Chaos Patch (#47)
(Open thread + links)
A cold look at the kill list. Leftists of the right. Singularity skepticism. Why is ‘sexual orientation’ like phlogiston. Social justice and slave morality. NRx and Dixie (also relevant). Not the same people. Fragged Friday. The weekly rounds.
It’s not easy to survive from the ‘Net.
Charles I’s speech from the scaffold. “For the people. And truly I desire their Liberty and Freedom as much as any Body whomsoever. But I must tell you, That their Liberty and Freedom, consists in having of Government; those Laws, by which their Life and their goods [?] may be most their own. It is not for having share in government (Sir) that is nothing pertaining to them. A subject and a soveraign are clean different things, and therefore until they do that, I mean, that you do put the people in that liberty as I say, certainly they will never enjoy themselves.”
The Philly Fed’s Charles Plosser stubbornly maintains that reality still exists: “The history is that monetary policy is not ultimately a very effective tool at solving real economic structural problems. It can try for a while but the problem then is that it’s only temporarily effective, and when you can’t do it anymore you get the explosion yesterday in the Swiss market. […] One of the things I’ve tried to argue is look, if we believe that monetary policy is doing what we say it’s doing and depressing real interest rates and goosing the economy and we’re in some sense distorting what might be the normal market outcomes at some point, we’re going to have to stop doing it. At some point the pressure is going to be too great. The market forces are going to overwhelm us. We’re not going to be able to hold the line anymore. And then you get that rapid snapback in premiums as the market realizes that central banks can’t do this forever. And that’s going to cause volatility and disruption.”
Dampier unleashed: “Cthulhu’s music provides the background track to their dreams, pulling them down towards the ancient cities without names, generating an irresistible attraction to forgotten rituals performed according to laws written in incomprehensible runes.”