Quote of the Day: “With Notably Rare Exceptions….”


From Alan Greenspan:

Today’s competitive markets, whether we seek to recognise it or not, are driven by an international version of Adam Smith’s “invisible hand” that is unredeemably opaque. With notably rare exceptions (2008, for example), the global “invisible hand” has created relatively stable exchange rates, interest rates, prices, and wage rates.

Henry Farrell comments:

It’s best not to interpret this as an empirical claim, but a carefully-thought-out bid for Internet immortality. It has the sublime combination of supreme self-confidence and utter cluelessness of previously successful memes such as “I am aware of all Internet traditions” and the “argument that has never been made in such detail or with such care,” but with added Greenspanny goodness. I tried to think of useful variations on the way in to work this morning — “With notably rare exceptions, Russian Roulette is a fun, safe game for all the family to play,” and “With notably rare exceptions, (the Third Punic War for example), the Carthaginian war machine was extremely successful,” but none do proper justice to the magnificence of the original. But then, that’s why we have commenters.

Quite so. But what makes this even worse than it seems (if that’s possible) is that 2008 is hardly the only notable exception to global economic stability since the globalization and deregulation of finance began in earnest three decades ago. While they’re playing Henry’s game, commenters might also want to spare a few moments to recall some of the other slightly lesser catastrophes that Greenspan rather blithely passed over.

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