I am sorry. You are going to have to bear with me. The runup to April Fools' Day was not, unfortunately, in and of itself enough to get my desire to troll out of my system...
A set of thoughts provoked by reading my archives and talking to Noah Smith:
Noah Smith points out here in meatspace that the news here in America is not just that we have no socialism but that we have no fascism either.
It should be known that at the beginning of the dynasty, taxation yields a large revenue from small assessments. At the end of the dynasty, taxation yields a small revenue from large assessments.
The Unreasonable Effectiveness of Mathematics in the Natural Sciences: Chad Orzel provides the pointer to Helge Kraghe, who writes in Physics Web http://physicsweb.org/articles/world/13/12/8 about how quantum theory existed in the equations of physics half a decade before the human brain of any physicist understood it:
It was 100 years ago when Max Planck published a paper that gave birth to quantum mechanics - or so the story goes.... According to the standard story... quantum theory emerged when it was realized that classical physics predicts an energy distribution for black-body radiation that disagrees violently with that found experimentally. In the late 1890s, so the story continues, the German physicist Wilhelm Wien developed an expression that corresponded reasonably well with experiment - but had no theoretical foundation. When Lord Rayleigh and James Jeans then analysed black-body radiation from the perspective of classical physics, the resulting spectrum differed drastically from both experiment and the Wien law. Faced with this grave anomaly, Max Planck looked for a solution, during the course of which he was forced to introduce the notion of 'energy quanta'. With the quantum hypothesis, a perfect match between theory and experiment was obtained. Voila! Quantum theory was born.
May I say that John Dickerson is a really bad choice to anchor "Face the Nation"?
Why do I think that? Because this is the type of thing John Dickerson writes:
...With only five days left until Election Day, John McCain's campaign aides seem happier than they have been in a while. For the last few days, the campaign has been increasingly buoyed by what it says has been improvement in its internal polling of 14 battleground states. Aides see a tightening race in states that are crucial to their long-shot march to 270 votes and victory.
...by their conduct and example, to decide the important question, whether societies of men are really capable or not of establishing good government from reflection and choice, or whether they are forever destined to depend for their political constitutions on accident and force....
Norman Cameron: The Thespians at Thermopylae:
The honours that the people give always
Pass to those use-besotted gentlemen
Whose numskull courage is a kind of fear,
A fear of thought and of the oafish mothers
('Or with your shield or on it') in their rear.
Spartans cannot retreat. Why, then, their praise
For going forward should be less than others'.
But we, actors and critics of one play,
Of sober-witted judgement, who could see
So many roads, and chose the Spartan way,
What has the popular report to say
Of us, the Thespians at Thermopylae?
...Titled 'issues with various countries' it noted in passing that basically none of the Bush administration's foreign policy initiatives were working well, and asked Undersecretary of Defense Doug Feith to solve all the problems:
Needless to say, none of this got solved.
Given that that was supposed to be the Republicans' first team, I cannot understand why anyone would pull the lever for the Republicans again...
Matthew Yglesias puts his finger on why friends don't let friends trust any of the conclusions of Jeffrey Goldberg:
...Jeffrey Goldberg's reluctance endorsement of the Iran deal is a big PR win for the Obama administration.... You won't hear many complaints....
But part of that arbiter role is that he has to take some swipes at the White House, leading to a ridiculous interpretation of how we got here.... [Goldberg's] central--and incorrect--premise... is that the Iran deal (which is good) is better than no deal... but that a tougher approach could have produced some much better utopian deal had Barack Obama really wanted one:
...came to a parley with the suppliants and their friends, in order to save the town; and prevailed upon some of them to go on board the ships, of which they still manned thirty, against the expected attack. But the Peloponnesians after ravaging the country until midday sailed away, and towards nightfall were informed by beacon signals of the approach of sixty Athenian vessels from Leucas, under the command of Eurymedon, son of Thucles; which had been sent off by the Athenians upon the news of the revolution and of the fleet with Alcidas being about to sail for Corcyra.
...I’ll take questions as long as anybody can endure listening, until they drag me away to wherever else I’m supposed to go.
Department of "Huh?!": Tyler Cowen calls me a semi-pseudo Hayekian:
Assorted links: 5. Brad DeLong, slouching toward recalculation...
But that's not it at all!
The point of my Anatomy of Slow Recovery is to build on Dan Kuehn's use of Steven Horwitz's jigsaw-puzzle metaphor to argue that Hayek and Schumpeter were completely and totally wrong. Monetarist and Keynesian policies to stabilize aggregate demand do not (as they claimed) interfere with structural adjustment. Rather, they are essential if structural adjustment is to proceed.
Tyler Cowen responds:
...pointed out last week that he has a surprising ally: 'Iconic liberal constitutional scholar Laurence Tribe--who was President Obama’s constitutional law professor at Harvard Law School--said he agrees.'... The Wall Street Journal devoted an entire editorial to extolling this smackdown of Obama.... Tribe is being paid for his advocacy by a coal company called Peabody Energy....
Other law professors, like Richard Revesz, Jody Freeman, and Richard Lazarus, have called Tribe’s legal argument frivolous and absurd....
Let me get more serious, and answer a question from Noah Smith about what David Graeber means with his book Debt:
The rational kernel inside the bullshit goes roughly like this:
Humans have evolved to be gift-exchangers--beings that maintain our societies by engaging in gift-exchange relationships with kin, close friends, and immediate neighbors. Why? For two big reasons: First, to keep us all pulling roughly in the same direction. Second, to take advantage of the division of labor. There are powerful psychological mechanisms that urge us to engage in such gift-exchange relationships, and to keep such gift-exchange relationships reciprocal--in rough balance.
When agriculture and cities are invented, things get weird: rather than just gift-exchange relationships with thick-tie counterparties--kin, close friends, and immediate neighbors--we find ourselves engaged in weird thin one-sided gift-"exchange" with kings, priests (& gods).
“Time for a quick reality check. Despite the hysteria from the political class and the media, smoking doesn’t kill.”
On climate change, Pence says CO2 from burning fuels can’t be the cause of increased global temperatures because it “is a naturally occurring phenomenon in nature…” not an unnatural one. He also mixes up India and Indonesia.
Pence says George Washington was a Republican: “Republicans, from George Washington to George W. Bush just have better ideas.” Washington didn’t belong to any political party and famously warned against them in his farewell address.
Across the Wide Missouri: John C. Danforth: In the Name of Politics: "Republicans have transformed our party into the political arm of conservative Christians....
...The elements of this transformation have included advocacy of a constitutional amendment to ban gay marriage, opposition to stem cell research involving both frozen embryos and human cells in petri dishes, and the extraordinary effort to keep Terri Schiavo hooked up to a feeding tube. Standing alone, each of these initiatives has its advocates.... But the distinct elements do not stand alone. Rather they are parts of a larger package.... In my state, Missouri, Republicans in the General Assembly have advanced legislation to criminalize even stem cell research in which the cells are artificially produced in petri dishes and will never be transplanted into the human uterus. They argue that such cells are human life that must be protected, by threat of criminal prosecution, from promising research on diseases like Alzheimer's, Parkinson's and juvenile diabetes.
Critics... well, probably better to call them "friends" have pointed out to me that last summer I didn't spend enough time linking to Dan Kervick's and Matt Brunig's contributions to the Piketty debate. I remember reading them at the time. And I cannot figure out why I didn't focus more on them--save probably because both seemed to me to be thinking along the lines I was thinking along, I didn't think that there was much new there. But usually I am anxious to promote people saying things that I think are smart and right, so it is a puzzle...
I would like to thank President Williams for his kind introduction and the Federal Reserve Bank of San Francisco for inviting me to what promises to be a very stimulating and important conference.
As you know, last week the Federal Open Market Committee (FOMC) changed its forward guidance pertaining to the federal funds rate. With continued improvement in economic conditions, an increase in the target range for that rate may well be warranted later this year. Of course, the timing of the first increase in the federal funds rate and its subsequent path will be determined by the Committee in light of incoming data on labor market conditions, inflation, and other aspects of the current expansion.
...It's weird, almost as if writers purposely avoided the topic. There is a rich record of coins, civic and private monuments, and inscriptions.... Most of the scholarship on Trajan is done by archaeologists and others with a strong, non-textual orientation.... Neither Suetonius nor Tacitus treated Trajan's rule explicitly. Book 10 of Pliny's Letters has a complicated textual history, and it's unclear exactly how we are to understand its relationship to Books 1-9 (or, even, when it became attached to Books 1-9). Trajan is surprisingly absent from Pliny's letters otherwise....
...The bearing of the foregoing theory on the first of these is obvious. But there are also two important respects in which it is relevant to the second.... The removal of very great disparities of wealth and income... through... direct taxation... [is] deterred by... the fear of making skilful evasions too much worth while... of diminishing unduly the motive towards risk-taking, but mainly, I think, by the belief that the growth of capital depends upon the strength of the motive towards individual saving, and that for a large proportion of this growth we are dependent on the savings of the rich out of their superfluity.
Oh, this is going to be fun!
Let's start with J.W. Mason:
...One of Krugman’s bugaboos is the persistence of claims that expansionary monetary policy must lead to higher inflation.... As an empirical matter, of course, Krugman is right. But where could someone have gotten this idea that an increase in the money supply must always lead to higher inflation? Perhaps from an undergraduate economics class? Very possibly--if that class used Krugman’s textbook.
From the Archives: Paul Krugman:
Minunderstanding IS-LM: Some readers have asked me to reply to this Steve Keen piece claiming that I don’t understand the IS-LM model. Sigh. I really don’t want to spend time fighting against people with whom I don’t really have a current policy disagreement — and this is so silly, besides. But to satisfy those who are for some reason nervous, here’s a brief explanation of why somebody doesn’t understand IS-LM.
A long time ago, I read George Dangerfield's truly excellent Era of Good Feelings. Ever since then, claims that James Madison was a die-hard hard-money libertarian--that were he alive today he would have been strongly opposed to the existence of the Federal Reserve, and to government management of the economy more generally--have bewildered me. James Madison enthusiastically promoted and signed the bill chartering the Second Bank of the United States, after all. His opposition to the First Bank was something he rethought and abandoned when he actually had to try to guide the destinies of the United States in the mercantile, commercial, and increasingly industrializing world of the nineteenth century. It is a fact that Madison's (and Jefferson's) view of federal power hinged on whether he thought (as he did in the early 1790s) that Hamilton and Adams would exercise it or that people like him would exercise it. And the other argument against a loose construction of the Constitution was John Taylor of Caroline's: "If Congress could incorporate a bank, it might emancipate a slave..."
I stalled out on my overview of what "equitable growth" as a set of issue areas is. So as a down-payment on that, I produced a list of topics for the Equitable Growth Conference in a Box. Suggestions for readings to attach to the post are very welcome indeed...
Weblogging in this Age of Social Media has been taking up a lot of my time. The only thing readable to emerge so, far, however, has been a Socratic Dialogue: The Future of Weblogging in the Medium Run...
We have finally passed the milestone at which our cyclical unemployment problem ceases to be greater than our structural unemployment problem...
David Frum triggered me to undertake a side-expedition into super-duper-grand-strategy, with: Thoughts on David Frum's Excellent Review of Adam Tooze's Superb "The Deluge" and "The Wages of Destruction"...
And Mark Halperin grades Scott Walker thus: style A-, substance C+, overall A--thus demonstrating that he does not know the meaning of the concepts "overall" and "grade", or perhaps only that he presumes the audience of eyeballs he seeks to attract does not know or care about the meaning of those concepts. Then to add insult to injury he goes to see Scott Walker again. This time he thinks Walker is more impressive: the style grade stays the same, the substance grade rises from C+ to B... and the overall grade falls from A to A-. Ya think? Why journamalists like this, empty of substantive knowledge and emitting what can only be called "word salad", have jobs let alone high-paying jobs is completely beyond me...
I signed up to write for Medium's Bull Market: https://medium.com/bull-market. Why: http://www.bradford-delong.com/2015/03/looking-for-the-shovel-why-stephen-moore-is-making-me-write-for-medium.html
Sheryl Sandberg continues to get undeserved bullshit as someone who cares only about rich white women: http://www.bradford-delong.com/2015/03/evening-must-read-sheryl-sandberg-2011-barnard-college-commencementhttpequitablegrowthorgp9661-women-all.html
The start of my three-week April Fools' Festival: http://www.bradford-delong.com/2015/03/sleeping-beauty-again-thirders-correct-double-halfers-confused-halfers-wrong-festival-of-fools-blogging.html
An extraordinarily good quote from Richard Thaler: “An Infinite Regress. Of Dumb”: More Reflections on “Market Efficiency”
Question of the Day: Should Quad Lattes Be a Thing?
My Discussion of Matthew Rognlie's paper, "Deciphering the Fall and Rise in the Net Capital Share", which is kinda-sorta about Thomas Piketty...
One of my very favorite pieces: John Maynard Keynes's review of Winston Churchill's personal history of World War I: "The World Crisis" http://www.bradford-delong.com/2015/03/liveblogging-world-war-i-march-23-1927-john-maynard-keynes-in-1927-looking-back-at-winston-churchill-on-the-war.html
As I have said (often), I am on Mian and Sufi's side of this argument. But Dean Baker is not without points on his side: "What would our saving rate be if we didn't have [a] debt [overhang]?"
Dean Baker: Question for Brad DeLong and the Debt School of the Downturn: What Would Our Saving Rate Be If We Didn't Have Debt?: "Brad DeLong tells us that he is moving away from the cult of the financial crisis...
...The first thing you see of Richard Burton in Martin Ritt’s The Spy Who Came in from the Cold, the 1965 adaptation of the novel by John le Carré, is his overcoat. He’s filmed from behind, in black and white, looking out of a window of a checkpoint into the Berlin night, and all you see is the coat, and all you hear is the voice as he gives weary commands.
...though, about the initial reaction to Israel’s decision to try Adolf Eichmann. The response to that decision, as historians like Peter Novick and Deborah Lipstadt have shown, was rife with anti-Semitism. The Wall Street Journal warned darkly of ‘an atmosphere of Old Testament retribution.’ A Unitarian minister, according to Novick, claimed ‘he could see little ethical difference between ‘the Jew-pursuing Nazi and the Nazi-pursuing Jew.’ Those unitarian universalists.
The worst offender, though, was National Review. Combining all the elements of anticommunism, Christian homiletics, and ancient Jew-hatred, William F. Buckley’s magazine castigated the Israelis--really, the Jews, those Shylocks of vengeance and memory--for their inability to let bygones be bygones. In one editorial, the magazine wrote:
Trip Gabriel: Huckabee Pursues Unconventional Ways to Fund a Campaign: "In a wood-paneled study lined with books and framed family photos...
the prospective presidential candidate looks into the camera. ‘I’m Mike Huckabee,’ he says with all the folksy charm that propelled a career as a preacher, politician and broadcaster. But this is no campaign ad. It is an Internet infomercial for a dubious diabetes treatment.... Huckabee... tells viewers to ignore ‘Big Pharma’ and instead points them to a ‘weird spice, kitchen-cabinet cure,’ consisting of dietary supplements. ‘Let me tell you, diabetes can be reversed,’ Mr. Huckabee says. ‘I should know because I did it. Today you can, too.’... He has pursued some highly unconventional income streams--not just the diabetes endorsement, but selling ads on email commentaries he sends to thousands of his supporters....
I thought that this was going to be mostly pieces from the archives, but no!
It is perhaps 19 years too late for Mickey Kaus to have a "There's gambling going on here!" Colonel Renault moment with respect to Fox News and its place in the conservative media ecosystem in which he has embedded himself, no?
And, of course, there are all the golden oldies, including:
James Kwak: Who’s a Freeloader?: "Daniel Rodgers’s review [of Williamson et l.]... is titled “‘Moocher Class’ Warfare”...
...Tea Party members like Medicare and Social Security, which they think they have earned through their work, but don’t like perceived freeloaders who live off of other peoples’ work. From the [Williamson et al.] paper (p. 33):
Monday Smackdown Watch: Perhaps the most urgent question of the day is: nature or nurture. Is the absence of empathy for the human condition on the part of writers for the pre-Gabriel Snyder Old New Republic a result of their nature--that the New Republic of Marty Peretz and those willing to go the extra mile to cater to his bigotries were predisposed to hire such people--or of their nurture--that their discussions while at the Old New Republic trained them to make arguments like this one?
The estimable Patrick Nielsen Hayden, widely-envied by many not least for his office in the Flatiron Building, administers today's Monday Smackdown:
As ex-senator and current lobbyist Evan Bayh beats the drum for the U.S. to launch an attack on Iran, Duncan Black reminds me of what may be the best thing Ezra Klein has ever written:
...but got his revenge as well as he could. Now it's more war all the time. It's the greatest grift of all, really. War breaks out, and 'everyone' gets rich.
...'There are better ways to serve my fellow citizens,' Bayh said. 'I love working for the people of Indiana. I love helping our citizens make the most of their lives, but I do not love Congress.
Live from La Farine: class="author">Scott Lemieux**: Lawyers, Guns & Money: "It’s hard to be sure, given how badly bungled it was by the Clintons...
...but my guess is that as far as comprehensive health care reform in 1993 they were drawing dead anyway. On health care, the Republican conference was already where it would be on pretty much everything in 2009; he was not getting more than token Republican support.
In which Robert Lucas demonstrates that he understands first-year macro less well than many horseflies understand Apple's supply chain:
...I've already said I think what the Fed is now doing is going to be enough to get a reasonably quick recovery committed. But, could we do even better with fiscal stimulus? I just don't see this at all. If the government builds a bridge, and then the Fed prints up some money to pay the bridge builders, that's just a monetary policy.... The only part of the stimulus package that's stimulating is the monetary part....
April Fools Day Is Coming Early This Year/Hoisted from Comments/Live from Le Pain Quotidien: We have, checking back through the archives, a very good question from the estimable Kaleberg:
Kaleberg: Comment on "Noted for Your Afternoon Procrastination for January 2, 2015: "So Robert Lucas rejects the idea of chemistry...
He is commenting on:
Robert Lucas: Economics tries to... make predictions about the way... say, 280 million people are going to respond if you change something in the tax structure, something in the inflation rate, or whatever.... Kahnemann and Tversky haven’t even gotten to two people; they can’t even tell us anything interesting about how a couple that’s been married for ten years splits or makes decisions about what city to live in--let alone 250 million. This is like saying that we ought to build it up from knowledge of molecules or--no, that won’t do either, because there are a lot of subatomic particles.... We’re not going to build up useful economics in the sense of things that help us think about the policy issues that we should be thinking about starting from individuals and, somehow, building it up from there. Behavioral economics should be on the reading list.... But to think of it as an alternative to what macroeconomics or public finance people are doing or trying to do... not in my lifetime...
Femina illustris Dahlia Remler:
The problem with the @WashingtonPost (and the @NYTimes) is that it sells itself as a trusted intermediary interested in informing you while it is actually focused on seizing your eyeballs so that it can sell them to advertisers...
It’s true that both papers have had financial problems and need eyeballs to sell to advertisers. But Brad is being a bit unfair.
We analyze time series of investor expectations of future stock market returns from six data sources between 1963 and 2011. The six measures of expectations are highly positively correlated with each other, as well as with past stock returns and with the level of the stock market. However, investor expectations are strongly negatively correlated with model-based expected returns. The evidence is not consistent with rational expectations representative investor models of returns.
Mark Halperin has been grading the Republican candidates in an... interesting... way. We read his mind, and attached his thought comments:
Scott Walker: Style A-, Substance C+. Overall: A <--I have no idea what "averaging" is, but I like Scott Walker!
Scott Walker: Style A-, Substance B. Overall: A- <--I don't like Scott Walker quite as much because his people haven't been leaking to me recently. So even though he did much better, I won't raise his grade! Instead, I will lower it!
Rand Paul: Style B, Substance B. Overall: A- <--I really have no idea what "averaging" is, but I like Rand Paul!
Carly Fiorina: Style A-, Substance C-. Overall: A- <--What? You thought I would have learned what "averaging" is?
Jeb Bush: Style A-, Substance B+. Overall A- <--See! I can give a slightly plausible grade!
Jeb Bush: Style A-, Substance B. Overall: A- <--Just joking, unless, of course, substance counts for zero...
Rick Santorum: Style B+, Substance B. Overall B+ <--But if I admitted substance counts for zero, I would have to report only one number rather than three...
Ted Cruz: Style B+, Substance C. Overall: B+ <--I agree that Ted Cruz is, relative to Rick Santorum, a policy imbecile. But it doesn't matter!
Chris Christie: Style A-, Substance B-. Overall: B+ <--Faked you out! See I can give an overall grade that is not equal to or higher than the "style" grade! But it's not that I can take averages and that substance matters, it's that Chris Christie's staff hasn't leaked to me enough...
Marco Rubio: Style B, Substance B+. Overall: B+ <--And even though I think substance counts for zero, Mark Rubio's staff has leaked to me. So he gets a bump even though his performance was that of a blancmange...
Ted Cruz: Style B+, Substance B-. Overall B <--Been hitting the books Ted? Isn't going to help you with me!
Lindsey Graham: Style B, Substance B. Overall B <--Bow-ring!
Chris Christie: Style B, Substance B, Overall B <--Bow-ring!
Rick Perry: Style B, Substance B-. Overall B <--Knows less than Chris Christie, but that doesn't matter...
Mike Huckabee: Style B, Substance B-, Overall B <--Also knows less than Chris Christie, but that doesn't matter...
Donald Trump: Style B, Substance B. Overall: B- <--I have forgotten about this "averaging" thing again? Can someone remind me?
Rick Perry: Style B, Substance B-. Overall: B- <--I know I think substance counts for zero, but Rick Perry's staff need to step up their leaks...
Bobby Jindal: Style B, Substance B-. Overall: B- <--I know I think substance counts for zero, but Bobby Jindal's staff need to step up their leaks...
Rick Santorum: Style B, Substance B-. Overall: B- <--I know I think substance counts for zero, but Rick Santorum's staff need to step up their leaks...
Ben Carson: Style B, Substance C+. Overall: B- <--You really didn't think that Ben Carson knows less about policy than an iguana would lead me to penalize him, did you?.
John Bolton: Style B-, Substance B-. Overall: B- <--Super bow-ring!
George Pataki: Style B-, Substance B. Overall B- <--You didn't think that the fact that Pataki is not as ignorant about policy as Bolton would lead me to cut him any breaks, did you?
Sarah Plain: Style B, Substance C-. Overall: C+ <--I am sure I can explain why it is only a female candidate that I give an overall grade not more than, not equal to, not a hair less than, but two steps below their "style" grade. It's not that I am a sexist pig! There's another reason! I'll think of it soon...
Why these people in journamalism even have jobs, let alone high-paid ones, continues to escape me...
In their essay last fall on the state of economics, Seth Ackerman and Mike Beggs charged that today’s mainstream is irredeemably captured by conservative ideology. The good news is they’re wrong — Piketty’s work testiﬁes to that.
Josh Barro: Why Does Josh Barro Hate the Merely Affluent?: "I called out the ‘merely affluent’...
...people with family incomes of, say, $175,000--for pleading poverty and putting themselves off limits for tax increases. Comments on the article drew a lot of poverty pleas from merely affluent readers. Liz from Utah... Robert from New York... A reader from Queens....
Over at Equitable Growth: Excellent work from David Frum--reviewing even more excellent work from Adam Tooze.
Let's give David the floor:
WE stand to-day upon an eminence which overlooks a hundred years of national life—a century crowded with perils, but crowned with the triumphs of liberty and law. Before continuing the onward march let us pause on this height for a moment to strengthen our faith and renew our hope by a glance at the pathway along which our people have traveled.
The estimable Miles Kimball emails that after http://www.wsj.com/articles/the-depression-that-was-fixed-by-doing-nothing-1420212315, he wonders whether 1920-1921 is not perhaps worthy of more attention.
I agree that it is a very interesting episode: it appears to be the only time in American history in which significant deflationary pressure did not produce a prolonged, deep, grinding slump. Certainly we see a prolonged, deep, grinding slump today; we saw one in the 1930s; and we think we see one back in the Jacksonian era with Jackson's war on the Second Bank of the United States.
...but averting the prospect of unemployment getting too low, and encouraging the election of Republican presidents--see http://utip.gov.utexas.edu/papers/utip_42.pdf. (It would be good to update that paper with another ten years of data.) The phrase "executive committee of the bourgeoisie" comes to mind. To say it another way--this post, and those of our host's like it, seem far to close to saying: "If only the Little Fathers knew knew what was going on were more careful about their decision theory, they would set things right". And yet, as a wise man used to say often, the cossacks work for the Czar.
I do think it is more complicated than that...
...between income inequality and r − g and argue that r − g does not seem to have much impact on inequality. However, I do not find these regressions very convincing, for two main reasons.
...is forced to concern himself with the anticipation of impending changes, in the news or in the atmosphere, of the kind by which experience shows that the mass psychology of the market is most influenced. This is the inevitable result of investment markets organised with a view to so-called ‘liquidity’.
Nils: Breaking the Web: "The Deane Barker column was touching...
...in its sincerity and simplicity. Of course mobile apps break the web, are isolated from each other, and do not link to anything. You are supposed to PAY for them, not GET them for FREE. Welcome to the Market Based Universe.