Nostrum (noun)

1. A medicine or remedy that is claimed to have curative powers, but is actually ineffective or useless.
2. A scheme or solution that is offered as a cure-all for a complex issue, but is likely to fail.

Origin:

Derived from the latin word nostrum, meaning 'ours' or 'belonging to us'.

Examples:

1. The quack doctor sold a nostrum that claimed to cure all diseases, but it was actually just sugar water.
2. The politician's nostrum for fixing the economy was criticized for being too simplistic.
3. The inventor's nostrum for propulsion was dismissed as being impossible.
4. The salesman's nostrum for financial success was a scam.
5. The healer's nostrum for spiritual enlightenment was debunked as being superstitious.