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#4: Bill Fleckenstein on Central Banks, Financial Bubbles and White Burgundy
Superinvestors and the Art of Worldly Wisdom
The Power of Psychology
I don't know that the bond markets are going to turn on these central bankers. I would have thought that when they said, look, we're not going to allow deflation, we have a printing press. It's the only thing Bernanke's ever said that I totally agreed with. And yet people still act as like deflation is possible. How is it possible if you can monetize this shit on anything you need to? Right. Now, when they take away the printing press, now it's possible. That's a step down the road. But, you know. The average sophisticated person doesn't understand the power of psychology.
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