Ernie: One important thing we discussed during our recent conversation was
the idea (actually a myth) popularized by Silicon Valley that no-one needs to be expert at anything; after all, whatever you want to know is as near as Google. Just look it up. The same principle apples to doing anything; all the how-to information is as close as the Web, that is, instantaneously or nearly instantaneously. I was critical of this idea at the time. I have now been watching a lecture by Nomi Prins at one of her stops for her book tour, promoting her latest tome, Collusion: How Central Banks Rigged the World. I now realize that my criticism was much too mild. I should have yelled and screamed that the whole idea, that nobody needs to learn much of anything as long as they have access to a top notch computer (or even just a cell phone) is utterly ridiculous and terribly dysfunctional. Not that you will do so, but let me urge you to look up Nomi Prins in the C-Span menu for today, September 8, 2018, and listen to her talk. She is a prime example of a walking encyclopedia; indeed, metaphorically I got a headache listening to her. Not because she was a crank or said dumb things, but because of the opposite. I thought that my poor little head would explode. Damn!!! She provided a cascade of information that got deeper and deeper as time progressed, and she was utterly succinct each step of the way, not a gram of fluff in anything she said, everything to the point and well considered. I can't say if she is correct in her prognoses of the fate of the economic system but it does square with the August issue of FORTUNE, that we are well along in the process of formation of a major bubble and need to beware of the consequences. But Nomi Prins spelled it all out, to the effect that the financial crisis of 2008 - 2009 was a disaster not because of the mess at the time, which was horrible, but because the central banks have repeated the process that led to the mess in the first place only this time they are more powerful than ever and nearly all critics of the system have been marginalized and have no voice in councils of government. This POV also squares with the general critique made by Kevin Phillips in the past who, as you know, is my exemplar in things finance, not exactly a hero but someone I admire greatly in this realm. Much (much) more can be said about the substance of economics but the point is that nobody can possibly ask questions, propose recommendations, offer analyses, you-name-it, who is not a walking encyclopedia of a subject, who knows the subject inside and out. "Just look it up on Google"? WTH? First of all, there is a good chance that if it is really important it won't be available on Google, it may be propitiatory, or only available in book form (hard copy books) or still be in process in the work of scholars or researchers, or "other." Secondly, you need to be able to ask the right questions, or turn to the best sources of information. If your knowledge base is limited or poor then you won't be able to ask the right questions or know what to look for. All of which would be abundantly clear if you listened to Nomi Prins. Throw out Silicon Valley wisdom on the subject; that 'wisdom' actually is pure folly, not worth anything at all. My humble opinion Billy -- -- Centroids: The Center of the Radical Centrist Community <[email protected]> Google Group: http://groups.google.com/group/RadicalCentrism Radical Centrism website and blog: http://RadicalCentrism.org --- You received this message because you are subscribed to the Google Groups "Centroids: The Center of the Radical Centrist Community" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
