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After writing one of my most recent articles with regard to what typically happens when a currency collapse occurs, due to a currency devaluation is it takes down a country’s economy as the Chinese are gobbling up all of our important economic assets, many people wrote to me asking me when is the total collapse going to happen. The short answer is that I have a hard time predicting the actions of psychopaths. All of us have a hard time predicting the action of others who are so different from the mainstream of America because most of us do not.
Psychopath or Sociopath?
The Dunning–Kruger effect is a cognitive bias which can manifest in one of two ways:
Unskilled individuals suffer from illusory superiority, mistakenly rating their ability much higher than is accurate. This bias is attributed to a metacognitive inability of the unskilled to recognize their ineptitude.
Those persons to whom a skill or set of skills come easily may find themselves with weak self-confidence, as they may falsely assume that others have an equivalent understanding. See Impostor syndrome.
The Lake Wobegon effect, a natural human tendency to overestimate one's capabilities, is named after the town. The characterization of the fictional location, where "all the women are strong, all the men are good looking, and all the children are above average," has been used to describe a real and pervasive human tendency to overestimate one’s achievements and capabilities in relation to others. The Lake Wobegon effect, where all or nearly all of a group claim to be above average, has been observed among drivers, CEOs, hedge fund managers, presidents, coaches, radio show hosts, late night comedians, stock market analysts, college students, parents, state education officials, and Wikipedia editors among others.
The Lake Wobegon effect
many people wrote to me asking me when is the total collapse going to happen.