Money and Conspiracy Theories: Read Critically
Trader's Library #98 · Money, macro and economics. A lesson in critical thinking: how not to be seduced by conspiracy theories about money.
Author: Song Hongbing, G. Edward Griffin, Antony C. Sutton, Daniel Estulin, John Perkins · Original: incl. Currency Wars (Song Hongbing); The Creature from Jekyll Island; Wall Street and the Rise of Hitler · Year: 1994 · Usefulness for traders: ★☆☆☆☆
What it's about
A group of books about the “hidden forces” that rule money: the five volumes of Song Hongbing's “Currency Wars”, Griffin's “The Creature from Jekyll Island” (on the creation of the Fed), Sutton's “Wall Street and …” series (on the financing of revolutions and regimes), Estulin's “The True Story of the Bilderberg Group” and Perkins's “Confessions of an Economic Hit Man”.
What it gives a trader
I cover them together as an exercise in critical thinking. They mix real historical facts with unverified theories and credit the markets with a hidden director. For a trader it's a dangerous way of thinking: if you believe “someone” controls everything, every price move starts to look like a conspiracy rather than order flow.
Lessons for traders
- an interesting story isn't proof (the narrative fallacy, Atlas of biases #26)
- looking for a hidden culprit is a way of escaping responsibility for a loss (the fundamental attribution error, Atlas of biases #62)
- check the sources before you believe a sensation (confirmation bias, Atlas of biases #21)
What to watch out for
Historians and economists consider some of these books unreliable or outright conspiracy theories. Don't treat them as a source of knowledge about markets.
Discussion
The discussion takes place in Hetman Capital Club (in Polish). Join the discussion in the Club →
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Educational content, not investment advice. The book description is my own summary and assessment, not quotations. Edition details were checked in catalogues and bookshops, and where there was doubt I said so plainly.