Scams Rely Upon Belief Systems
Posted by pwl on February 28, 2009
Since the financial market’s own version of 9/11, the collective belief in free market capitalism has taken quite a hit. Not surprisingly, the professional absurdists have shown more common sense than the business press. “The stock market’s just a consensual mass delusion based on fictitious valuing of abstract assets,” noted fictional news reporter John Oliver on The Daily Show. Yet, even now, financial advisors and business press shills are still humming the same old tune, which might as well be Journey’s Don’t Stop Believin’. No matter how bad the financial news gets, the bull market will return one day, we’re told. Two years, say some. Three years, say others – seven years on the outside. Just have faith and buy low.
The central paradox is that bull markets are turbocharged by the very thing that ultimately undermines them: herd behaviour. – Bernie, Buddha, and belief systems, Common Ground Magazine
Scams of all kinds reply upon YOUR beliefs as confidence men and women ply their trade skills emptying your wallets using what you think is real to great effect. Madoff lived by Gandalf’s words and it worked to the tune of ~50 Billion Precious Dollars!