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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Lambert Strether</author_name><author_url>https://www.nakedcapitalism.com/author/lambert-strether</author_url><title>What Is This Money Thing Anyway? | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="muVSCDZY5d"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/09/what-is-this-money-thing-anyway.html"&gt;What Is This Money Thing Anyway?&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/09/what-is-this-money-thing-anyway.html/embed#?secret=muVSCDZY5d" width="600" height="338" title="&#x201C;What Is This Money Thing Anyway?&#x201D; &#x2014; naked capitalism" data-secret="muVSCDZY5d" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By Sell on News, a global macro equities analyst. Cross-posted from Macrobusiness.    One of the consequences of economics pretending to be a science, when it is not, is the tendency to attempt to explain financial behaviour from its base constituent parts, rather as a physicist might build up a picture of a compound from its molecules. This repeatedly results in observations that are either banal or based on circular arguments. And once those observations are generalised, taken beyond their thought experiment circularity, they become consistently misleading.</description><thumbnail_url>http://www.macrobusiness.com.au/wp-content/uploads/2012/09/01-goldbar-collection1-200x200.jpg</thumbnail_url></oembed>

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