Nobel Prize Winner Calls Cryptocurrency a Fad

Yale University professor and Nobel prize winning economist Robert Shiller adds himself to the list of people oblivious to the ramnifications of blockchain technology and the emerging decentralized ecosphere.

In a CNBC interview Shiller compares cryptocurrency to the 19th century bimetallism phenomena thus proving he totally fails to understand the technology underpinning the crypto world.

The 2013 Nobel Prize winner in Economics goes on to decree the tremendous jump in the value of the virtual currency was a 100 percent bonified “bubble.”

Shiller shared his Nobel prize with two others (Eugene Fama and Lars Peter Hansen) for the "empirical analysis of asset prices", basically a way to predict bubbles. But one must read between the lines here on what Shiller fundamentally believes and promotes.

In 2009 Shiller published a book titled, Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. This book basically drives home that humans allow their emotions to get in the way of the economy and that's why we need government intervention. In fact, Shiller pushed for aggressive government intervention after the financial crisis of 2008-2009.

Shiller goes on to ramble on about how he feels about gold here;

"I think gold is a bubble, but it's always been a bubble," said Shiller, adding "it has some industrial uses, but basically it's like a fad that's lasted thousands of years."

Dictionaries typically define fad as; temporary fashion or a short-lived craze, etc. The way Shiller discards the value of gold, the history of gold and the longevity of gold and suggests it has "always been a bubble" doesn't bode well for the rational thinking meter coming out of Yale.

I won't go as far as calling Shiller an idiot here since he obviously has some serious academic credentials but I think it would help his cause (of promoting centralized control of money) if he augmented his sparetime by auditing some of those Yale freshman classes on logic.