Hennessy's View

Now Experts Are Worse Than Useless

Millennials seem to believe anything that comes from the mouth of an “expert.” Even the older Millennials are probably too green to realize that listening to experts will produce worse results than going with your gut. It works like this … when we go with our gut (or some non-expert’s suggestion), we build in a wide margin for error. We recognize the fallibility of our own judgment and proceed with due caution. Read more →

Are We Watching The Central Bank Era End?

Are they going to peg all the banks? Why, they could buy ground and build a new Mississippi cheaper. They are pegging Bulletin Tow-head now. It won’t do any good. If the river has got a mortgage on that island, it will foreclose, sure, pegs or no pegs. – Mark Twain quoting Uncle Mumford,Life on the Mississippi When I last checked the Internets last night, markets were booming in Asia, and US futures were soaring. Read more →

So Much for the Experts

Rule by the cleverest brute dominated most of human history. Then came the bizarre notion – in Greece and Rome to degrees, but mostly in the USA – of rule by the governed. Rule by the governed gave way in 20th century to rule by experts. Many so called “conservatives” warned against the expert thing. Eventually, conservatives believed, the experts would either fall prey to the clever brutes or to a world too complex for a small group to manage. Read more →