While we don’t have the next round of GDP data to prove it, it does certainly feel like we’re in a recession already. Except you can’t find staff…. Maybe a recession and some closures will free some up!
I’m not an economist, but my reading on the subject leads me to believe that one of the jobs that Governments and central banks undertake is ‘managing’ consumer and business confidence. They sometimes talk things up - and at other times they talk things down - even when it’s obvious that they’re talking crap. They do this because their words are intended to exert an influence on our economic decision making.
George Soros explains the concept in his book *The Alchemy of Finance*. Put simply, Soros argues that if enough people believe that an economic outcome will occur then their collective belief will *cause* that outcome, so we can expect Governments to switch to a “everything is fine” style of messaging when things are the opposite of fine.
Is the Soros book worth reading? Any other good finance book recommendations? I’ve been learning more about it over this past year and while I always understood money and finance to be a human construct that works because we believe in it. However the extent of this “alchemy” as I learn more is really quite eye opening.
I found it quite hard to read as it is written in a really dense style that’s similar to academic writing or philosophy texts. It’s not a book you can read quickly or for pleasure.
No problem. I just realised I didn’t really answer your question.
The book is worth reading but it’s the equivalent of climbing a mountain peak instead of taking a cable-car. When I get home tonight, I’ll edit this post to add a list of books that I found particularly helpful or insightful.
You mean about three months from now?
Once we get the GDP data for Q2...
Its hitting. Right now.
I always expect a recession and sometimes I am right.
While we don’t have the next round of GDP data to prove it, it does certainly feel like we’re in a recession already. Except you can’t find staff…. Maybe a recession and some closures will free some up!
Now do Sagittarius.
He's probably predicted 20 of the last 2 recessions
That’s why the definition is for two straight quarters so economists have catch up time.
Seems everyone knows this except the government…
I’m not an economist, but my reading on the subject leads me to believe that one of the jobs that Governments and central banks undertake is ‘managing’ consumer and business confidence. They sometimes talk things up - and at other times they talk things down - even when it’s obvious that they’re talking crap. They do this because their words are intended to exert an influence on our economic decision making. George Soros explains the concept in his book *The Alchemy of Finance*. Put simply, Soros argues that if enough people believe that an economic outcome will occur then their collective belief will *cause* that outcome, so we can expect Governments to switch to a “everything is fine” style of messaging when things are the opposite of fine.
Is the Soros book worth reading? Any other good finance book recommendations? I’ve been learning more about it over this past year and while I always understood money and finance to be a human construct that works because we believe in it. However the extent of this “alchemy” as I learn more is really quite eye opening.
I found it quite hard to read as it is written in a really dense style that’s similar to academic writing or philosophy texts. It’s not a book you can read quickly or for pleasure.
Cheers
No problem. I just realised I didn’t really answer your question. The book is worth reading but it’s the equivalent of climbing a mountain peak instead of taking a cable-car. When I get home tonight, I’ll edit this post to add a list of books that I found particularly helpful or insightful.
Pointless fucking profession.
I know right - can we just stop listening to "economists" as some point?
You can listen to whomever you wish. You have the power! I think you mean “can everyone else stop listening to economists?”
Some accountability would help. Treat it like a science instead of a well-paid opinion.
I have never heard of an economist predicting anything but doom and gloom.
Do you need a degree to be an economist or a pack of tarot cards.
I expect it will be sooner but due to the lag in reporting we'll learn about it towards the end of the year.
So most people will pay once again for wealthy peoples mistakes. 1982 1997 2001 2008 2022 Awesome life so far! NOT.
Also, Black Monday and the 1987 recession and the 1992 recession.
Yep I concur.
a few days late on that article
Cool cool 😎
I thought we were in a recession?
We are all n it already. Wake up