The Trust Crisis: Why Nobody Believes the Experts Anymore

[slapper]

How many times in the past two decades have the experts been correct? In 2007, they said the housing market was safe. It crashed in 2008. They argued that reduction of government expenditure would boost the economy. It didn't. They claimed that the inflation was temporary. It wasn't. They claimed that banking system was stable. Then banks began to fail again. And the same people that were wrong are still giving advice. And they are mad that we no longer trust them

One recent example I will give you. A government requires money as they had made wrong forecasts. Again. So they choose to increase taxes and to reduce social services. When citizens become angry, the authorities declare: "This must be done to keep investors smiling"

Translation: "We're making your life more difficult so rich people are comfortable." And you know what? The investors ARE happy. But regular people? They had nearly no faith in government

Experts make predictions. The predictions are wrong. They make new predictions. Those are also wrong. Then they say "nobody could have predicted this" and move on. However, when you listen to them and make a wrong choice, YOU lose it all. They simply write a report and maintain their jobs

When the government tells you that the economy is fine, yet you have to work two or more jobs just to make a living, you no longer trust the government. You begin to believe in what you can actually see. When banks claim that everything is fine, but then you saw them bailed out as ordinary people are losing their house, you no longer trust banks

The experts examine crypto and believe we are not being reasonable. But on our part, THEY are the crazy ones. They keep saying "trust us, this time will be different" after being wrong for 20 years straight

When did you quit believing the experts? Was there a specific moment? And do you believe that trust will ever return? Or is it gone forever?

Am I wrong about this?

[bitLeap]

The experts examine crypto and believe we are not being reasonable. But on our part, THEY are the crazy ones. They keep saying "trust us, this time will be different" after being wrong for 20 years straight

When did you quit believing the experts? Was there a specific moment? And do you believe that trust will ever return? Or is it gone forever?

Trusting experts who are experts in their field is good, but it doesn't mean 100% hanging everything we stand for on their every word. Therefore having 2 alternative views will give you a way to defend their opinions, data and approach. The bottom line is that experts predictions are not free from bias or based on self interest. So for me it's enough to listen to what the experts have to say, compare and then final decision according to personal judgment.

[gunhell16]

How many decades has inflation been a problem for countries everywhere up to now? It hasn’t been eliminated from the past to the present, right? It really depends on a country’s leaders
on how they manage the nation they’re leading. For example, in our country we only found out the other day that we apparently have a president who’s an addict.

No wonder our country’s economy has been affected for years. He’s very incompetent and doesn’t care about the value of Bitcoin or cryptocurrency, or how it could help our local community.
On top of that, prices are extremely high, our stock exchange has crashed, and many foreign investors have pulled out their investments because they know the president is corrupt.
That’s why the crisis in our country is so severe right now.

[tsaroz]

When did you quit believing the experts? Was there a specific moment? And do you believe that trust will ever return? Or is it gone forever?

Am I wrong about this?

The real expert would talk about probability and won't say anything for certain. There were many experts that warned about the banks and the real estate before the crisis but people were so into the hype that most of them didn't cared to listen.
Nouriel Roubini in 2006 in an interview with IMF for the IMF Survey, mentioned about the upcoming housing bust. https://www.imf.org/external/pubs/ft/survey/2006/101606.pdf
Meredith Whitney warned about the bank credits in 2007 https://www.reuters.com/article/world/cibc-analyst-got-death-threats-on-citigroup-report-idUSN04195378

The market and overall economy do have a trend and signals but its unpredictable and in some cases, its predictable but we can't control the outcome.
Take an example of the AI bubble, almost all agree on it being a bubble and everyone saying it would be worse if we don't control it sooner but yet the feeding of bubble is going on and even when we want to stop it, it can't be. People are still investing heavily for FOMO.

Another example is bitcoin, I don't think there are anyone who don't believe bitcoin would hit a new all time high but we've seen bitcoin going below 100k and we don't have much control over it. Its mostly related to the world politics and economics which don't look bright in the near future as well.

[Zlantann]

When did you quit believing the experts? Was there a specific moment? And do you believe that trust will ever return? Or is it gone forever?

Am I wrong about this?

These economists get it wrong when they try to solve current problems with outdated solutions. The failure to accept that these economic theories cannot be effective in this current economic reality is their undoing. They are too proud to accept that Bitcoin could solve some of the problems of the fiat monetary system.

I have totally lost confidence in my country's economic policymakers. When they told us to avoid cryptocurrency, it was the time we needed it as a hedge against inflation. They told us to keep fiat when the country is facing its highest inflation. My conclusion is that when the government says go left, in some cases going right might be safer. My reason is that most of their policies are designed to satisfy the elite. So they usually deceive the common man. When they told us to avoid cryptocurrencies, there were reports that top government officials were buying Bitcoin.

[asriloni]

You're not wrong. That's how logic is working. If they are really expert, they will make money from predicting the market for themselves. They won't tip others as they can time the market to make money everyday. Sadly, the reality is that those experts are only extracting their followers. They use their followers as their exit liquidity.

Remember the real exprts won't post their trade on social media, if they did it means they only look others to exit. An expert traders don't need to flaunt their trade. 

[YOSHIE]

When did you quit believing the experts? Was there a specific moment? And do you believe that trust will ever return? Or is it gone forever?

The public is now smart, experts used to carry out market analysis, especially in the economic sector, and it was really from the knowledge they had that what they said was correct, Now experts often make predictions, market analysis for sensation and popularity, that's where trust fades for them.

Example: you can see that nowadays in the crypto world we find many actors, artists and so on who are experts, so many of the predictions they make are not true, things like that can also diminish public trust and other factors.

[mu_enrico]

The word "expert" is so vague. Is it because of education? Then many unemployed people with education are also experts. Is it because of the accuracy of predictions? Then no one would become an expert except those who are lucky enough to guess correctly. Is it because of money? Then my next-door uneducated meatball seller is an expert because he's rich.

So rather than seeking advice from the so-called experts, one must learn and do their own research. And when it comes to the economy or the market, no one will guess it correctly most of the time. These two things are affected by many other factors, both predictable and unpredictable. Even if you remove the unpredictable factors, the predictor can only affect x% of the future outcome.

[Apocollapse]

Yeah the current generation are not completely trust the experts, but they trust random social media influencers.

Neither of them are good, the experts do have skill in both theory and practice, but they usually sugarcoat it and their knowledge are too conventional. While social media influencers mostly don't have a proper background, but they answer based on current/updated version which is more real.

[Joy_learns_crypto]

The photo is telling what happens in a funny way. There are the economy experts, experts in making money, motivational speakers but they don’t have know business that they have grown.
Andrew Tate talks a lot, he motivates and also controversial, he speaks about his wealth but aside from cryptocurrency he has been open about recently no other know businesses he has grown but then he wants people to subscribe to his school.
People who have grown successful businesses are not easy to link with, they won’t have a school for subscription you can read their books and only limited few can be mentored by them but the expert that are on socials just want to have your money.

[Ucy]

That should serve as proof they really don't have clear understanding of how things work, and no one in the world does. This would mean that the knowledge they developed over the years and require people to learn shouldn't be trusted. Such knowledge didn't really build the technologies or stuff people depend on today for their economies, healthcare system, etc They are ideas from talented people (and nature) which are eventually included in their knowledge in subsequent updates, but not without changing them to suit their own agenda. There are knowledge they got or stole from the talented, which may be hidden for many years until they are needed. Someone in the system reads it and become an inventor.
 
To qualify as an "expert"(the true meaning of the word) you need to understand something really well, including how it always behaves in known patterns/ways or when influenced by certain factors, but this is not possible for the world (unless maybe for the less complex things) because it's a dark place without sufficient light to make things very clear. So they become copycats, copying from nature and those with true knowledge.

[Mate2237]

The role of exparts advice and counseling is something that can't be replaced with any thing because expertise input in any field is something that is needed if things are to work smoothly.in this era of economic instability what is needed to make sure that our economies get back to shape is by taking the right decision. And government can't take the right decision when there are no exparts to advice them on what to do.if any society is to grow beyond where they find themselves the role of exparts knowledge should not be replaced with anything .



One problem I have seen about governments of almost every country is that politics is what has taken over. So appointments are done based on political affiliations not based on merit or qualifications that is why the wrong persons are in the place of taking decisions that affects the country and one may think that it's due to wrong advice from experts.

[Mrbluntzy]

Believe so called experts at your own risk, the economic system is not smiling at the common man in my country, only the rich people seem to be very comfortable but the common and middle class are not enjoying and to overcome the problem they need to start learning to do the right thing, instead of to believe what the experts are asking them to do, learm to carry out research on your own and invest on the right asset like Bitcoin, also diversify to another asset too, so that if one is not productive, the other will be productive.
   I stopped believing in the experts after hearing that some stocks in my country are sold at a cheaper price to some influential rich people and after they are done buying, that's when the company makes announcement for a public sale of that same stock and when the public (the common persons) starts buying, the rich take profit.

[Alpha Marine]

I don't believe they are always wrong, and I don't believe all of them are the same. Some actually make detailed research predictions based on their research. When it comes to an economy, we have to understand that everything is based on an assumption.
Take Bitcoin,, for example. If I say "Bitcoin will always be worth more than the dollar in price", I'm saying this on the assumption that there will always be demand for Bitcoin. Human beings are complex creatures; they can always go either way.
The outcome, in economics, is not always certain. For example, the CEO of a company might come out and talk about how he believes in white supremacy, might even do a Nazi salute. In the world we live in today, this might make the stock of his company to either rise or fall within the next few days, so its not always straight forward.

I say experts are not always wrong because some predicted the actual outcome. Ive seen cases where the prediction happened just as the expect predicted. I remember the last recession my country faced, econmist and experts kept singing it like a song to the government and country, but nobody listened. Same thing happened before the currency crashed.
The problem is, a lot of them are very biased and narrow minded that they don't want to open up their minds to new things, that is why they are always against Bitcoin. The ones who are open minded and have made an unbiased research have made some very good points about Bitcoin.
Right now, some have predicted an AI bubble burst, time will tell if they are correct.

I only trust an expert if when he says maes sense. I use logic, not emotion or simply because he's more educated on the field. I look at what they say from all angles before taking it into consideration.

[justinlamode]

It is not surprising why many people have become so skeptical about the experts and that is because the experts are people employed by the rich 1% to spread misinformation, fear and doubt to the 99% so they can continue to control them. If you go against the advice of most of the so called experts, you will be right in making financial decision. We saw how the experts were openly criticizing Bitcoin in the early days thereby discouraging many people from investing in Bitcoin, but look at tonight, those who went against the experts and invested in Bitcoin are happy today.

[Kiddo15]

Government over years have abused our trust, They come up with one policies that will directly affect our pocket, yet they will tell us this measures are for our own good. Sometimes they come up with policies like austerity policies that will push up citizens expenses, meanwhile they live lavishly on tax payers money because they are leaders.
It's better for people to work two jobs and fend for themselves and their family than to wait on this guys in government, I rather trust my physical energy and the results it will give back than to rely on this guys.
Crypto hasn't given us any reason to doubt it's awesomeness, so it's too late for the government guys to come up with their lies.

[WillyAp]

It should be pretty obvious that people without experience are no experts in the field they claim to be.
Reading a little, watching others, Videos won't make you an expert on anything but watching.
Experience is what counts. 

[yudi09]

When did you quit believing the experts? Was there a specific moment? And do you believe that trust will ever return? Or is it gone forever?

Am I wrong about this?

They use their expertise to solve problems by using past events as a database to compare with current conditions. From these comparisons, they try to match what will happen in the future.
Some experts offer their opinions as a form of consideration, not to confirm that their predictions will come true, whether in the field of economics or the crypto development sector.

I position them not to disbelieve or believe, but only to use their predictions as material for my consideration in using my mind to make decisions in certain fields. When it comes to the government, I often ignore them.

[Fortify]

It really depends on what you define as an expert, but economists are often just best-guessers based on past events, but pretty much every major recession has been triggered out of nowhere and is nothing like any previous one. It's hard to call economists experts, because they are just history buffs really and anyone with an idea of past events would probably come to the same basic conclusions. Forecasts can never account for those huge black swan type events, but it's quite possible to say if Coca Cola sold 100 billion bottles of Coke last year, they might sell 101 billion bottles of Coke next year, that's what you might call a conservative estimate on a micro level. It all breaks down when you try to understand the dynamic bonds and relationships in a wider economy, which is like trying to predict the direction of the wind.

[Coyster]

I am usually sceptical about people called experts, especially when it has to do with economic and fiscal policies. In my country they are basically just puppets of the federal government and they will never agree to have gotten it wrong or fault government policies, they just follow the script time and again.

These same "experts" would try to deceive people not to buy bitcoin, they would call it a bubble and tell all sort of lies to strike fear in people not to be their own bank. Glad that many people no longer listen to them and only see them for their repeated lies.