https://www.frontpagemag.com/fpm/2021/03/coronavirus-bruce-hendry/
In 1841, Charles Mackay wrote a 702-page book titled Extraordinary Popular Delusions and the Madness of Crowds. The book details investment hysteria and panic, but it’s really about human nature, something that doesn’t change throughout recorded history. I will show the reader, in this essay, how we are experiencing popular delusions and the madness of crowds, right now, with the current corona virus, COVID-19 hysteria and panic.
Today’s social psychologists use the term “groupthink” to describe the modern versions of crowd madness. “Groupthink” represents the prevailing beliefs and rationalizations that influence the decisions of the general public as well as the experts. Their groupthink beliefs are shaped by the opinions of others (think CNN, New York Times and Twitter) and not by the rigor of their own personal and independent analysis. The current hysteria and panic over the COVID crisis is a modern example of groupthink. This essay will examine that claim.
My career history, in distressed investments, was predicated upon an independent analysis and sometimes a rejection of the accepted investment community beliefs. My rule is that when everybody accepts a belief or story, it’s time to critically examine the assumptions. Community-held investment views are often correct, but many times they are wrong too. Challenging accepted community views is not a way to win a popularity contest, but it’s important for someone to state the truth and I intend to do that here. I will use my skill in questioning popularly-held assumptions and share my thoughts with you on the COVID crisis.
Diversity of opinion is the lifeblood of a democracy. My opinion on the COVID crisis will differ from the accepted community view — and probably from your own view too. This essay was removed from Facebook — just like the Nazis’ burning of books that differed from proscribed ways of thinking. I hope that you will read this essay carefully and with an open mind.