A clean-slate accounting of the dollar (part 1)
18th September 2008
Mencius Moldbug is on the case.
The great thing about being a skeptical generalist is that you trust your own ability to think about X, instead of trusting those with actual knowledge and experience in X. I am certainly no opponent of knowledge or experience, but it should be plain to everyone at this point that our financial system is, in at least one mysterious and incomprehensible way, broken.
So those who know it, know the broken thing. Worse, they believe that the dollar system is exactly what it purports itself to be – money is money, bonds are bonds, banks are banks, etc. And they have built a large superstructure of models on these understandings. Said models do not appear to be in perfect working order.