the folly of prediction

From June, 1998:

By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.

But then in May, 2008, News Limited were confidently predicting:

The commercial banks are expected to pass on the rises, which could push the average standard variable home loan rate of 9.50 per cent up to 10 per cent or more.

Of course with the benefit of hindsight we saw record lows within the next eight months, not record highs.

And this is why — apropos of the new year — I pay no attention to predictions.

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