In 2023, I hope we can rediscover wrongness. Mere wrongness. Wrongness untethered from other accusations. Not everything that is wrong is dangerous or evil or bigoted. Sometimes people are just wrong. A big part of human life is arguing over who is wrong and attempting to nudge this whole ungainly human enterprise toward rightness, a few painstaking microns at a time. It's harder to do that when the pitch of everything is so shrill.
- FTX was hit with record bank run, and filed for bankruptcy in days, with no central bank to bail it out.
- Credit Suisse hit with record bank run, and both the SNB and Fed rushed to bail it out.
One wonders which system is a better representation of what true capitalism should be.