People From New York City

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April 10, 2026

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April 10, 2026

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"“A teacher?” “Yes. He argued that we are the gods, that we create our own destiny. That what we are determines what will become of us. In a peasantlike vernacular, we all paint ourselves into corners from which here is no escape simply by being ourselves and interacting with other selves.” “Interesting.” “Well. Yes. There is god of sorts, Croaker. Do you know? Not a mover and shaker, though. Simply a negator. An ender of tales. He has a hunger that cannot be sated. The universe itself will slide down his maw.” “Death?” “I do not want to die, Croaker. All that I am shrieks against the unrighteousness of death. All that I am, was, and probably will be, is shaped by my passion to evade the end of me.” She laughed quietly, but there was a thread of hysteria there. She gestured, indicating the shadowed killing ground below. “I would have built a world in which I was safe. And the cornerstone of my citadel would have been death.” The end of the dream was drawing close. I could not imagine a world without me in it, either. And the inner me was outraged. Is outraged. I have no trouble imagining someone becoming obsessed with escaping death. “I understand.” “Maybe. We’re all equals at the dark gate, no? The sands run for us all. Life is but a flicker shouting into the jaws of eternity. But it seems so damned unfair!”"

- Glen Cook

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"Monetarism was a powerful force in economic debate for about three decades after Friedman first propounded the doctrine in his 1959 book A Program for Monetary Stability. Today, however, it is a shadow of its former self, for two main reasons.First, when the United States and the United Kingdom tried to put monetarism into practice at the end of the 1970s, both experienced dismal results: in each country steady growth in the money supply failed to prevent severe recessions. The Federal Reserve officially adopted Friedman-type monetary targets in 1979, but effectively abandoned them in 1982 when the unemployment rate went into double digits. This abandonment was made official in 1984, and ever since then the Fed has engaged in precisely the sort of discretionary fine-tuning that Friedman decried. ... Second, since the early 1980s the Federal Reserve and its counterparts in other countries have done a reasonably good job, undermining Friedman’s portrayal of central bankers as irredeemable bunglers. Inflation has stayed low, recessions—except in Japan, of which more in a second—have been relatively brief and shallow. And all this happened in spite of fluctuations in the money supply that horrified monetarists, and led them—Friedman included—to predict disasters that failed to materialize. As David Warsh of The Boston Globe pointed out in 1992, "Friedman blunted his lance forecasting inflation in the 1980s, when he was deeply, frequently wrong."

- David Warsh

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