I think we are groping towards this idea of truth. And even the word truth can be defined in multiple different ways. So we are by its very nature dealing with a very slippery topic.
We’re at a thousand dollars per gigabyte, which is what current disk drives cost. The twenty terabytes that people estimate in ASCII that’s in the Library of Congress is just twenty million dollars. So that’s not very much money in terms of being able to store and retrieve [crosstalk] the Library of Congress.
We don’t have a concept of balance. Not only do we not have a concept of balance, but we have a very distorted sense of social justice that has been reframed to justify a society that is fundamentally anchored around the concept of imbalance. The resources of the world cluster toward a handful of very very powerful countries, one country having an even greater share. In order to justify this greater share, it’s made them believe that this higher concentration of power is normal, and that anybody in all countries can have it, and that all countries should aspire for it.
We feel that this is a good point to sort of take stock, do sort of a quick précis, if you will, of where we’ve gotten so far. Because I think we’ve got some really interesting places we weren’t necessarily expecting to get. And we’re seeing some interesting poles between different large groups of thinkers that we weren’t necessarily expecting.
We know very little about complex financial systems and how systemic risk, as it’s called, is computed and how you would manage policies. And if you look back at the financial crisis, you can either say, as many economists do, “It all had to do with badly-designed rules,” which may be part of the story; it’s certainly part of the story. Or it may have to do with the interaction of those rules and human nature, like mortgage broker greed, optimism… And you see it not just in individuals who now have houses and foreclosure, but at the highest levels.