There is a point where the critique of objectivity becomes an embrace of subjectivity. And at that point, whether people realize it or not, all is lost.
This is why CRT and MAGA and all thinking rooted (consciously or not) in post-modernism are just different faces of the same counterfeit coin.
In other words, there is no “my truth”. There is only “my perspective on the truth” which is always subject to critical examination.
There is always room to critique objectivity. My perception of the truth is not always truth, or the full truth. But the point where identity invalidates the pursuit of a common truth becomes very dangerous.
And what people don’t appreciate is that it becomes dangerous for EVERYONE, not just the immediate target of the critique.
“You don’t get an opinion on this.” “You can’t silence my truth.” “Of course someone like you doesn’t get it.” “Seriously, not literally.” These are the calling cards of unreason, whether they are coming from the right or the left.
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Regarding inflation, it's good to define transitory vs. persistent. Transitory would be the next several months, to the end of the year. Persistent would be the next decade.
When trying to understand the economy, we tend to refer back to historical experiences as our model. In the case of inflation, for most of us, the go-to reference is the experience of the 1970s.
But there are other historical models that may capture the situation better. I'd argue it's possible that our current experience of inflation bears less resemblance to the inflation of the 1970s than the surge in inflation immediately after World War II.
I'm not sure the size of the y/y figure tells you whether it's transitory or not. A high number could easily be as reflective of a temporary spike, due to bottlenecks, as it would a more lasting problem.
A lot of the price pressure being reported by companies in the ISM surveys do seem to reflect bottlenecks, as opposed to more persistent constraints. Of course, it's possible that one can turn into the other, if unresolved.
The fundamental problem here is that the entire supply side of the economy - from labor markets to foreign supply chains - has been thrown into utter chaos over the past year, even as stimulus spending has helped demand recover quite buoyantly.
I've noticed that the consistency/reliability of timely COVID-19 data in the US has deteriorated over the past few weeks, due to patchy reporting by various states. This is making it harder to tell a story about what is happening. Even the CDC data gets constantly revised.
According to Worldometer, the US reported +129 coronavirus yesterday, bringing the total to 623,029. But several states, including Florida, are still missing. The 7-day moving average rose slightly to 216 deaths per day. CDC still isn't posting a number for yesterday.
The US reported +14,715 new confirmed cases of COVID-19 yesterday. The data is more complete than deaths, but Florida, Michigan, and a few others still missing. Still, the 7-day moving average rose to above 20,000 new cases per day, for the first time since late May.
1. One of my takeaways from visiting Cuba several years ago was that Castro was very clever to make it difficult but not impossible to leave the island.
2. As a result, the people who were most ambitious and dissatisfied - and mostly likely to cause him trouble if they stayed - were willing to take the risk and flee to Florida.
3. Those - even within the same family - who were more risk adverse (and therefore likely more compliant) remained, often supported by remittances from more ambitious family members who left.
Today in MSFS I'm checking out a rather odd bird called the EA-7 Edgley Optica, and I'm doing it at the location where it was developed, Old Sarum Airfield near Salisbury in southwest England.
The Optica is the brainchild of British designer John Edgley, who envisioned it in the 1970s as a slow-flying alternative for many tasks now performed by helicopters.
The cockpit, which stretches forward of the powerplant and wings, gives the occupants clear 270-degree visibility much like a helicopter.