. >> safer: stephen greenspan is a university of colorado professor who writes and lectures on gullibilityences that not reading the fine print or buying something on a tip from your brother-in-law are bad ideas and that older people are particularly vulnerable to a friendly pitch from a conman. in most of the great moments of gullibility in history, the perpetrator seems to target a particular group, correct? >> yes. there have been mormon ponzi schemes targeting mormons or fundamentalist christians. madoff mostly was aimed at jews 'cause he was a prominent jewish philanthropist. so, yes, there is this affiliation aspect of it because we tend to trust our own kind. >> here in 1919 as charles ponzi self-styled financial wizard loafing at his boston mansion with his lovely wife and proud and adoring mother. >> safer: mr. ponzi himself promised fellow italian immigrants he could make them rich trading in postal reply coupons, sort of the pre-paid phone cards of the day. ponzi went to prison and died a pauper. >> i went out looking for trouble. i found it. >> safer: but his name lives on for

the maestro alan greenspan i think that helped brainwash the economy into believing that you can create outcomes with this magical wand and magical thinking but that's exactly what stephen king says indeed bunking economics is that the number one chief. is ill conceived notion of economists is that you can predict economic outcomes or market outcomes and it's hard coded into the basic textbooks of economics that somehow economics is a science like chemistry where the outcome can be predicted that's false economics is like a social science where the outcome is completely unpredictable and the second you understand that the second you understand why ben bernanke and his crew are complete charlatans by putting forward some other theory it's simply not true look at the track record over the past ten fifteen fifty one hundred years based on the central banking theory it's been a catastrophe so as ever thanks so much for being on the kaiser report thank you matt. and albeit while our shirts match. it's a magical the go i'm much more coming away stay right there. in the. world with. science technology innovation all the latest developments from around russia we've got the futu