PRI - The Mysterious Force That Defeated Bill Ackman's Herbalife Bet

• The FTC inexplicably chose not to classify Herbalife as a "pyramid" and FTC prosecution policy remains inconsistent and arbitrary regarding "multi-level marketing."
• From three years of work on the first comprehensive book on "MLM" I identify the force –  that accounts for FTC's strange behavior and which Ackman did not address.
• MLM is protected by what has become a pervasive non-rational faith in "endless chain" economics and the magical power of "belief" to overcome fact-based reality.
• I call this delusional belief system, "Ponzinomics." Against reality, it is sustained by PR, government complicity and Wall Street evangelists.
• Main Street is losing faith in Ponzinomics. Investors in "MLM" equities should keep watch on the groundswell of outraged citizenry.

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