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The Psychological Problem of False Beliefs
How have you gauged the coordinated responses by central banks, whether it's the Fed or the ECB? Have you been surprised to the degree that they have been quote-unquote successful? Are the measures that they are using to define success perhaps, plot? Well, I don't think they have been successful. The really big problem is not an economic problem. It's almost a psychological problem about why do people hold on to false beliefs as long as they tend to do?