They called it a “coding error”. This made it sound like they were sequestered in a bunker surrounded by black screens on which a continuous parade of figures flickered past.
Instead it was just someone using Excel on a laptop who was highlighting cells for a formula and released his index finger from the left-clicky button of his mouse too soon.
The debate has raged - well raged is a strong word, perhaps sulked? - since Monday about the significance of the calculation mistake made by Reinhart and Rogoff in their 2010 paper for the American Economic Review, Growth in a Time of Debt.
Did the conclusions about debt, growth and need for painful correction send the politicians of the world to the special cabinet to dust off the scourges?
That debate is meaningless because the last five years of economic prediction have told us one thing: No one knows anything any more and the people who say they know something know even less.
The main point to take from this debacle is the truly awesome power of Excel. Not its processing ability, just its ubiquity.
As much as oil and water, our lives are governed by Excel.
BBC News - The mysterious powers of Microsoft Excel (via new-aesthetic)
Oh bullshit. God, I hate this kind of reporting. Person A made a mistake when studying X. Therefore, all persons studying X make mistakes. Therefore we know nothing about X, and might as well keep doing what we are doing.
Your bankster overlords thank you for this bit of logic-impaired propaganda, BBC.