Extraordinary Popular Delusions and the Madness of Crowds
The world is faster than it was 180 years ago, but many of the delusions are the same
During my latest conversation with 321gold founder Bob Moriarty I was reminded of the classic book “Extraordinary Popular Delusions and the Madness of Crowds” by Charles MacKay.
Some of my favorite excerpts from MacKay’s masterpiece:
“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.”
“Nations, like individuals, cannot become desperate gamblers with impunity. Punishment is sure to overtake them sooner or later.”
“During seasons of great pestilence men have often believed the prophecies of crazed fanatics, that the end of the world was come. Credulity is always greatest in times of calamity. Prophecies of all sorts are rife on such occasions, and are readily believed, whether for good or evil. During the great plague, which ravaged all Europe, between the years 1345 and 1350, it was generally considered that the end of the world was at hand. Pretended prophets were to be found in all the principal cities of Germany, France, and Italy, predicting that within ten years the trump of the Archangel would sound, and the Saviour appear in the clouds to call the earth to judgment.”
While the world has evolved a great deal in the last 180 years, the madness of crowds remains the same. All the evidence we need for this is available in the last several years with episodes such as the covid pandemic and meme stock mania in 2021.
In my latest conversation with Moriarty, we delve into tax loss silly season in the junior mining sector and Bob’s thoughts on the value of site visits and investment conferences.
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