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Reports of our death are an exaggeration: Difference between revisions
Reports of our death are an exaggeration (view source)
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But these disasters came about notwithstanding the modernist method. They are products of it. These people found and exploited zero-day flaws in the modernist system, ''which is [[Air crashes v financial crashes|what we should expect resourceful, dishonest people to do]]''. | But these disasters came about notwithstanding the modernist method. They are products of it. These people found and exploited zero-day flaws in the modernist system, ''which is [[Air crashes v financial crashes|what we should expect resourceful, dishonest people to do]]''. | ||
But a fully [[Risk taxonomy|taxonomised]] system, that runs entirely in [[algorithm]], however smart, derived from the [[Policy|scar tissue]] of the past, is ''literally blind'' to [[Zero-day vulnerability|zero-day vulnerabilities]]. Unless mediated by people thinking and viewing the world unconventionally, it will repeatedly fail. And this has been the [[financial disasters roll of honour|tale of the financial markets]] since Hammurabi published his code. | But a fully [[Risk taxonomy|taxonomised]] system, that runs entirely in [[algorithm]], however smart, derived from the [[Policy|scar tissue]] of the past, is ''literally blind'' to [[Zero-day vulnerability|zero-day vulnerabilities]]. Unless mediated by people thinking and viewing the world unconventionally, ''it will repeatedly fail''. And this has been the [[financial disasters roll of honour|tale of the financial markets]] since Hammurabi published his code. | ||
The age of the machines — our complacent faith in them — has made the situation worse. Machines will conspire to ignore “human magic”, when offered, which says “this is not right”. That magic was woven by [[Enron Corporation|Bethany MacLean]]. [[Collateralised debt obligation|Michael Burry]]. [[Harry Markopolos]]. [[Wirecard|Dan McCrum]]. The formalist system systematically ignored them, fired them, tried to put them in prison. | The age of the machines — our complacent faith in them — has made the situation worse. Machines will conspire to ignore “human magic”, when offered, which says “this is not right”. That magic was woven by [[Enron Corporation|Bethany MacLean]]. [[Collateralised debt obligation|Michael Burry]]. [[Harry Markopolos]]. [[Wirecard|Dan McCrum]]. The formalist system systematically ignored them, fired them, tried to put them in prison. | ||
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Now, to lionise the human spirit ''in the abstract'', as we do, is not to say we sanctify bank employees as a class ''in the particular''. The JC has a quarter century among them. They are unusually paid, but not gifted or intelligent. | Now, to lionise the human spirit ''in the abstract'', as we do, is not to say we sanctify bank employees as a class ''in the particular''. The JC has a quarter century among them. They are unusually paid, but not gifted or intelligent. | ||
It is an ongoing marvel how commercial banking organisations can be so reliably profitable given the calibre of the hoardes they employ to steer them. We have argued [[mediocrity drift| elsewhere]] that informal systems tend to be configured to ''ensure'' staff mediocrity over time. Others have too.<ref>See {{br|The Peter Principle}}; {{br|Parkinson’s Law}}: for classic studies.<> | It is an ongoing marvel how commercial banking organisations can be so reliably profitable given the calibre of the hoardes they employ to steer them. We have argued [[mediocrity drift| elsewhere]] that informal systems tend to be configured to ''ensure'' staff mediocrity over time. Others have too.<ref>See {{br|The Peter Principle}}; {{br|Parkinson’s Law}}: for classic studies.</ref> | ||
But the current orthodoxy contributes to this system. Use machines , networks and connectivity to [[downskill]]. Why pay for expert staff to do drudgery in London when you can have [[School-leavers in Bucharest]] do it for a quarter the cost? | But the current orthodoxy contributes to this system. Use machines , networks and connectivity to [[downskill]]. Why pay for expert staff to do drudgery in London when you can have [[School-leavers in Bucharest]] do it for a quarter the cost? | ||