Economists Chortle as Bitcoin Crashes

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 

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.


  2 comments for “Economists Chortle as Bitcoin Crashes

  1. Joao
    April 11, 2013 at 11:54 am

    They are pathetic idiots. They don’t even get the terms right , they miss on concepts and end up with delusional ideas.

  2. April 11, 2013 at 12:12 pm

    The discussion continued-

    Constance L Hunter ‏@Lee_Adler @joebrusuelas Lee do you have a horse in this race? What are your expectations of #bitcoins?

    Lee Adler ‏@ConstanceHunter @joebrusuelas Absolutely not. I never comment about issues that I don’t “get.” Intuitively I feel that it’s a sign.

    Lee Adler @ConstanceHunter @joebrusuelas to where the clinically insane Bernanke, Kuroda, Draghi are taking us, just slower.

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