model
The standard economics explanation says bubbles pop because collective optimism becomes delusion, like gravity pulling down what flew too high.
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Delusion
The standard economics explanation says bubbles pop because collective optimism becomes delusion, like gravity pulling down what flew too high.
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"All right, so just keep this in mind, guys. All right, so let's look at, very quickly, the main explanation for why booms and..."
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"...uninterrupted booms, like the one in the 1920s, produce a collective delusion. Optimism becomes a drug or a religion or some combination of both...."
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"Okay, so again, this is a science book. It's a set explanation for why there's a bubble burst, because it's delusional, and then it's..."
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"...Okay? So public opinion does not matter. We've come to this delusion that our opinions matter in geopolitics. It doesn't matter in geopolitics. What..."
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"...okay and this is a great illusion like this is a delusion okay behind the economy where money is just a cop is just..."
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"...So, you always have a subset of people who have these delusions of grandeur. And in certain circumstances, they will be proven right, okay?..."
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"...feudal system and centralized power and all in their hands. Okay? Delusion of authority of church and nobility. So, in Europe, the Catholic Church..."
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"...a lot of mercury poisoning problems. He couldn't sleep. He had delusions. His hair was falling out. He had mercury poisoning, okay? But at..."
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