Robert Murray Smith made the point a few days ago, in a rather more diplomatic manner, about the difference between expertise and expert. [0]

For those who read German, Bonhoeffer makes a similar point in "Von Der Dummheit". Dummheit literally means 'Stupidity', but "Societal Confusion" is definitely a better way of putting it. Bonhoeffer was imprisoned and executed by the Nazis. [1]

And of course there is the classic "Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay which covers the classic fads like the South Sea Bubble and Tulipmania [2]

[0] https://youtu.be/LMaH8LYPgWU

[1] https://de.wikisource.org/wiki/Von_der_Dummheit

[2] https://amzn.to/3KFs6hW

Investment fraud is not a new paradigm. Selling bags of nothing is not a new paradigm. Goes all the way back to the South Sea Company in 1711 [1].

I recommend reading Extraordinary Popular Delusions and the Madness of Crowds published originally in 1841 [2].

[1] https://en.wikipedia.org/wiki/South_Sea_Company

[2] https://www.amazon.com/Extraordinary-Popular-Delusions-Madne...

I think the tulip bubble was the Dutch, not the Ottomans.

Either way, great book on the subject: http://www.amazon.com/Extraordinary-Popular-Delusions-Madnes...