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on not being an authority
May. 9th, 2008 10:51 amI quote selectively for rhetorical impact, and of course every strand of the preceding post needs to be made more nuanced...but this would completely make certain that no one would read it.
The present disjunctures are fascinating to watch...as the weakening dollar and slowing American economy improves the U.S. global trade balance, the dollar weakens further on increased oil prices driven by the flight to commodities in lieu of unstable currency relations. This has all been shaping up for decades, but on some level it is indeed a perverse confirmation of Adam Smith's invisible hand, except that the invisible hand controls the imperfection and irrationality of markets. Millions of people get up, make variously rational and nutsoid decisions, and the results play out in ways that pull things in counterintuitive directions.
The present disjunctures are fascinating to watch...as the weakening dollar and slowing American economy improves the U.S. global trade balance, the dollar weakens further on increased oil prices driven by the flight to commodities in lieu of unstable currency relations. This has all been shaping up for decades, but on some level it is indeed a perverse confirmation of Adam Smith's invisible hand, except that the invisible hand controls the imperfection and irrationality of markets. Millions of people get up, make variously rational and nutsoid decisions, and the results play out in ways that pull things in counterintuitive directions.
