There is a kind of rubbernecking excitement that one experiences when we hear a person in position of power, control or money, utter something that is such a blatant lie that we wonder how anyone could believe listeners are so stupid to even remotely believe what is being said. The excitement is only magnified when we go back in time and re-listen the spoken lies, with the realization that they have already proven false. Perhaps nowehere in history is this kind of active revisionist history more appropriate then when listening to central bankers, who have been wrong on more occassions than anyone else in a professional occupation, and still retained their jobs. For everyone who enjoys being amused at the expense of others' stupidity, the latest note from Grant Williams will be full of delightful reminiscences. And while ridiculing idiots and institutional stupidity is easy, there is always a lesson to be learned from someone else's humiliation. Or not. Perhaps sometimes it is best just to jeer at the morons who are in charge of this wholo ponzi house of cards. As Williams says: "The trick is to try and figure out which words of encouragement being offered today by those doing the talking will be remembered for all the wrong reasons when viewed in the rear-view mirror of history. Fortunately, we have a collection of people at the helms of Central Banks, governments, political unions and international organizations who make this job fairly simple as most of what they all say will probably end up haunting them for the rest of their lives. All one has to do to steer through the turbulent waters is work out which comments from public officials are virtually guaranteed to be laughably off the mark, or which smack of far too much invested optimism, discount them in favour of logic and move forward."
Grant Williams' - Things That Make You Go Hmmmm (pdf)