What ails the following proof that all the elements of a finite set are equal?

The following is the “proof”;

All elements of a set with no elements are equal, so make the induction assumption that any set with n elements has all its elements equal. In a set with n elements, the first and the last n are equal by induction assumption. They overlap at n, so all are equal, completing the induction.

End of “proof:

Regards,

Nalin Pithwa