Each Sunday I compose a list containing the most thought-provoking and interesting content I’ve consumed during the past week. Primarily as a way to keep inventory of material that influenced me and my way of thinking.
Fighting for the Real by Rod Dreher.
”Rosa contends that we cannot hope to find resonance with the world if we insist on controlling everything, and having an ‘attitude of constantly perceiving the world as a point of aggression’ — that is, as something to be consumed and mastered. But it is not the case that resonance and uncontrollability are the same thing! Rather, we must establish a relationship to the world.”
”In other words, we must in some sense seek to ‘know’ the world in the subjective sense. Obviously objects don’t have personalities; what he means is that we should focus on how interacting with things in the world can change us. This can only happen if we recognize that for these phenomena to change us, we have to accept that we can never fully control them, which is to say, never completely possess them.”
”Establishing a resonant relationship with the world requires us to renounce the impulse to make a phenomenon controllable. ‘Such an attitude destroys any experience of resonance by paralyzing its intrinsic dynamism,’ Rosa writes.”
”This is structural in nature, not cyclical. We are experiencing a fundamental shift in the inner workings of most Western economies. In the past four decades, we have become used to the idea that our economies are guided by free markets. But we are in the process of moving to a system where a large part of the allocation of resources is not left to markets anymore. Mind you, I’m not talking about a command economy or about Marxism, but about an economy where the government plays a significant role in the allocation of capital. The French would call this system «dirigiste». This is nothing new, as it was the system that prevailed from 1939 to 1979. We have just forgotten how it works, because most economists are trained in free market economics, not in history.”
”My structural argument is that the power to control the creation of money has moved from central banks to governments. By issuing state guarantees on bank credit during the Covid crisis, governments have effectively taken over the levers to control the creation of money. Of course, the pushback to my prediction was that this was only a temporary emergency measure to combat the effects of the pandemic. But now we have another emergency, with the war in Ukraine and the energy crisis that comes with it.”
”They’re impotent. This is a shift of power that cannot be underestimated. Our whole economic system of the past 40 years was built on the assumption that the growth of credit and therefore broad money in the economy was controlled through the level of interest rates – and that central banks controlled interest rates. But now, when governments take control of private credit creation through the banking system by guaranteeing loans, central banks are pushed out of their role. There’s another way of looking at today’s loud, hawkish rhetoric by central banks: Teddy Roosevelt once said that, in terms of foreign policy, one should speak softly and carry a big stick. What does it tell you when central banks speak loudly? Perhaps that they’re not carrying a big stick anymore.”
Sex and the Academy by Cory Clark & Bo Winegard.
”The overall theme of these differences is that men are more committed than women to the pursuit of truth as the raison d’être of science, while women are more committed to various moral goals, such as equity, inclusion, and the protection of vulnerable groups. Consequently, men are more tolerant of controversial and potentially offensive scientific findings being pursued, disseminated, and discussed, and women are more willing to obstruct or suppress science perceived to be potentially harmful or offensive. Put more simply, men are relatively more interested in advancing what is empirically correct, and women are relatively more interested in advancing what is morally desirable.”
”Academia has changed in various ways over the past few decades. By no means are all of these changes the direct or inevitable result of changing sex ratios. Nevertheless, some of the most drastic developments over the past 25 years share a common theme: They reflect the priorities of women.”
Trading Is a Team Sport by Kris Abdelmessih.
”When it comes to cognition and decision-making, having variant perceptions, relationships and skills are highly desirable if all the members can be similar in one way — a shared goal.”
Solvency Constraints by Joseph Wang.
”Financial stability concerns will likely force all central banks to eventually support the bond prices of their respective sovereigns. Policymakers vividly remember the collapse of Lehman and will do whatever it takes to avoid a repeat. The prospect of a financial crisis led the BOE to immediately postpone QT and roll out unlimited bond buying, with the promise that the purchases are temporary. Their actions pumped up gilt prices and restored the solvency of some investors, but it is not clear if the price declines were merely due to illiquidity.”
PUMP by Pippa Malmgren.
”In other words, monetary policy can and will become personalized. We’ll talk about a generalized Fed Funds rate with nostalgia as we try to understand how the world looks when the government can provide capital (or tax) on a company-by-company or person-by-person basis. The post-conflict world is going to have a monetary policy regime we have not even begun to imagine or understand. Remember that the financial system is the infrastructure that holds the social contract together. A new system of money = a new social contract.”
Poker Economics with Aaron Brown, MIT Open Course.
Dark, Mysterious & Sexy Volatility with Benn Eifert, The Acid Capitalist.
L.A. Paul on Transformative Experience, Philosophy Bites.
French History on Film with Muriel Zagha, The Rest Is History.