Back in 2010, "Black Swan" author, Nassim Taleb, often thought of as some market “genius,” said this:
|Nassim Nicholas Taleb, author of “The Black Swan,” said “every single human being” should bet U.S. Treasury bonds will decline, citing the policies of Federal Reserve Chairman Ben S. Bernanke and the Obama administration. It’s “a no brainer” to sell short Treasuries, Taleb, a principal at Universa Investments LP in Santa Monica, California, said at a conference in Moscow today. “Every single human being should have that trade.”|
This is what happens when you don't understand how things work; when you are simply wedded to a dogma and have no interest in the truth. For Taleb it was all about preaching his ideology rather than really knowing what is going on.
Taleb is not alone. You can lump Peter Schiff, Jim Rogers, Marc Faber, Kyle Bass and a boatload of others into that group. Totally, dismally, wrong, talkng their beliefs without the slightest interst in what the truth is. The epitome of dumb.