Recently on the broadcast mediums we have seen how little things change. America is stuck in a debate that was resolved in 1776. The debate is about who should rule you.
On one side of the debate are the progressives. They believe that elitists know better than "the herd." They cannot abide capitalism because the market is actually an ignorant herd. They are the rulers, and everyone able to disagree with them are faking their beliefs for some evil purpose. Everyone else is just part of the ignorant herd that cannot be trusted with liberty.
Another side is you. You have few voices in the media. You have been told by teachers, professors, and the media that you cannot make it on your own, let alone help others. Helping others must be left up to government and the enlightened dictators who should rule over everyone. If you can take care of yourself, then you are somehow different and must subscribe to the elitist view.
The truth is that people always know what is best for themselves. When people can compete, cooperate and participate in a free society, they have greater understanding, ingenuity and capability than any expert planner can provide. The Market (Capitalism) always out thinks, out executes, out adapts, out concentrates, and out positions the elitist vision. This is because special knowledge can never take the place of specific knowledge.
Special knowledge is that magical understanding taught at the elite universities. Only the elite minds can comprehend it. It gives the elitist progressives the ability to know what herd animals could never grasp. It is the difference between smart people and cattle. It is that magical formula that allows the government to provide better Health Care than people in the Health Care Industry. Special knowledge is often knowledge about how a sample group would react.
Specific knowledge are rudimentary notions. These specific notions include how thirsty you are, how much an apple is worth to you at various moment, and what would you rather spend your time and money upon. Specific knowledge includes all the information that is specific to you at each specific moment in time.
Politics is about who should rule you. Should you be ruled by someone with magical special knowledge or someone with specific knowledge about you?
note to Bill Maher, Special Knowledge is your magical invisible friend.
QE has permanently ruined bonds for investors
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You used to earn an interest rate roughly inline with nominal GDP growth,
even slightly better.
Since the Fed started manipulating interest rates with QE,...
2 weeks ago