13 December 2007

Darwinian Selection, Where Are You?

As I've pointed out many times, Darwinian selection lies at the heart of much of openness's success. So this is really, really bad news:

Imagine if we threw money at record labels, in the hopes that they'd publish better music. What do you think would happen?

Unfortunately, that's exactly what the Fed's doing with the financial system. But throwing liquidity into a rotten system is just giving the virus new stuff to infect, consume, and decay.

Oh dear.

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