If War Is Too Important To Be Left To The Generals, Surely EVERY Single Process - Including Reserve Banking - Is Too Important To Be Left To The Presumed Process Owners?

   (Commentary posted by Roger Erickson)




Warren Mosler:

Comments on Stanlely Fisher’s ‘Lessons from Crises, 1985-2014′

This is where Mosler really shines. He knows the functional details of reserve-banking OPERATIONS like the back of his hand, and can make it simple.

WHICH IT IS!

I read these comments and conclude what any biologist would. Why such a tempest in a straw man teapot? With the shrinking breadth of operational knowledge in today's orthodox economics ranks, the best we can muster is an intellectual, purely theoretical Teapot Gnome scandal? The cause is underwhelming, while the aftermath is worse - as we voluntarily constrain response to reality, based on pure theory alone, without the benefit of timely feedback.

Stanley Fisher "notices" that every aggregate selectively shields SOME it's components - somewhat - from their distributed folly. Wow! Where have he and his profession been all these millenia?

There's a simple logic revealed in that ancient observation, involving distributed exploration and feedback-based imposition of incrementally learned, aggregate policy.

Well Duh! We've known that for ~3.5 Billion years? Here on planet earth alone? It's like modern economists & bankers never heard of autocatalytic-aggregates or even social species, despite being part of one! Did they all go to school in a barn?

You couldn't make this up.

Bankers & economists are GROSSLY under-educated and isolated, to the point of being an insult to their own electorate.

If war is too important to be left to the generals, surely EVERY freaking process imaginable is too important to be left to it's naively presumed process owners?

Ya freaking THINK? Isn't that the very definition of "teamwork?"

This is exactly WHY aggregates share data, use widely distributed feedback, and leverage flexible inter-dependencies with constantly INCREASING aggregate agility. Social species succeed for a reason. This is NOT rocket science ... and it is NOT new!!!

Yet with orthodox economics and banking, we've been steadily shrinking and constraining and trying to ignore even the minimally required distribution of feedback, interactions & inter-dependencies. It's like sending Catholic Priests along with the soon Greenland Vikings, to constrain their adaptations to changing conditions.

There's nothing wrong with economics & banking that a slightly more liberal education wouldn't have prevented. US citizens used to absorb the key lessons of their own history - and ability to recognize obviously changing context - by the time they graduated from high school - or sooner. Not anymore.

Now you can apparently get a PhD & Nobel Prize in economics while never having even discussed biology 101, or looked up the definition of a @#$%^&! Social Species, let alone grasped even the most superficial implications of distributed teamwork, democracy & the shared, coordinated, rights of citizens.

And we send OUR youth to die in foreign lands, to preserve the narrow interests of bankers hiding behind "economic" policy advice? Are you #$%^& KIDDING me?

@#$%^&! ... ON A @#$%^ ... +*@^%~#$$!!! Auuuuuggghhhh! It should be primal scream time for the US electorate. Yet for whatever reasons, they're still waiting to inhale, let alone waiting to let loose & exhale.

Note to electorate: Please send some people OTHER than functional illiterates into politics at all levels. Perhaps people who can scout aggregate context, AND sample ALL available feedback, AND then simply do what's easy & obvious for an aggregate - QUICKLY? In short, stop trying to kill your own, distributed Golden Goose (the resilient Middle Class of a functioning Democracy), and instead, just let it feed itself? This is NOT difficult. Just stay the hell out of your own way, and demand that your public servants stop asking you to over-tax and under-fund YOURSELF!

Note to politicians "representing" their electorate: Appoint some damn Fed & Treasury political appointees who are NOT functional illiterates. Maybe a few who understand net reality, and aren't restricted to the fantasies of the orthodox economic religion? Out of 320 million citizens, surely there's SOMEONE like Marriner Eccles floating around today - who is not restricted to being just an economist, but an actual thinker and innovator? You have thousands of professions to select from! Just start leveraging a wider spectrum of available feedback, interactions and inter-dependencies? It might save your country.

Excuse me while I go pound my head on a local wall, to alleviate all the distributed stress triggered by living downwind from Teapot Gnomes Fishering into the wind.