Ken Rogoff...time to listen.

Thursday, March 3, 2011

Unknown said...: "The first thing to understand about exchange rates is that you can’t understand them. You have to approach the market with a lot of humility."

Humility is always a good thing. Admitting that you do not understand something and then working to achieve that understanding is humility. Humility is accepting that what we believe we know may not be correct. We must practice humility every time we find a new piece of information or discover that there is something we cannot explain. Especially when what cannot be explained is as crucial to the foundation of economics as the exchange of value for value. Claiming it is impossible for anyone to understand a thing because you don't understand it is arrogant and stupid. Ken seems to be lacking both humility and any idea of what the word humility means along with any basic understanding of what real value is.

"The most incomprehensible thing about the world is that it is at all comprehensible."
Albert Einstein

Maybe we should spend some time listening to people that DO understand exchange rates and who make a very good living doing so. People like Doug Casey and Peter Schiff.; March 5, 2011 at 5:27 PM
Randall Parker said...: Jeffrey: Why don't you stop calling people names?; March 5, 2011 at 6:19 PM