“For a quarter century, those who recalled Charles Mackay’s [non-fiction book] Extraordinary Popular Delusions and the Madness of Crowds and its many successors, and pointed out that uncontrolled speculation always ends the same dismal way, were told that they ought to shut up until they learned something about economics. Sober warnings from distinguished scholars were drowned out by a chorus of cheerleading, while less prestigious voices were pushed out to the fringes of the blogosphere. What is now painfully clear is that those marginalized voices were right all along, and their warnings could have spared us a massive economic disaster if the pundits and politicians who dismissed them had listened instead.” – John Michael Greer
Jim’s Quote of the Day:
