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211 - Understanding inflation through the man behind the FED in America

The David McWilliams Podcast

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The Hardest Thing You Can Do Is Be Wrong

We hang around with people who think like us. And then that's how group think gets in, he says. No matter how big the society, if the upper chalons are drawn from a dwindling, dwindling pool of people, backgrounds, experiences,. life styles, money, attitudes, et cetera, what you have isyou'v a fatted pool of people who believe the same thing. That's what it wasas one maritocrat marries the other maritocrat. It's this thing that we know a confirmation bias, an psychology that basically we, despite the fact that we suggest we like to be questioned, don't?

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