own book..
Until completion, you may surf through the following links, in order to locate my past publications regarding the Minsky Moment and Ponzi financing.
design a better future by avoiding the past mistakes: Ponzi (nicos-in-english.blogspot.com)