What the Fed misses

The curve is rank three, not rank five in robust times. We are looking increasingly like a mining economy. We contracted, lost spectral points (fewer digits needed to get an accurate bid).   We dunnit, a requant, it is in the past.

The Fed is up against quantum noise, the energy of quantization, all the exchanged needed to 'reagglomerate' in Krugman's terms.

We got the doldrums of Chile, and it is getting worse. We have to deal with small state, they are on the edge. So it is like, Small state fix, then NewFed, then generational overlap gets us back our robust spectrum. Otherwise the singularity takes over.

We have some commutative property. The small state fix will be negotiated once a year, so that is basically agreed to at any time.  But New Fed has to happen before generational overlap. We need the large agencies on cash accounting to price the relative generations.

Our collective history knows these forces, we humans can temporarily be in denial, but history is a force. History is in our state capitals, road signs, office buildings, books and literature to explain it all. It is memory incarnate and has inertia and will impose.