The fact is that participants cannot base their decisions on knowledge. The two-way, reflexive connection between the cognitive and manipulating functions introduces an element of uncertainty or indeterminancy into both fucntions. That applies both to market participants and to financial authorities who are in charge of macro-economic policy and are supposed to supervise and regulate markets. The members of both groups act on the basis of an imperfect understanding of the situation in which they participate. The element of uncertainty inherent in the two-way reflexive connection between the cognitive and manipulative functions cannot be eliminated; but our understanding, and our ability to cope with the situation, would be greatly improved if we recognized this fact. - George Soros The crash of 2008 and what it means a must read for all those who are interested in preventing another crash
Posted on: Mon, 24 Mar 2014 11:22:52 +0000
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