元数据

Adults in the Room

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Dedication

📌 For all who eagerly seek compromise but would rather be crushed than end up compromised ⏱ 2024-02-26 20:46:26

1 Introduction

📌 ‘There are two kinds of politicians,’ he said: ‘insiders and outsiders. The outsiders prioritize their freedom to speak their version of the truth. The price of their freedom is that they are ignored by the insiders, who make the important decisions. The insiders, for their part, follow a sacrosanct rule: never turn against other insiders and never talk to outsiders about what insiders say or do. Their reward? Access to inside information and a chance, though no guarantee, of influencing powerful people and outcomes.’ With that Summers arrived at his question. ⏱ 2024-02-26 21:04:11

📌 strangle my character ⏱ 2024-02-26 21:04:45

📌 But then there are what I called ‘super black boxes’, whose size and import is so great that even those who created and control them cannot fully understand their inner workings: for example, financial derivatives whose effects are not truly understood even by the financial engineers who designed them, global banks and multinational corporations whose activities are seldom grasped by their CEOs, and of course governments and supranational institutions like the International Monetary Fund, led by politicians and influential bureaucrats who may be in office but are rarely in power. They too convert inputs – money, debt, taxes, votes – into outputs – profit, more complicated forms of debt, reductions in welfare payments,health and education policies. The difference between these super black boxes and the humble smartphone – or even other humans – is that while most of us have barely any control over their inputs, their outputs shape all our lives. ⏱ 2024-02-26 22:16:42

📌 the power of hidden information. ⏱ 2024-02-26 22:17:53

📌 When a large-scale crisis hits, it is tempting to attribute it to a conspiracy between the powerful. ⏱ 2024-02-26 22:18:34

📌 That which feels to many like a conspiracy of the powerful is simply the emergent property of any network of super black boxes. ⏱ 2024-02-26 22:19:41

📌 But when they got their hands on evidence or information foreshadowing terrible developments, they faced Summers’s dilemma: leak it to outsiders and become irrelevant; keep it to themselves and become complicit; or embrace their power by exchanging it for other information held by someone else in the know, resulting in an impromptu two-person alliance that turbocharges both individuals’ power within the broader network of insiders. As further sensitive information is exchanged, this two-person alliance forges links with other such alliances.The result is a network of power within other pre-existing networks,involving participants who conspire de facto without being conscious conspirators. ⏱ 2024-02-26 22:22:46

📌 This is how networks of power control the flow of information: through co-opting outsiders and excluding those who refuse to play ball. ⏱ 2024-02-28 14:02:43

📌 Underpinning his belief system was the conviction that the world can only be made better from within the black box. ⏱ 2024-02-28 14:25:31

2 Bailoutistan

📌 Bankruptcy and debt write-downs became for capitalism what hell had always been for Christian dogma – unpleasant yet essential ⏱ 2024-02-28 14:35:53

📌 the impression grew on me that this was not a simple tale of us versus them, good versus bad. Rather, an authentic drama was afoot reminiscent of a play by Aeschylus or Shakespeare in which powerful schemers end up caught in a trap of their own making. ⏱ 2024-02-29 14:13:03

📌 animosity ⏱ 2024-03-02 14:41:09

📌 Up and down America, in Britain, in France and in Germany – everywhere – the insiders are feeling their authority slip away. Prisoners of their own device, slaves to the Summers dilemma, they are condemned, like Macbeth, to add error upon error until they realize that their crown no longer symbolizes the power they have but the power that has slipped away. In the few months I spent dealing with them, I caught glimpses of that tragic realization. ⏱ 2024-03-02 14:49:02

📌 riff-raff ⏱ 2024-03-04 22:30:46

📌 conjure up ⏱ 2024-03-04 22:31:09

📌 predicament ⏱ 2024-03-04 22:33:20

📌 taxing. ⏱ 2024-03-04 22:33:17

📌 ‘When it becomes serious, you have to lie.’4 ⏱ 2024-03-09 15:48:44

📌 Socialists, Margaret Thatcher liked to say, are bound to make a mess of finance because at some point they run out of other people’s money.7 ⏱ 2024-03-09 16:05:51

📌 harp on about ⏱ 2024-03-09 16:31:32

📌 ‘There are times in politics when you must be on the right side and lose.’ ⏱ 2024-03-09 16:46:11

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