![]() Neither year is particularly great as a signal example of the collapse of what is loosely called the “Bretton Woods” monetary system, but either is a pretty good nickname for it.īy “printing press” I mean the set of mechanisms in which fractional reserve deficit spending creates the money supply to notionally value future growth, and by “furnace” I mean the set of mechanisms by which we prevent arbitrary inflation as a result. The unanswered question is: can we get competent and honest leadership (after a fashion) back without the bloodshed it has required 100% of the time before?Ī lot of us hope so but don’t have an answer just yet, and the clock is ticking.ġ971 (and/or 1973) is a year people often point to as when we “went off the gold standard”. ![]() ![]() You likewise accept 50 years from the transistor to a computer in your house even if you’re fucking loaded. The gold standard has a lower maximum potential risk to the extent you can stop there being a de Beers of gold. Altman has a job let alone unfettered power). This is where all the 1971 stuff comes in: no rich person does anything but advantage their less-capable kid or lover or whatever unless someone is pointing a gun at them. It’s just easier to corrupt than systems with much lower potential (which is the distance between gold bug and ignorant, those folks have a point, they just rarely make it). Tax receipts are in no sense returned to the economy unless you really overload one of those words.Ī modern economy works by running a printing press a little faster than a furnace, with the coefficient being (under honest and competent management) a good estimate of next year being better than this year by such and such, a self-fulfilling prophecy in a good way until you like, burn the planet via carbon emissions or some hard constraint like that.Īnd it’s a perfectly good system… under honest and competent management. The people running the show around here, the “effective altruism” crowd like SBF and Altman and shit? They still put Atlas Shrugged icons in their Mastodon chats long after everyone without an agenda realized they’re the new version of old fascism. ![]() There is probably no moment as simultaneously classist and misogynistic and stupid as when Brinksley Born got knee-capped for being right about everything by Summers, Greenspan, and Ruben with the Ghost of Future Reich (Ayn Rand) looming ominously in the background. How a group of people can be wrong every time about everything in stated ambition while acting in ways completely consistent with Randian Objectivist Naziism in practical terms, and not be hounded out of public life bewilders me. I upvoted your comment for being high-value even though I think I disagree with the first half: “Chicago” / “Fama” strong-form EMH economics have had only a few brushes with reality, so N equals “not enough”, but I’m partial to the 100% of the time it’s been a disaster, the best example of which is almost certainly Scholes’ tenure at LTCM (and “When Genius Fails” is a a drop everything, call in sick and read today book), but even that is really just an exclamation point on the whole post-Reagan world, the criminally, well, crime of the Greenspan clique. It was a very bad day or two for the GMs, many players didn't even know about GMs or that that you could submit tickets to them, and trying to explain to a customer that you're a customer service representative who's contacting them because they submitted a ticket likely due their one add-on was more often than not a tricky one.īecause it essentially destroyed the ability to perform reasonable customer service response times the developers put out a hotfix which also put that API call behind protection, making it impossible to be called except from Blizzard's own LUA code. There was a popular add-on (Titan Bar I think?) that had a bug in one of its versions where it would always call the API which showed the "write a ticket to a GM UI", if you tried to cancel it, then it would just pop up again, the only way to stop this dialog from being in the way (aside from uninstalling the problematic add-on) was to put something in the text box and press submit. A bit tangential, but a related fun story from many years ago during my time as a WoW GM.
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