Friday, July 25, 2014
Why this time is never different.
It's been 6 whole years since the economy crashed. Now somehow things are supposed to be different.
Human beings seem to have an incredible esteem for their own collective wisdom. There's a raft of new movies out about Sentient Artificial Intelligence. In other words about human beings creating life. In these conceits we're so smart we have to fear the fruits of our fearsome intelligence.
The myopia is stunning. Human beings have only had electric lights and running water for a hundred years. In the grand scheme of things we're barely out of caves. Yes, we have computers that can store lots of data. But 99 percent of it is entirely useless. Yes, you can look at people you've met on facebook and read what they write about themselves, but your memories of them are just as accurate.
Sure you can look up anything on Wikepedia with the touch of a button. But 99 percent of what you read there is entirely inaccurate. If you want any useful information you still have to track down out of print tomes and take the time to read them cover to cover.
Almost all of the technological advancements have simply allowed us to instantly track - and participate in - our collective pointless blathering.
By the time we're smart enough to invent a sentient articial intelligence we'll have been long smart enough not to need to bother.
Which brings us to the markets. Yes, we have super computers that operate in nano-seconds. We can access graphs, construct models, perform regression analysis - and assemble long reports that nobody reads that all prove whatever we feel like proving. More pointless blather.
All the super computers are really useful for is front running trades.
It's never Different because we're never Different.
We still take every opportunity to game the system. We still screw everyone else at every chance as long as it makes us a penny richer. The entire system is still rigged by the top 1 percent to make the top 1 percent ever wealthier at everyone elese's expense.
And the entire construct is still completely unsustainable.