… In economic matters, most people, including most politicians, mainstream economists, and investors unconsciously follow Dewey’s philosophical principles: reality is ultimately driven by social consensus, and the success or failure of markets depends only on the optimism or pessimism of consumers and investors. This is more than the belief that wishes and prayers affect reality – this is a belief that one’s wishes are reality – if only enough people share the delusion.

(From What you need to know about the economic “crisis”)

Two more examples:

“As long as no one knows about it, the counterfeit money we print doesn’t really exist:”
“The Bank of England will be able to print extra money without having legally to declare it under new plans which will heighten fears that the Government will secretly pump extra cash into the economy.”

“As long as we ignore the problems in your economy, they won’t really affect us:”
“South Korea set a rare and controversial example over the weekend by arresting a popular blogger who was accused of undermining the financial markets [by correctly predicting economic downturns] but worshipped by many Koreans as an online guru.”

1 Comment

January 15, 2009 · 5:05 am

One Response to

  1. softwarenerd

    Wow! If this is true, if they really stop publishing numbers, it is simply going to stoke fears that they’re doing the worst….. unless, what they’re planning is so huge that nobody but the fringe would fear it!

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