It’s never a bad thing to read cautions about human folly. The quotation above accompanies a long, chart-heavy essay titled Three Delusions: Paper Wealth, A Booming Economy, and Bitcoin, by John P Hussman, PhD.
PhDs can be very wordy people, so I am going to cherry-pick just two observations from Dr Hussman’s piece, for your enjoyment.
The reason that delusions are so hard to fight with logic is that delusions themselves are established through the exercise of logic.
Here’s a second one to ponder, which Hussman quotes under the subhead The delusion of Bitcoin.
We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first.
– Charles Mackay
I’ve never read anything by Charles Mackay, but maybe I will.