Cultural touchstones are so critical to humanity that we sometimes forget how unpredictable, and ultimately, how fragile they are. I regard this scene from This is Spinal Tap, as one of the most important and profound
moments in human history. No matter how content we think we are, we are always hoping, and for a rare few, striving, for the experience that overcomes all other experiences. Sometimes, we miss the sublime right in front of us.
Meanwhile, Scott Sumner argues that some bubbles don't ever have to deflate--they can be quietly and gently undone by a steady improvement in Nominal GDP.
We'll see about that one.
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