Some great insights by the author of "Black Swan".
The Intellectual Yet Idiot
By Nassim Nicholas Taleb
https://medium.com/@nntaleb/the-intellectual-yet-idiot-13211e2d0577#.c4t41ymk8
That has been all too obvious, and especially in tolerant societies. Look around and we can see that the silent tolerant majority are in no way, in control. I feel that tide may be changing though, at least I see the best hope for that change in decades.
Good article BTW.
All those in favor say AYE: 2
All those opposed say NAY: 98
By the fair, tolerant, and inclusive rule of 'minority rules,' the AYEs have it! Let the record show that men can use womens' restrooms.
He's a little bit hard to read because he inserts his own idiosyncratic stories and terminology, but investing time in studying the guy's writings is very worthwhile.
To me, the biggest takeaway from him is the notion of "Skin in the Game". Banks don't have skin in the game anymore because Governments (the taxpaper) bails them out of trouble because they are "Too Big to Fail"
But if banks knew they would really lose their money if they fail, then investors in banks would be a heckuva lot more diligent about making wise choices. And if a bank or automaker is too big to fail, then they should be forced to downsize and not be a burden on society.
Taleb has written several great books, but one of the best sources is simply reading the articles he points to on his website. Always an interesting read, often very funny guy.
Thanks for posting.
The dominant philosophy of think tanks like Heritage has been that all they need to do is inform the small minority in control of society to the facts of economics and other disciplines and the small minority will do the right thing.
When the USSR fell, they concluded “We won”.
People at Heritage type places were clueless to the intransigence of the minority in control. The Heritage types were mistaken in thinking that facts would change the minds of the intransigent.
I have decided that I am against everything.