Posted: Feb 21, 2014 9:31 pm
by UndercoverElephant
Panderos wrote:I'd be careful about deferring to anyone on this issue to be honest. If you go back to the previous page of this thread you'll see a link GT221 posted to a debate about how banks work - a debate between two professional economists. How can professional economists be debating about what are pretty much the basics of banking?

Part of the problem is that a lot of people who are taught economics at university are taught an out of date, incorrect version of how banking works. These people can be some of the most resistant to accepting the truth, because it involves them admitting they were wrong about something they really thought they understood. Ego gets in the way. Then they start arguing from their own authority, dismissing everybody else as ignorant, point-blank refusing to accept evidence that contradicts their beliefs, etc...

Blackadder has apparently carved himself a spot on this forum an "banking expert." Not so easy to subsequently admit it when you've made a big boob.