Classical liberalism vs. The New Right

It has become increasingly clear that the political Right in America is not what it used to be. In particular, my own preferred slant of classical liberalism is being replaced. In its stead are rising alternatives that don’t yet have a common name. Some are called “national conservatism,” and some (by no means all) strands are pro-Trump, but I will refer to the New Right.  My use of the term covers a broad range of sources, from Curtis Yarvin to J.D. Vance to Adrian Vermeule to Sohrab Ahmari to Rod Dreher to Tucker Carlson, and also a lot of anonymous internet discourse. Most of all I am thinking of the smart young people I meet who in the 1980s might have become libertarians, but these days absorb some mix of these other influences.

I would like to consider where the older classical liberal view differs from these more recent innovations. I don’t so much intend a cataloguing of policy positions as a quest to find the most fundamental difference, at a conceptual level, between the classical liberal views and their New Right competitors. That main difference – to cut to the chase — is how much faith each group puts in the possibility of trustworthy, well-functioning elites.

A common version of the standard classical liberal view stresses the benefits of capitalism, democracy, civil liberties, free trade (with national security exceptions), and a generally cosmopolitan outlook, which in turn brings sympathy for immigration. The role of government is to provide basic public goods, such as national defense, a non-exorbitant safety net, and protection against pandemics.

In the classical liberal view, elites usually fall short of what we would like. They end up captured by some mix of special interest groups and poorly informed voters. There is thus a certain disillusionment with democratic government, while recognizing it is the best of available alternatives and far superior to autocracy for basic civil liberties.

That said, classical liberals do not consider the elites to be totally hopeless. After all, someone has to steer the ship and to this day we do indeed have a ship to steer. Most elites are intelligent and also they are as well-meaning as the rest of us, even if the bureaucratic nature of politics hinders their performance. We can entrust them with supplying basic public goods, and indeed we have little choice. Those truths hold even if the DMV will never be as efficient as Amazon, and even if sometimes our elites commit grave errors, for instance when the Johnson administration escalated the Vietnam War, to cite one example of many.

In the classical liberal view, the great failing of elites is that they do not keep society as free as it ought to be.

The New Right thinkers are far more skeptical of elites. They are more likely to see elites as evil and pernicious, and sometimes they (implicitly) see these evil elites as competent enough to actually wreck society. The classical liberals see checks and balances as strong enough to limit the worst outcomes, whereas the New Right sees ideological conformity and indeed collusion within the Establishment. Checks and balances are a paper tiger.

Once you start seeing elites as so bad and also so collusive, many other changes in your views might follow. You might become more skeptical about free speech, because you view it as a recipe for putting a lot of power in the hands of (often Democratic-led) major tech companies. And is there de facto free speech if a conservative sociologist cannot get hired at Yale? You also might become more skeptical about immigration, not because you are racist (though of course there are racists), but because you see it as a plot of the Democratic Party to remake America in a new image and with a new set of voters (“you will not replace us!”). Free trade becomes seen as a line peddled by the elite, and that is an elite unconcerned with the social and national security costs of a deindustrialized America. Globalization more generally becomes a failed project of the previous elite.

The New Right doesn’t entirely reject the basic principles of free market economics, but it does try to transcend libertarian views with a deeper understanding of the current power structure. In each case there are sociological forces operating that are seen as more important than “mere” free market economics. In this regard the New Right has a more interdisciplinary worldview than do many of the classical liberals. The New Right thinkers regard most power as cultural in nature, rather than rooted in coercive government alone.

Using this kind of contrast, just about every classical liberal view can be redone along New Right lines. The policy emphasis then becomes learning how to use the government to constrain the Left and its cultural agenda, rather than ensuring basic liberties for everyone. The New Right view is that this obsession with basic liberties leads, in reality, to the hegemony of a statist Left, and a Left that will use its power centers of government, media and academia to crush and cancel the New Right.

There is also a self-validating structure to New Right arguments over time. You can’t easily persuade New Right advocates by pointing to mainstream media reports that contradict their main narrative. Mainstream media is one of the least trusted sources. Academic research also has fallen under increasing mistrust, as the academy predominantly hires individuals who support the Democratic Party.

Most classical liberals are uncomfortable with the New Right approaches, and seek to disavow them. I share those concerns, and yet I also recognize that hard and fast lines are not so easy to draw. The New Right is in essence accepting the original classical liberal critique of the state and pushing it a few steps further, adding further skepticism of elites, a greater emphasis on culture, and a belief in elite collusion rather than checks and balances. You may or may not agree with those intellectual moves, but many common premises still are shared between the classical liberals and the New Right, even if neither side is fully comfortable admitting this.

The New Right also tends to see the classical liberals as naïve about power (the same charge classical liberals fling at the establishment), and as standing on the losing side of history. Those aren’t the easiest arguments to refute. Furthermore, the last twenty years have seen 9/11, a failed Iraq War, a major financial crisis and recession, and a major pandemic, mishandled in some critical regards. It doesn’t seem that wrong to become additionally skeptical about American elites, and the New Right wields these points effectively.

While I try my best to understand the New Right, I am far from being persuaded. One worry I have is about how it initially negative emphasis feeds upon itself. Successful societies are based on trust, including trust in leaders, and the New Right doesn’t offer resources for forming that trust or any kind of comparable substitute. As a nation-building project it seems like a dead end. If anything, it may hasten the Brazilianification of the United States rather than avoiding it, Brazil being a paradigmatic example of a low trust society and government.

I also do not see how the New Right stance avoids the risks from an extremely corrupt and self-seeking power elite. Let’s say the New Right description of the rottenness of elites were true – would we really solve that problem by electing more New Right-oriented individuals to government? Under a New Right worldview, there is all the more reason to be cynical about New Right leaders, no matter which ideological side they start on. If elites are so corrupt right now, the force corrupting elites are likely to be truly fundamental.

The New Right also overrates the collusive nature of mainstream elites. Many New Right adherents see a world ever more dominated by “The Woke.” In contrast, I see an America where Virginia elected a Republican governor, Louis C.K. won a 2022 Grammy award on a secret ballot and some trans issues are falling in popularity. Wokism likely has peaked. Similarly, the New Right places great stress on corruption and groupthink in American universities. I don’t like the status quo either, but I also see a world where the most left-wing majors – humanities majors – are losing enrollments and influence. Furthermore, the internet is gaining in intellectual influence, relative to university professors.

The New Right also seems bad at coalition building, most of all because it is so polarizing about the elites on the other side. Many of the most beneficial changes in American history have come about through broad coalitions, not just from one political side or the other. Libertarians such as William Lloyd Garrison played a key role an anti-slavery debates, but they would not have gotten very far without support from the more statist Republicans, including Abraham Lincoln. If you so demonize the elites that do not belong to your side, it is more likely we will end up in situations where all elites have to preside over a morally unacceptable status quo.

The New Right (and the classical liberals I might add) also seem to neglect the many cases where American governance has improved over time. My DMV really is many times better than it was thirty years ago. New York City is currently seeing some trying times, due to the pandemic aftermath, but the city is significant better run today than it was in the 1970s. Social Security, for all of its flaws, remains one of the world’s better-functioning retirement systems. The weapons the U.S. military is supplying to Ukraine seem remarkably effective. The Fed and Treasury, for all their initial oversights, did forestall a great depression in 2008-2009. Operation Warp Speed was a major success and saved millions of lives.

It is missing the point to provide a counter-narrative of all of our government’s major and numerous screw-ups. The point is that good or at least satisfactory elite performance is by no means entirely out of our reach. We then have to ask the question – which philosophy of governance is most likely to get us there next time around? I can see that some New Right ideas might contribute to useful reform, but it is not my number one wish to have New Right leaders firmly in charge or to have New Right ideology primary in our nation’s youth.

Finally, I worry about excess negativism in New Right thinking. Negative thoughts tend to breed further negative thoughts. If the choice is a bit of naivete and excess optimism, or excess pessimism, I for one will opt for the former.

Perhaps most of all, it is dangerous when “how much can we trust elites?” becomes a major dividing line in society. We’ve already seen the unfairness and cascading negativism of cancel culture. To apply cancel culture to our own elites, as in essence the New Right is proposing to do, is not likely to lead to higher trust and better reputations for those in power, even for those who deserve decent reputations.

Very recently we have seen low trust lead to easily induced skepticism about the 2020 election results, and also easily induced skepticism about vaccines. The best New Right thinkers will avoid those mistakes, but still every political philosophy has to be willing to live with “the stupider version” of its core tenets. I fear that the stupider version of some of the New Right views are very hard to make compatible with political stability or for that matter with public health.

I would readily grant that my opinion of our mainstream elites has fallen over the last five to ten years, and in part from consuming intellectual outputs from the New Right. But I don’t long for tearing down the entire edifice as quickly as possible. That would break the remaining bonds of trust and competence we do have, and lead to reconstituted governments, bureaucracies, and media elites with lower competence yet and even less worthy of trust. If you yank out a tooth, you cannot automatically expect a new and better tooth to grow back.

The polarizing nature of much of New Right thought means it is often derided rather than taken seriously. That is a mistake, as the New Right has been at least partially correct about many of the failings of the modern world. But it is an even bigger mistake to think New Right ideology is ready to step into the space long occupied by classical liberal ideals.

The importance of Greek migrants in world history

Here is a new paper by Andreas Link:

During the Renaissance numerous discoveries and inventions significantly bolstered European development. This paper examines the role played by Greek migrants in this process. While the vast majority of works by ancient Greek scholars such as Galen, Hippocrates, and Euclid were unknown in Western Europe during the middle ages, such knowledge had been preserved in the Byzantine Empire. The revival of ancient Greek knowledge within Western Europe coincided with the conquest of Constantinople by the Ottomans in 1453 and the subsequent surge in Greek migration to Western Europe. Using a newly constructed dataset on Greek migrants in Europe, I show that a Greek presence around the year 1500 is positively associated with city growth in the sixteenth century. This finding is corroborated by a difference-in-differences analysis as well as an instrumental variable approach that exploits distance to Constantinople as a source of exogenous variation in Greek presence in European cities. In terms of mechanisms, I find that a Greek presence is associated with larger numbers of published book editions in astronomy, mathematics, and medicine – fields in which ancient Greek and Byzantine scholars were especially advanced – as well as larger levels of upper-tail human capital. Finally, the results show that destination places for Greek migration became centers of innovation. Together, these results emphasize the importance of Greeks in the dissemination and application of scientific knowledge in early modern Europe and suggest that a Greek presence was one of the major growth drivers during the early modern period.

Via Kris Gulati.

Irresponsible Gain of Function Research

Scientists at Boston University have grafted the new Omicron spike protein onto the old SARS-Cov-2 virus creating a new and deadlier version of Omicron.

bioRXiv: The recently identified, globally predominant SARS-CoV-2 Omicron variant (BA.1) is highly transmissible, even in fully vaccinated individuals, and causes attenuated disease compared with other major viral variants recognized to date1-7. The Omicron spike (S) protein, with an unusually large number of mutations, is considered the major driver of these phenotypes3,8. We generated chimeric recombinant SARS-CoV-2 encoding the S gene of Omicron in the backbone of an ancestral SARS-CoV-2 isolate and compared this virus with the naturally circulating Omicron variant. The Omicron S-bearing virus robustly escapes vaccine-induced humoral immunity, mainly due to mutations in the receptor49 binding motif (RBM), yet unlike naturally occurring Omicron, efficiently replicates in cell lines and primary-like distal lung cells. In K18-hACE2 mice, while Omicron causes mild, non-fatal infection, the Omicron S-carrying virus inflicts severe disease with a mortality rate of 80%. This indicates that while the vaccine escape of Omicron is defined by mutations in S, major determinants of viral pathogenicity reside outside of S.

Some of the headlines (here, here, here and here) aren’t making clear that the newly created chimeric virus is deadlier than Omicron (in mice) but less deadly than the ancestral strain. Nevertheless, in my view, this is gain of function research that should have come under extra scrutiny. The authors, however, did not go through P3CO review, a rule requiring agencies under HHS to review grant applications for any research on “a credible source of a potential future human pandemic.” More specifically:

The HHS Framework for Guiding Funding Decisions about Proposed Research Involving Enhanced Potential Pandemic Pathogens (HHS P3CO Framework)(link is external) was established in 2017 to guide funding decisions on proposed research that is reasonably anticipated to create, transfer or use potential pandemic pathogens resulting from the enhancement of a pathogen’s transmissibility and/or virulence in humans, called ePPP research.

I think this research qualifies. Frankly, the authors of the study were irresponsible. Boston University also failed terribly in its oversight. I also put some blame on Anthony Fauci for evading and obfuscating earlier gain of function research in a way that suggested very little falls under this category. (Rand Paul was right about this). Note, I am not taking a position on whether this research should have passed P3CO review but it should have been subject to review. I am also well aware that BSL-3 labs are heavily regulated, greatly increasing the cost of useful research. Overregulation is a real cost than can make us less safe and secure.

Nevertheless, if there is even a 5% chance that the SARS-CoV-II pandemic started with a lab leak–and don’t trust anyone who tells you the probability is less than 5%–then we need more care and scrutiny of research on potential pandemic pathogens. Furthermore, the United States must lead if we are to have any influence at all on what happens elsewhere in the world.

Which historical figures would you like to see good movies made about?

That is another reader request, and here the answer is simple: none!

I don’t like biopics, and I don’t know of many good ones. They seem too mechanical to me, too predictable, and too “paint by numbers.”  Too many parts of the movie have to be laid out didactically, and I rarely feel much of the dramatic tension.

Furthermore, a movie made about a person can skew your sense of history because a good movie will be so vivid.  Which should I trust “The Buddy Holly Story” or the book I read about Buddy Holly?  And no, I didn’t like Shakespeare in Love.

For “the others” I would be happy with any popular movie made about scientific figures, putting science in a positive light.  That said, I think Spock and “the Professor” from Gilligan’s Island are far more effective than a biopic of Ernest Rutherford.

Either way, I probably won’t go see it.  I want the direct falsehoods!

Ranking of major tourist sites

Mike asks:

Tyler’s ranking of major world heritage/tourist sites (could be buildings, national parks, etc.) in terms of which far exceed/underwhelm expectations derived from casual internet surfing.

This is off the top of my head and not pondered for very long, with eleven or more in the top ten:

1. Northern Arizona/southern Utah, various national parks, culminating in the North Rim of the Grand Canyon.

Yes, #1 in the whole world and overall I am not such a travel nationalist.  So it must be really, really good.

2. Iguassu Falls.

I have seen only the Brazilian side, Argentina would make it better yet.  Beware the coatimundis who like to sniff your balls!

3. Ålesund, Norway.

4. The architecture of Brasilia.

I like modernism.  The view from the Rio Christ statue is pretty good too.

5. The architecture of Helsinki.

Kind of follows!

6, Macchu Picchu, seen properly.  Or maybe Lalibela?

Now the former is too full of crowds, I suspect.

7. Swiss Alps, including the integration of natural beauty, landscape, and human footprint.

Get a car, don’t talk yourself into the train only.

8. Sikh Golden Temple and surrounding site, Amritsar, Punjab.

9. Niagara Falls.

10. Ginza district, Tokyo.

11. Singapore, Marina Bay Sands area, most of all the view from the Infinity Pool, looking out in all directions.

Other contenders: Istanbul on the water, view from the Eiffel Tower, Yunnan province in China, average quality of beauty in New Zealand, the new parts of Copenhagen and also Hamburg on the waterfront, cruising in Mexico City, the very old parts of Rome, Venice in a fast water boat, Marrakesh, Busan, Korea, Faroe Islands, many different parts of Chile including Patagonia, random geothermal parts of Iceland.

I am sure I have forgotten plenty!

Long Social Distancing

From Jose Maria Barrero, Nicholas Bloom, and Steven J. Davis:

More than ten percent of Americans with recent work experience say they will continue social distancing after the COVID-19 pandemic ends, and another 45 percent will do so in limited ways. We uncover this Long Social Distancing phenomenon in our monthly Survey of Working Arrangements and Attitudes. It is more common among older persons, women, the less educated, those who earn less, and in occupations and industries that require many face-to-face encounters. People who intend to continue social distancing have lower labor force participation – unconditionally, and conditional on demographics and other controls. Regression models that relate outcomes to intentions imply that Long Social Distancing reduced participation by 2.5 percentage points in the first half of 2022. Separate self-assessed causal effects imply a reduction of 2.0 percentage points. The impact on the earnings-weighted participation rate is smaller at about 1.4 percentage points. This drag on participation reduces potential output by nearly one percent and shrinks the college wage premium. Economic reasoning and evidence suggest that Long Social Distancing and its effects will persist for many months or years.

That is a new NBER working paper.

Monday assorted links

1. The Covid baby bump.

2. The relative academic decline of American Jews.  Update: Note there may be some confusion between “students” and “faculty” in the data behind the chart.

3. One set of instructions for how to cheat at chess (YouTube).

4. King Charles’s taste in art.

5. Tamil Nadu: “Two-thirds of this deficit was made up within 6 months after school reopening. Further, while learning loss was regressive, the recovery was progressive. A government-run after-school remediation program contributed ~24% of the cohort-level recovery, and likely aided the progressive recovery.”

6. Fiscal dominance vs. monetary dominance in the UK.

Why so much drug use in the United States?

That is a question from a loyal reader, and he does not mean pharmaceuticals rather illegal drugs.  I can see a few hypotheses:

1. Americans consume more of almost everything.  Including health care.  We are simply a nation of consumption, for longstanding cultural reasons and supported by our higher wealth and our ability to save through human capital and rising asset prices, thus enabling more spending.  So we are going to spend more on illegal drugs too.  In fact illegal behavior with the prescription drugs themselves is one of the fastest-growing drug problems in the United States.

1b. Americans also take way more legal prescription drugs than their counterparts in other countries.  Under one estimate, Americans consume 80 percent of the world’s painkillers.

2. Corporate interests, including Big Pharma, are in America relatively strong, including politically strong, and relatively prominent in advertising.  Some of those companies have worked hard to accustom you to the idea that you ought to “take something.”

3.  America has borders with Mexico and the Caribbean, which makes it harder to keep out illegal drugs.

4. Price! (Duh)  Somewhere recently I saw price estimates for cocaine in various countries (might anyone recall the link?).  It was cheaper in the United States than elsewhere.  We are a large market, have economies of scale, and are great at retail and marketing.  Many other things are cheaper here to, which in turn brings us back to #1.

5. Compared to say Germany or Denmark, there are fewer people “looking out for you.”  Americans are more likely to move away from family and friends, and more likely to live “in the middle of nowhere.”  We are lonelier, maybe not at the median but on the left hand side of the distribution.  Our demand for therapists is pretty high too.

6. Student life can be more competitive in the United States than in Canada or Europe, and that may induce many Americans teens to use amphetamines, which are more popular in America.

7. America is in general a high-variance country, due to large market size, ethnic diversity, relatively open and competitive markets, and the looseness of many of its social norms.  A higher-variance country will have many more people clustered in the unsatisfactory behavior patterns.

7b. Along related lines, American teens are more frequent users of illegal drugs than are European teens.  But American teens also have amongst the lowest rates of smoking and drinking.  So some of us are very disciplined, others much less so, again reflecting the high variance of both inputs and outcomes.

8. Americans are keener to try new products, relative to most of the rest of the world.  Along these lines, we have relatively big problems with the newer opioids and synthetic drugs.  Heroin historically has often been a bigger problem in Europe, and that is hardly a new drug.  In era of new drugs, as we currently are living in, this will nudge the balance toward Americans doing drugs more.

9. American teens have more disposal income to spend, compared say to European teens.  This may come from either jobs or from parental allowances.  Furthermore, the European youth, especially in Italy, are more likely to live at home for many more years.  That probably limits illegal drug use.  Americans are more likely to go away for college to “a campus,” and “a dorm,” a horrible institution if you think about it for too long.

What else?

Sunday assorted links

1. Guy who knew Lee Harvey Oswald and his wife is publishing a book soon.

2. City charters really matter.  And the same guy — Austin Berg — runs a YouTube channel on Rare African Vinyl.

3. Does an overreliance on English hinder cognitive science?

4. US will support sending ‘multinational rapid action force’ to Haiti.

5. “When not on vacation my life is boring and my nighttime dreams are dull. On vacation, time slows down and my life becomes full of novel events, and this triggers much more intense and vivid dreams at night. I have a hard time estimating the importance of this factor, but it might well be more important than all of my daytime utility during the vacation.”  Link here.

6. “Pensions may be in trouble, but long term debt is great for governments. So long, that is, as the government doesn’t turn around and bail out everyone to whom it sold long term debt!”  Link here.

Driving Buy: Pollution, Customers and Development

The literature on air pollution continues to grow. In an impressive paper, Bassi et al. show that firms in Uganda locate on busy roads, Busy roads are more polluted but there are more customers driving and they rely on direct customer acquisition, rather than advertising or marketing, to get customers. 

Location choice thus entails a trade-off between pollution exposure, which we verify to be mainly driven by road traffic, and access to customers. We also use our survey data to argue that the benefits can be explained primarily by the fact that, as it is typically the case across the developing world, firms sell locally through face-to-face interactions and do not have any other means to access customers than to be as visible as possible to them. Therefore, proximity to busy roads is essential.

Locating along busy roads increases profits per worker but reduces life expectancy of workers by about two months. A two month loss in life expectancy is substantial. Uganda is so poor (GDP per-capita ~$720), however, that the authors find that an (imaginary) policy of randomly allocating firms would not be cost-effective. Randomly allocating firms, however, is only one potential policy–others include using more buses or instituting a congestion tax. India has higher per capita GDP than Uganda so if all else were equal many such policies would pay in India. One type of “firm” that I have seen locate on congested roads in India is beggars and street sellers. It’s obvious that they go where the customers are but at the price of locating in very polluted areas.

I argued in India recently that reduced pollution could increase GDP. I continue to think that is true on the margin–there is some low-hanging fruit.

In other pollution news. It is clear that pollution papers are becoming a growth industry and thus there are bound to be green jelly bean problems. I haven’t read either closely but I did note that Roy et al. find that pollution increases mutual fund errors and Du finds that pollution increases racist tweets. Well, maybe. The new pollution literature is credible but remember to trust literatures not papers.

Overrated or underrated?

Ramagopal asks: Peter Bauer, Mises, Joan Robinson

1. Peter Bauer is underrated.  He was a brilliant development economist who wrote seminal early and detailed books on the rubber sector and also networks of West African trade.  He also recognized the importance of the informal sector early on.  He then moved into a more polemic mode, writing books on market-oriented development strategies and very critical of foreign aid.  I believe at the time he was largely correct about foreign aid, though I would recognize also that since then the quality and effectiveness of foreign aid has improved considerably, most of all because the receiving governments have on average improved in quality.

His family had a coat of arms, linked above at his name.

I once met Bauer at a seminar at NYU, way back when.  He reminded me of a character from LOTR and he had a thick mane of white hair.  I believe Bauer was also one of the first well-known economists to come out as gay.

2. Mises is underrated.  His 1922 book Socialism is still the best and also historically most important critique of socialism, ever.  His earlier articles about the impossibility of economic calculation under socialism are among the most important economics articles, ever.  Those are already some pretty important contributions, and yet he is often talked of as a crank, perhaps because in part some of his followers were indeed cranks.

Liberalism I quite like.  His book Bureaucracy is underdeveloped but still pretty interesting, and his hypotheses about the logic of cascading interventionism, if not entirely correct, still are an important contribution to public choice.  They do explain a lot of the data.  Human Action is big, cranky, and dogmatic, but for some people a useful tonic and alternative to the usual stuff.  I can’t say I have ever really liked it, and in an odd way the whole emphasis on “Man acts” undoes at least one part of marginalism.  The early Theory of Money and Credit was a pretty good early 20th century book on monetary theory.

Hayek somehow ended up as “the reasonable face of classical liberalism,” but in fact Mises was far more politically correct by current standards.

Obviously there is a sliver of people who very much overrate Mises.  Here is a guy who hardly anyone rates properly.  I’m still sticking with considerably underrated.

3. Joan Robinson’s Theory of Imperfect Competition was a very important book, and it laid the groundwork for a lot of later thinking about market structure, both geometrically and conceptually.  But she didn’t understand actual economics, was a Maoist, and seemed to like the regime of North Korea.  So I have to say overrated.  Her  Accumulation of Capital also was no great shakes, though hardly her greatest sin.  Her growth theory was far too Marxian, and far too fond of “Golden Rule” constructs, which are mechanistic rather than insightful as models ought to be.  Her writings in Economic Philosophy were not profound.  So she has one truly major contribution, but I can’t get past the really bad stuff.

Investment advice from Russell Napier

First of all: avoid government bonds. Investors in government debt are the ones who will be robbed slowly. Within equities, there are sectors that will do very well. The great problems we have – energy, climate change, defence, inequality, our dependence on production from China – will all be solved by massive investment. This capex boom could last for a long time. Companies that are geared to this renaissance of capital spending will do well. Gold will do well once people realise that inflation won’t come down to pre-2020 levels but will settle between 4 and 6%. The disappointing performance of gold this year is somewhat clouded by the strong dollar. In yen, euro or sterling, gold has done pretty well already.

Here is the full discussion, interesting throughout.  He also says to expect widespread capital controls.  To be clear, none of this is investment advice from me.

Saturday assorted links

1. Katja Grace on AGI risk.

2. “none of the countries that shared land borders w/ poland in 1989 (i.e. ussr, czechoslovakia, east germany) are around in 2022”  Link here.

3. How Brian Eno created Music for Airports.

4. The Norwegian Century may continue unhindered (for now).

5. Correspondence of Quine now on-line.

6. One ranking of the safest cities in America.  Why isn’t Provo on the list?  In fact Provo’s crime rate seems to be not so low for the state of Utah.