What Happened With LTCM Is Now Happening Across The Political And Economic World
By Tyler Durden
Submitted by Michael Krieger of Liberty BlitzKrieg
Brexit = Death of the Technocrats
My political opinions lean more and more to Anarchy (philosophically understood, meaning abolition of control not whiskered men with bombs) … the most improper job of any man, even saints (who at any rate were at least unwilling to take it on), is bossing other men. Not one in a million is fit for it, and least of all those who seek the opportunity.
– J. R. R. Tolkien
What transpired last night in the United Kingdom represented one of the most extraordinary expressions of democracy in my lifetime. When faced with an event of such monumental significance, it’s difficult to pick any particular direction for a post like this. I have so many thoughts running through my mind and so many angles I could potentially address, it’s simply impossible to do them all justice. As such, I’ve decided to focus on one very meaningful implication of Brexit: death of the technocrats.
To start, I want to dive into one of the more interesting controversies from the weeks leading up to the vote. What I’m referring to is the statement made by Vote Leave’s Michael Grove regarding “experts.”
From the Telegraph:
On Friday night, during an interview on Sky News about the EU, Faisal Islam challenged the Justice Secretary to name a single independent economic authority that thought Brexit was a good idea. Mr Gove’s response was defiant.
“I’m glad these organizations aren’t on my side,” he said. “I think people in this country have had enough of experts.”
Mr Islam spluttered incredulously. People in this country, he repeated, “have had enough of experts?”
Mr Gove stood his ground. Yes, he said, people in this country had had enough of experts “saying that they know what is best”. Mr Gove had “faith in the British people”. The so-called experts, clearly, did not.
For his words, Mr. Gove was attacked relentlessly. His language was described as dangerous, and he was scolded for its supposed anti-intellectualism. The “very smart people” issuing these condemnations did so in their typical self-satisfied, smug manner. Nonetheless, Michael Gove was absolutely correct in his assessment, and in this post I will detail precisely why.
First of all, what is an “expert?” From what I can gather this term is bestowed upon someone with an advanced degree who has successfully maneuvered him or herself into a position of prominence within government, a think tank, central banking or academia.
As someone who worked on Wall Street for a decade, I was constantly surrounded by people with advanced degrees from the most prestigious institutions. I also know that your degree means absolutely nothing the moment you walk in that door for the first day of work. You enter a place filled with people who have battling it out for years if not decades in their profession of choice, and the only thing that matters now is performance. If you don’t perform you’re gone, and nobody’s gonna care about …read more
Source: What Happened With LTCM Is Now Happening Across The Political And Economic World
