In a comment at WWS, one F. Beard clarifies a key Luddite rallying cry:
”loans create deposits” = counterfeiting.
It's the new mantra of the slow & left behind.
How else does he imagine a fiat currency system works? Agile exploration of national policy options is not counterfeiting, it's adaptation & survival.
Statements like F. Beard's miss the point completely. Truth is that an increasingly complex national economy demands increasingly agile & complex policy decisions. There's a time element to agility. Making an increasingly complex system increasingly agile requires making all operations increasingly dynamic - while ALSO independently tightening tolerance limits on ALL our increasingly distributed processes.
That's the only way we can explore our options as fast as they keep expanding.
Throughout history, the slow have always been easily daunted, and left not believing that progress is possible. However, the very existence of history refutes them, immediately & utterly.
One billion years ago, flatworms couldn't imagine that mammals, primate & humans were possible. Luckily, some fraction weren't cowed ... and here we are, nonetheless. Rest assured that the future will proceed regardless of F. Beard's advice to deny & ignore it. That's the comical part.
The sad part? That we're even continuing a discussion with the F. Beard's of the world. Must we all also be left behind in the dustbin of history, dragged down by the slow & left behind? As usual, it's a policy choice. Gentlepeople, start your decision engines! In a complex, dynamic culture such as ours, all distributed decision-making sums to a survive-or-not outcome in each, fleeting context.
Statements like F. Beard's miss the point completely. Truth is that an increasingly complex national economy demands increasingly agile & complex policy decisions. There's a time element to agility. Making an increasingly complex system increasingly agile requires making all operations increasingly dynamic - while ALSO independently tightening tolerance limits on ALL our increasingly distributed processes.
That's the only way we can explore our options as fast as they keep expanding.
Throughout history, the slow have always been easily daunted, and left not believing that progress is possible. However, the very existence of history refutes them, immediately & utterly.
One billion years ago, flatworms couldn't imagine that mammals, primate & humans were possible. Luckily, some fraction weren't cowed ... and here we are, nonetheless. Rest assured that the future will proceed regardless of F. Beard's advice to deny & ignore it. That's the comical part.
The sad part? That we're even continuing a discussion with the F. Beard's of the world. Must we all also be left behind in the dustbin of history, dragged down by the slow & left behind? As usual, it's a policy choice. Gentlepeople, start your decision engines! In a complex, dynamic culture such as ours, all distributed decision-making sums to a survive-or-not outcome in each, fleeting context.
We have to choose to embrace the future & move forward - RAPIDLY - or submit and relegate our children as well as ourselves to being left behind with the Luddites.
It's your choice, and this is the last year it matters. Maybe the last month.
ps: Policy displays many analogies to sport. Both require agility in competitive situations, seconds count, "losing" habits acquire their own institutional momentum, and the glory goes to those unafraid to seize new opportunities ... by embracing new, more dynamic methods. So why is there a whole field of sports kinetics, while we have no comparative field of Policy Kinetics?
For example, it's common to hear economists & politicians say "I don't deal with operations." Have you EVER heard a sports coach say "I don't deal with fundamentals?" Coaches or leaders in any other setting are rapidly fired if they only draw up plays and don't worry about execution.
What the heck has happened to our economics, general policy and especially fiscal policy staff? They're all making the one mistake Napoleon noted as terminal: "paint an imaginary picture of a situation and accept it as real." In short, they've abandoned the adaptive yoke linking theory & practice, imagination and reality. Theory is something you diversify to excess, and then select from - but NEVER SETTLE ON! The only purpose of theory is to compare to operations. Yet here we are, in the USA, in the 21st century ... idly sitting by while our own policy twits say with impunity "I don't do operations."
Fine. We don't hire them! That's the only survival option. When we have that many schizophrenic thinkers at large, YOU and you alone must select to NOT vote them into either legislative or teaching positions. It's your choice, and you must select as though it matters. Because it does.
What the heck has happened to our economics, general policy and especially fiscal policy staff? They're all making the one mistake Napoleon noted as terminal: "paint an imaginary picture of a situation and accept it as real." In short, they've abandoned the adaptive yoke linking theory & practice, imagination and reality. Theory is something you diversify to excess, and then select from - but NEVER SETTLE ON! The only purpose of theory is to compare to operations. Yet here we are, in the USA, in the 21st century ... idly sitting by while our own policy twits say with impunity "I don't do operations."
Fine. We don't hire them! That's the only survival option. When we have that many schizophrenic thinkers at large, YOU and you alone must select to NOT vote them into either legislative or teaching positions. It's your choice, and you must select as though it matters. Because it does.
