{"id":29808,"date":"2018-01-17T10:00:56","date_gmt":"2018-01-17T15:00:56","guid":{"rendered":"http:\/\/olduvai.ca\/?p=29808"},"modified":"2018-01-17T10:01:17","modified_gmt":"2018-01-17T15:01:17","slug":"bob-dylan-as-economic-prophet","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=29808","title":{"rendered":"Bob Dylan as Economic Prophet"},"content":{"rendered":"<h3 class=\"page-title\"><a href=\"https:\/\/mises.org\/wire\/bob-dylan-economic-prophet\">Bob Dylan as Economic Prophet<\/a><\/h3>\n<h2 class=\"page-title\"><img decoding=\"async\" style=\"color: #333333; font-size: 16px;\" draggable=\"false\" src=\"https:\/\/mises.org\/sites\/default\/files\/styles\/slideshow\/public\/dylan.PNG?itok=XnvT2_lX\" alt=\"dylan.PNG\" \/><\/h2>\n<div id=\"slideshow\" class=\"group-image-wrapper field-group-html-element pull-left\">We have a habit on our trading floor of playing Bob Dylan whenever the markets start selling off. We hardly ever play Dylan these days. Though I consider the Nobel Laureate something of a personal classical liberal icon, I don\u2019t remember exactly how this office tradition ever started. But the connection is appropriate, a nod to the enigmatic genius who wrote anthems for freedom, against power and coercion, and, most relevantly, on change\u2014irrepressible, revolutionary, and sometimes catastrophic change.<\/div>\n<div class=\"body-content clearfix\">\n<p>Change is the defining feature of our modern age, from science to business to politics, both in its extraordinary speed and magnitude. But you would never know it when surveying today\u2019s financial market landscape. We are also living in the age of government-mandated financial repression\u2014which has created a forced, false financial stability. These exist like two contradictory, parallel universes.<\/p>\n<p>Thanks to almost a decade of unprecedented market interventions by global central banks (which have collectively acquired assets totaling over $20 trillion), everywhere you look there is repression of yields, repression of market volatility, and their side effects of exploding asset valuations (to heights not seen since shortly before past historic crashes), financial-engineered debt, leverage, stock-buybacks, cryptocurrency-insanity, \u201cshort volatility\u201d and all manner of reckless yield-chasing investment schemes. This is an age of massive artificial economic imbalances and systemic risks.<\/p>\n<p>Such powerful interventions hurt the weakest and benefit the strongest (the holders of assets) as they create unsustainable, destructive distortions that ultimately lead to catastrophe. This is a universal historical theme, perhaps nowhere better chronicled than by Bob Dylan starting back in the early 1960s. And underlying Dylan\u2019s theme has been a prophetic message, one that speaks uncannily to today\u2019s incoherently changeless and riskless market climate: Change is irrepressible, whether we accept it or (especially) even if we do not; \u201cthe times they are a-changin\u2019.\u201d<\/p>\n<\/div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bob Dylan as Economic Prophet We have a habit on our trading floor of playing Bob Dylan whenever the markets start selling off. We hardly ever play Dylan these days. Though I consider the Nobel Laureate something of a personal classical liberal icon, I don\u2019t remember exactly how this office tradition ever started. But the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[17974,124,315,6872,11633,3728,7617],"class_list":["post-29808","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bob-dylan","tag-central-banks","tag-financial-repression","tag-financial-stability","tag-mark-spitznagel","tag-market-intervention","tag-mises-institute"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29808"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29808\/revisions"}],"predecessor-version":[{"id":29810,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29808\/revisions\/29810"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}