Here’s an interesting take on the stock market. From DC Sunsets at theburningplatform.com:
People often refer to Charles Mackay’s 1841 book “Extraordinary Popular Delusions and the Madness of Crowds” in the context of financial manias, but the book actually addresses several social manias as well.
This should remind us to look for manias in our social experience, and I argue that the collectivist assault on social norms best typified by “transgenderism” is cut from the exact same cloth as is the notion of assigning a profitless corporation a value of hundreds of millions, if not many billions of dollars.
Some years ago my favorite financial guru, Robert Prechter, penned a newsletter highlighting the market’s embrace of a Jungian archetype: flight.
His discussion noted that the subconscious embrace of this archetype involved a feeling that all Earthly limits were cast aside, and the person experiencing this felt as though they could simply spread their arms and rise into the sky, free of the encumbrance of gravity. His position was that the financial mania was an expression of this feeling of freedom.
I hold that the roots of this shared illusion were planted over 50 years ago, when American citizens experienced the removal of the last physical anchor of the dollar to anything real when silver was removed from coinage in 1964. Seven years later the Nixon administration ceased exchanging gold for dollars with foreign nations and the dollar became a fully free-floating abstraction. Under this new system there was no longer a fixed physical relationship between the dollar and any single thing, freeing the human herd to skip from one dollar-relationship to another, disguising the debasement of dollar-based wealth particularly in terms of dollar-based IOUs (also known as debt securities.)
Freed of all physical laws or relationships, people could see no limit to how much dollar-based wealth could be imagined into existence simply by creating a new “I’ll pay you X number of dollars in Y number of years” bond. Since that time, a virtual (in both senses) ocean of IOU-dollars has been created. Few people ever stop to even try to grasp just how many promises to deliver future dollars have been issued, and even those who do so face difficulties in determining what constitutes such a promise. The current figures vary from something like $60,000,000,000,000 to as high as $1,250,000,000,000,000. Yes, those numbers are simply incomprehensible to every single man and woman. We are cast adrift.
The current fad of transgenderism is absolutely related to this. The rationalists among us see sex as a biologically determined fact. If a human is born with an XY chromosome pair, that person is male, and if born with an XX chromosome pair, that person is female.
This biological law is no longer considered relevant in our modern time. A man who believes he should be a woman can simply state he’s a woman (a magical incantation) and others are now obligated to respect his belief increasingly on pain of legal sanction. Belief about oneself trumps biological fact. Think about that. [Arguments in favor of this sometimes raise the existence of “intersex” persons, i.e., those extremely rare people born with a non-standard sex chromosome combination like XXY or XYY, but in fact these persons are NOT transgendered; they are often reproductively sterile and again, quite rare.]
The basis of favoring respect for transgenderism is a combination of rejecting physical & natural (biological) laws and demanding a level of compassion from society’s members to the point of celebrating the Emperor’s New Clothes (on pain of being stoned by the PC mob.)
To continue reading: Transgenderism and Stocks: more related than you think