I have recently finished an audio book of the Extraordinary Popular Delusions. I wanted to state a few thoughts but a more full analysis already exists elsewhere.

The chapters on bubbles has a certain immediate relevant with the current economic situation in stagnation. People would do well to remember this process has been going on for hundreds of years. In fact capitalism requires this growth and shrinkage as a self control machanism. (A separate point might be made on if capitalism is supportable environmentally.) To complain of recession is similar to complaining that it is raining. Rain is necessary (if weather/capitalism is necessary).

The work can broadly be divided into preambles of a delusion, the biographic history of the people in involved and the specifics of the belief. In some ways, exactly what was believed is less interesting than the other two since it sounds like the works of con artists on the credulous. The biography sections are interesting as the twists of fate can be gripping and spectacular. The preambles are enjoyable but suppose that the reader is more sceptical (and smug) than the victims in this history.

For example, of astrology, Mackay says:

How we should pity the arrogance of the worm that crawls at our feet, if we knew that it also desired to know the secrets of futurity, and imagined that meteors shot athwart the sky to warn it that a tom-tit was hovering near to gobble it up; that storms and earthquakes, the revolutions of empires, or the fall of mighty monarchs, only happened to predict its birth, its progress, and its decay! Not a whit less presuming has man shewn himself; not a whit less arrogant are the sciences, so called, of astrology, augury, necromancy, geomancy, palmistry, and divination of every kind.

The reproduction of endless lists makes the book is amusing as it is fairly pedantic. I will quote the list of divination methods as an example (quoted from Magastromancer by Gaule). Good padding to get the word count high too!

Stereomancy, or divining by the elements.
Aeromancy, or divining by the air.
Pyromancy, by fire,
Hydromancy, by water.
Geomancy, by earth.
Theomancy, pretending to divine by the revelation of the Spirit, and by the Scriptures, or word of God.
Demonomancy, by the aid of devils and evil spirits.
Idolomancy, by idols, images, and figures.
Psychomancy, by the soul, affections, or dispositions of men.
Anthropomancy, by the entrails of human beings.
Theriomancy, by beasts.
Ornithomancy, by birds.
Ichthyomancy, by fishes.
Botanomancy, by herbs.
Lithomancy, by stones.
Kleromancy, by lots.
Oneiromancy, by dreams.
Onomancy, by names.
Arithmancy, by numbers.
Logarithmancy, by logarithms.
Sternomancy, by the marks from the breast to the belly.
Gastromancy, by the sound of, or marks upon the belly.
Omphalomancy, by the navel.
Chiromancy, by the hands.
Podomancy, by the feet.
Onchyomancy, by the nails.
Cephaleonomancy, by asses’ heads.
Tephromancy, by ashes.
Kapnomancy, by smoke.
Knissomancy, by the burning of incense.
Ceromancy, by the melting of wax.
Lecanomancy, by basins of water.
Katoptromancy, by looking-glasses.
Chartomancy, by writing in papers, and by Valentines.
Macharomancy, by knives and swords.
Crystallomancy, by crystals.
Dactylomancy, by rings.
Koskinomancy, by sieves.
Axinomancy, by saws.
Chalmmancy, by vessels of brass, or other metal.
Spatilomancy, by skins, bones, &c.
Astromancy, by stars.
Sciomancy, by shadows.
Astragalomancy, by dice.
Oinomancy, by the lees of wine.
Sycomancy, by figs.
Tyromancy, by cheese.
Alphitomancy, by meal, flour, or bran.
Krithomancy, by corn or grain.
Alectromancy, by cocks.
Gyromancy, by circles.
Lampadomancy, by candles and lamps.

The ideal of this book is perhaps Spinoza’s comment:

I have made a ceaseless effort not to ridicule, not to bewail, not to scorn human actions, but to understand them.

but the underlying message seems to be slightly judgemental and in agreement with Einstein:

Only two things are infinite, the universe and human stupidity, and I’m not sure about the former.

AC1

PS What are the present day popular delusions?