Re: Prechter and Puplava interview
No one is right 100% of the time. Bright people dork up and make stupid falls. Look at how Xerox gave Apple their OS and then how Steve Jobs loaned the GUI box to Bill Gates or how Gates got IBM to license not buy the DOS OS which he didn’t even have in his possession, or how the DOS writer sold it for 50k.
Even Ben Bernanke can teach himself calculus but is an absolute economic moron.
Prechter made a bonehead remark about the devaluation but Puplava let him go on talking and the next sentence was brilliant: Credit is what lead to high housing and student tuitions.
I’m not a deflationist but I read Mish and listen to these discussions because I can always glean some good. My advice is don’t drink any Jim Jones Cool-aide. King had a super interview a few weeks ago about the IMF and gold standards. I think GATA is a joke, but they did point out a lot of things that a lot of folks take for granted (LBMA paper and gold is like any other commodity (more traded than exists)). Prechter may be a moron at times but some of the stuff he comes out with is brilliant.
Pick the cherries.
I think this attitude is what many on this site (as well as many others) are unable to do! If someone makes one or two stupid comments they are at that time labeled as ‘idiots’ and are never listened to again. Or if there could be some truth to a story, they’ll discount the whole thing because of their inability to dissect.
As you said, no one’s perfect. Everyone is going to make stupid decisions or say stupid things in their lives. But just because someone has a theory that’s half wrong, the other half may be right. So do you discount the whole thing or do you learn from the half that’s right? I’m finding far too many people on here that don’t learn that second half because they’ve decided that if half is wrong, the other half isn’t worth listening.
[/quote]Took me a month off to come to this realization, I still toss the moron word around way toooooo much. On FB I called Prechter a moron for his devalue comment, but I do realize he has a lot of smarts and comes up with a lot of neat stuff – so even though I think he is wrong about deflation I need to compartmentalize the moron bit to where I think he is off.