Edward Bernays Day
In case you missed it – Friday was Edward Bernays Day, a.k.a. Black Friday.
If we understand the mechanism and motives of the group mind, it is now possible to control and regiment the masses according to our will without them knowing it. — Edward Bernays
The conscious and intelligent manipulation of the organized habits and opinions of the [public] is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. — Edward Bernays
Case in point.
You may want to bookmark this page (or the youtube clip directly) – if in the future you find yourself wondering why the financial elite got away with robbing the public blind then simply remind yourself by watching this clip. You’ll sleep better – or not…
Here’s a fitting excerpt from The Father Of Public Relations:
The big question about Bernays is whether or not he was undemocratic. He actually believed in democracy, but he felt that the public’s democratic judgment was ‘not to be relied upon.’ The masses were inherently irrational and driven by desire. This made them dangerous, so he felt the masses had to be controlled. The good news was that, according to crowd psychology, the masses were relatively easy to control. In his famous book, Propaganda, Bernays wrote:
If we understand the mechanism and motives of the group mind, is it not possible to control and regiment the masses according to our will without their knowing about it? The recent practice of propaganda has proved that it is possible, at least up to a certain point and within certain limits.
I find it almost humorous that 99.9% of the public has never heard of Edward Bernays as I believe that he has influenced the 20th Century to a similar magnitude as perhaps Winston Churchill or even Adolf Hitler. Interestingly enough Bernays operated mostly behind the scenes but the impact of his theories and his work have left an unmistakable mark on our society. Whether or not it was for the better or for the worse – well, there’s something to ponder about for the remainder of the weekend.
Why am I posting this on a trading blog?
Simple: As traders mass psychology is a factor you should never ever underestimate, especially if it is being manufactured. For more insights on the topic may I suggest the documentary ‘The Century Of The Self.‘