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meh... Bitcoiners have a vague sense of this, but specifies and understands it hopelessly wrong:
- conspiracy
- statisticians at BLS are political dupes
- money printing covers the deficit
etc, etc.
Karl at least a) doesn't subscribe to any such nonsense, and b) knows the history/theory of constructing a price index, of which Bitcoiners generally have no clue
Well yeah, conspiracy is the refuge of the weak mind or something something.
If we take it as a given that many people have weak minds (or to be more charitable, limited attention), then the onus is on the expert class to communicate in a way that accords with reality. The more their communication departs from reality, the more conspiracy theories arise.
Hence, Fauci / COVID / Lab Leak / Ivermectin, and all that nonsense.
good point... maybe the expert class just gaslighting the plebs all day long and telling them shite about 2% and central bank expertise and we know what we're doing blah-blah hasn't, you know, inbued the public with lots of confidence
I mean, Bitcoiners have known this for decades... and it's a large part of why tradfi talking heads' sanguine take on the economic situation rings so hollow for most people.