{"id":38176,"date":"2018-09-23T17:04:20","date_gmt":"2018-09-23T22:04:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38176"},"modified":"2018-09-23T17:04:20","modified_gmt":"2018-09-23T22:04:20","slug":"understanding-the-volatility-storm-to-come-part-1-fragility-in-the-markets-medium","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38176","title":{"rendered":"Understanding The Volatility Storm To Come, Part 1: Fragility In The Market&#8217;s Medium"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-09-23\/understanding-volatility-storm-come-part-1-fragility-markets-medium\"><span class=\"field field--name-title field--type-string field--label-hidden\">Understanding The Volatility Storm To Come, Part 1: Fragility In The Market&#8217;s Medium<\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1265\" data-gtm-vis-first-on-screen-2077925_22=\"1265\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><strong><u><em>What Is Water In Markets? Volatility and the Fragility of the Medium<\/em><\/u><\/strong><\/p>\n<blockquote><p><em>There are these <strong>two young fish swimming along, and they happen to meet an older fish<\/strong> swimming the other way, who nods at them and says, \u201c<strong>Morning, boys, how&#8217;s the water?<\/strong>\u201d And the two young fish swim on for a bit, and then eventually one of them looks over at the other and goes, \u201c<strong>What the hell is water?<\/strong>\u201d. <\/em><\/p>\n<p><em>-David Foster Wallace, This is Water (2005) <\/em><\/p><\/blockquote>\n<p><strong>\u201cThis is Water\u201d <\/strong>is the title of a commencement speech delivered by David Foster Wallace that has become a masterpiece of meta-thinking. <em>If you haven\u2019t listened to it, put down this paper and do so now. It is worth 20 minutes of your life.<\/em><\/p>\n<div class=\"max-width-video-wrapper\">\n<div class=\"fluid-width-video-wrapper\"><iframe id=\"fitvid791253\" src=\"https:\/\/www.youtube.com\/embed\/8CrOL-ydFMI\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<p>The Foster Wallace parable of two young fish<strong> ignorant of the medium that defines their reality<\/strong> is so important on many levels. Foster Wallace contends that we swim in a world defined by self-centered thoughts, that serve to make reality visible, but should <strong>never be mistaken as fundamental truth.\u00a0<\/strong><\/p>\n<p>In capitalism the medium that defines reality is fiat money. To this point, does money exist? This seems silly to ask but it is very important philosophically. Yes, money exists in the sense that you can purchase goods and services with it. At the same time, money is only important because of a collective belief in it, and is worthless without that. This is true of any human construct: markets, words, brands, and nation-states\u2026 all abstract mediums that have meaning because we collectively believe they do, and hence they give form to reality, but are not real independent of our thoughts.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Understanding The Volatility Storm To Come, Part 1: Fragility In The Market&#8217;s Medium What Is Water In Markets? Volatility and the Fragility of the Medium There are these two young fish swimming along, and they happen to meet an older fish swimming the other way, who nods at them and says, \u201cMorning, boys, how&#8217;s 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":[16616,21839,8290,2773,4318],"class_list":["post-38176","post","type-post","status-publish","format-standard","hentry","category-economics","tag-artemis-capital-management","tag-christopher-cole","tag-market-fragility","tag-volatility","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38176","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=38176"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38176\/revisions"}],"predecessor-version":[{"id":38177,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38176\/revisions\/38177"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}