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The revenge of the technocrats

Our elites have learned nothing from the changing world

The point about these people is they’ve learned nothing. There’s no practical way of going back to before 2016. Already in 2016, the world hadn’t fully recovered from a near catastrophic financial crisis which these adults in the room, these extremely intelligent men and women, had given us.

The halcyon period of technocratic competence included, going back to the start, long-term capital management melting down in 1998, after Russia defaulted on its debt.

That was patched up but it also began what later was called quantitative easing … You then had the 2007-2008 crash. And you also had gruesome sideshows like 20 years in Afghanistan.

This is what the adults in the room, this is what the technocrats, the people who are now coming back as safe hands, as competent administrators, this is what they did. So their record is not at all one of competence. It’s one of repeated near-disaster.


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