I have a nitpick about the bond vigilantes claim — it was systemic stress/deleveraging that happened to wreak havoc in global bond markets this week that forced the issue, not some discretionary fundamental repricing of government long bonds.

But… in the old era the belief was that you could "just make up for it with scale," and that belief also drives this era, it's just that it's the scale of the data/AI model instead of the sales - all the obvious problems with AI will be solved if only we scale the data enough (they won't)

Was anyone ever more wrong than Hamilton in Fed 68? "The process of election affords a moral certainty, that the office of President will never fall to the lot of any man who is not in an eminent degree endowed with the requisite qualifications."