The Dow is still rising. It rose another 125 points yesterday… hitting a new record high.
Gold is dawdling.
We’re still thinking about how so many smart people came to believe
things that aren’t true. Krugman, Stiglitz, Friedman, Bernanke — all
seem to have a simpleton’s view of how the world works. They believe
they can manipulate the future and make it better. Not just for
themselves, but for everyone. Where did such a silly idea come from?
Aristotelian logic came to dominate Western thought after the
Renaissance. It was essentially a forerunner of positivism — which is
supposedly based on objective conditions and scientific reasoning. “Give
me the facts,” says the positivist, confidently. “Let me apply my
rational brain to them. I will come up with a solution!”
This is fine, if you are building the Eiffel Tower or organizing the
next church supper. But positivism falls apart when it is applied to
schemes that go beyond the reach of the “herald’s cry.”
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