Monday, August 23, 2010

More From John Lounsbury On The Treasury Meetings contributor John Lounsbury has put up another post about his meeting with Treasury a few weeks ago. This time, he lists the attendees of a second, Wednesday meeting for "paid" journalists (versus free-lance or non-professionally compensated bloggers) that occurred that same week, as well as links to some of the reviews of the session by his fellow attendees. The proportion of boot-lickers in attendance appears to be growing with each and every disclosure.

It really is amazing reading some of the reactions of the attendees. They seem truly perplexed at the inability of the Treasury representatives to articulate how they socialistically calculate. You get the feeling that these people honestly believe that this is an entirely new set of interventions, with no historical precedent anywhere in the world, that is totally disconnected from all existing economic theory and thus deserves to be considered and judged on its own individual merits.

In the minds of these people, intervention is a game of constant originality-- it's so challenging to them to keep trying to wrap their heads around a previous intervention when the Treasury continues to come up with "new" ones seemingly every week. These people seem to have grossly overestimated their own intellectual capabilities and value as gatekeepers of information. This, of course, is one of the much vaunted benefits of the Internet and its democracy of information.

Not surprisingly, just as democratic political systems tend to cater to and be ruled by the Lowest Common Denominator, so, too, do democratic intellectual systems.

Watching this all happen is like watching adolescents sparring with cripples and then being told by the promoter that you're witnessing an historic heavyweight title match take place.

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