Tuesday, August 09, 2011
The Market is at once wise and unthinking; it has a superhuman capacity to order the world, and yet it is essentially human in its behavior; it is a force of nature beyond human power and reckoning, yet it can be appeased, argued with, altered, bribed, influenced, redirected, appealed to, etc.; it is amorphous and yet incarnate--though immaterial, it takes on many forms. Our markets are like a cute classical pantheon, a gaggle of mercurial superhuman principalities of the heavens who sprung out of the self-created ancient orders of the universe and then sorta took shit over, although they seem a bit out of their depth actually running things; in their foibles they are more human than human; their appetites are ours, exaggerated; their greater wisdom smells faintly of folly and stupidity; they are more poetical than actual; the are not, in any case, real. Markets are always doing this because of that, responding to injury with injustice, bickering, dithering, making backroom deals--all in all like a bunch of line-graph Greek Gods. I will spare you the image of Paul Krugman at the Bacchanal. The proper way to read this sort of thing is as an installation in a rather dull epic, full of epithets. Volatility remained high, everyone.