Every day we hear a story about the movement of stock prices. But the story is different each day. So basically, these stories are made up after the fact. But when we look at it systematically, we don’t see a big effect of Fed actions on real activity or on stock prices or on anything else. That’s why I use to say that the business of central banks is like pornography: In essence, it’s just entertainment and it doesn’t have any real effects.
It is unusual that Xi “does not perceive his power to be completely consolidated, even eight years in,” said Sheena Greitens, a professor of public affairs who studies Chinese approaches to security at the University of Texas at Austin. Xi may be launching this campaign to prepare for 2022, when he will transition into an unprecedented third term, she said.
But a political system prone to crackdowns can turn suspicious and brittle, with everyone afraid to point out problems or admit mistakes. It is what allowed the initial cover-up of a virus spreading in Wuhan last winter, at the cost of thousands of civilian deaths. When things go wrong, however, Xi has used a classic technique: punishing local officials while keeping the emperor free of blame.
Unfortunately, if you want to do new things, you’ll face a force more powerful than other people’s skepticism: your own skepticism. You too will judge your early work too harshly. How do you avoid that?
This is a difficult problem, because you don’t want to completely eliminate your horror of making something lame. That’s what steers you toward doing good work. You just want to turn it off temporarily, the way a painkiller temporarily turns off pain.
Institutions can be mapped across the pace layers diagram as well. Take Apple Computer, for example. They’re coming out with new iPhones every six months, which is the fashion layer. The commerce layer is Apple selling these devices. The infrastructure layer is the cell phone networks and chip fabs that it’s all built on. The governance layer—and note that it is governance, not government; they’re mostly working with governments, but they also have to work with general governing systems. Some of these companies are hitting walls against different types of governments who have different ideas of privacy, different ideas of commercialization, and they’re now having to shape their companies around that. And then obviously, culture is moving slower underneath all of this, but Apple is starting to affect culture. And then there’s the last pace layer, nature, moving the slowest. At some point, Apple is going to have to come to terms with the level of environmental damage and problems that are happening on the nature pace layer if it is going to be a company that lasts for hundreds or a thousand years. So we could imagine any large institution mapped across this and I think it’s a useful tool for that.
The notion of weaponizing microwaves dates back to the Cold War, when, in 1961, an American biologist named Allan Frey discovered that irradiating a human head with microwaves could produce the sensation of sound—even in deaf ears, even from thousands of feet away. Playing with the frequency and intensity of the microwave beam could produce a range of different sensations in a person. In 2018, Frey told the New York Times that the Soviets took immediate notice of his work and flew him to Moscow, where they squired him around secret military facilities and asked him to give lectures about the effects of microwaves on the brain.
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