This was an absolutely devastating takedown and also a cogent analysis of goyper/nativist/racist politics. Man, would I love to see you in a debate with JDV. (Poor Tim Walz, nice guy who had no idea what he was dealing with.)

Also bilateral with multilateral. But the economics is almost irrelevant; the frame (for our appreciation) is dominant/submissive.

Today I would also talk about private credit, since shadow banking has been resurrected in a new form. But Biden's crew accommodated this just as Trump's is doing. Incidentally, Biden did want to extend the pandemic welfare state, but he didn't have the votes. That was devastating.

I missed this when it came out in J, thanks! I agree with a lot of what you say, and there's a lot more overlap. I think we're in agreement on clientelist quant easing and digital assets, but the bank supervision aspect is important. (Josh Mason thinks this.)

We seem to be on different pages. My Substack is here: open.substack.com/pub/peterdor...

I read the NLR piece and thought it missed the main point: Trump wants to capture the Fed's supervisory and asset provision apparatus. The power to reward friends and punish opponents would be vast. I wrote a Substack on this a while back.

Hey, that would make a great r&r song. It even works metrically.

And here's the explanation. Thanks, Steve.
www.stevevladeck.com/p/190-snap-w...

To be more specific, the econ part uses CES production and demand functions. Aside from convenience, there is *no* justification for them. They overconstrain scenarios, and the underconstraining due to writing in carbon removal doesn't balance out!

I guess this is why there are no chimps in Trump's cabinet.

IAM uncertainty (within or between runs) is conditional on the model itself. But as I and others have argued, there are huge issues with some of their components. In particular, the econ is very bad. This contributes to both bias and uncertainty.

Go is deeper strategically, e.g. the Em. Lasker story. And it's all about spacial positioning. But unlike chess, its moves are irreversible. I think all game analogies to real life are suspect -- including game theory!