Source: Grist - Link
On Monday, as record-breaking below-freezing temperatures overcame the entire state of Texas, county officials told residents to run their faucets continuously to prevent their pipes from freezing. But by Wednesday, hundreds of thousands didn’t even have water to run. On Thursday, some hospitals even reported water shortages.
Humans are horrible at preparation for future events. We are horrible at probability. Some probable dangers we discount (climate change, illness and disability), some we inflate (child kidnapping, left-wing terrorism). We are too swayed by media reports.
Maybe, just maybe, markets aren’t the way to go all the time in the face of a distorted world-view.