Economists Chortle as Bitcoin Crashes

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Bitcoin is crashing today, which probably surprises no one. I thought this Twitter exchange between a couple of economists said a lot, not about the Bitcoin crash, but about how economists look at the world. Naturally, I had to get in my two cents about what I think of economists. It’s a compulsion.  I just can’t help it.

Constance L Hunter ‏3 Apr
#bitcoins are just like tulip bulbs. #counterpartyrisk is huge. We Sold This Porsche Last Night For 300 Bitcoins http://read.bi/Ywf6he 

Constance L Hunter 34m
@joebrusuelas great minds think alike!! Did you see about the guy who sold his porche to buy bitcoins. Craziness!

Joseph Brusuelas ‏25m
@ConstanceHunter LOL. Yes I did. Classic sign of trouble brewing. Like an EM announcing they constructing tallest building. #short

Constance L Hunter 15m
@joebrusuelas completely! Check out my thread last week w/some guy who was defending #bitcoin madness. Who are these people!? #greaterfools

Lee Adler ‏
@ConstanceHunter @joebrusuelas Nothing more unappealing than crowing, smug, economists who, as a class, get almost nothing important right.

Lee AdlerLee Adler 

The world would be a better place if most economists just shut the fuck up and disappeared.

Whether you agree or disagree, feel free to discuss in the comments section below.

Disclaimer- There are some really good economists who are fine human beings. Generally they are not the ones getting a lot of face time on Bloomberg or CNBC, or getting their name bandied about in the Wall Street Journal.  Generally speaking, the more you see an economist in the media, the worse their record. Living proof? The ubiquity of Benito Bernanke.

 

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