Tag Archive for Ivory Towers

What it is like Trying to Reveal Truths in the Blogsphere

“And if all others accepted the lie which the Party imposed—if all records told the same tale—then the lie passed into history and became truth. ‘Who controls the past’ ran the Party slogan, ‘controls the future: who controls the present controls the past.’” “In a time of universal deceit, telling the truth becomes a revolutionary act.” - 1984, George Orwell Wonder what it is like for the blogsphere to weigh in on issues of the day? My colleague Lee Adler wrote this classic on the Fed issuing an absurd two faced meu culpa, white wash and misdirection at 6:00 PM on Friday afternoon.  Lee then moves to the NY Fed site and writes this zinger, which was quickly censored. The excuse that most other professional forecasters didn’t foresee it is just that, an excuse. Some professional forecasters did see it. They were derided as Cassandras and dismissed by Wall Street and Fed insiders, who are only beholden to each other, and to their own delusions.Millions of amateur economic forecasters who frequented the financial message boards and blogs saw what was happening and what was coming. They had one important advantage. They live in the real world, not inside the Beltway, not within the marble halls [...]