21 Feb '13, 1pm

A rejoinder to critics of "Monetary Origins of the Poker Bubble" #liberty #economics #gold #bitcoin

First, if you don’t believe that the Federal Reserve – more generally, central banks – create bubbles with their manipulation of interest rates, credit expansion, and the subsequent effects on both the term structure of production and individual time preferences, you likely won’t buy any of this anyway. You’ll inevitably attribute the meteoric interest in poker to ‘animal spirits’: one school of thought’s explanation for spontaneous motivation, blind confidence, and/or naive optimism that drives an individual toward a certain goal, often irrationally.

Full article: http://petercearle.com/2013/02/poker-bubble-rejoinder/

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