Extraordinary Popular Delusions and the Madness of Crowds

Extraordinary Popular Delusions and the Madness of Crowds
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This video presents a review of Charles Mackay's "Extraordinary Popular Delusions and the Madness of Crowds," originally published in 1841 and reissued in 1852.

The book explores historical instances of collective folly and irrational behavior, categorized into various chapters such as "The Mississippi Scheme," "The South-Sea Bubble," "The Tulipomania," and "The Alchymists."

Through detailed accounts and analysis, Mackay investigates how large groups of people have succumbed to economic bubbles, superstitions, and other forms of mass delusion throughout history. The foreword by Bernard M. Baruch highlights the enduring relevance of Mackay's observations on crowd psychology in understanding economic movements.

The lessons from Mackay's work is a warning to those who go crypto-crazy and believe the promises of anyone. That includes politicians and preachers. The cheapest currency in the world is a promise.