The Buffoonery of Crowds.

Speaking of productive folk, George Soros appears to have rousted himself from the torpor of retirement and uncountable wealth to retake the reins of his investment empire, all whilst dabbling in new economic theory on the side.

In his interview with NPR yesterday, Soros discussed his new book, The New Paradigm for Financial Markets, which takes issue with the orthodoxy most recently capitalized upon by James Surowiecki, et many al.

Far from seeing the wisdom of crowds, Soros fears what he views as their propensity simply to regurgitate and amplify mistakes.

For my own part, I have a profound distaste for the coercive power of standing ovations, drunken soccer hooligans, and enforced clapping in unison during any live music. Soros probably has a more pointed view, given his childhood in wartime Hungary and firsthand experience with the Nazis and Soviets, so perhaps he has good reason to be suspicious of crowds.

Of course, if his voice in the crowd happens to be the correct one and he succeeds in persuading a lot of people to agree with him, then perhaps he will pardoxically prove himself wrong.

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