Ponzi Scheme, Pyramid Scheme, Bubble, and the Importance of Endogenous Growth

There has been a lot of discussion in the media about Ponzi schemes.  In fact, some economists have been debating whether we were facing a system-wide Ponzi scheme as financial imbalances that rely on new investors (including those overseas) could not last forever. A scheme needs a schemer, but this, of course, is not the case for the financial system at a macro level.  If we look at practices at a micro level, including the situation in the housing market, fraudulent practices and schemers did exist.