Life During COVID-19

Everybody knows that pestilences have a way of recurring in the world; yet somehow we find it hard to believe in ones that crash down on our heads from a blue sky. There have been as many plagues as wars in history; yet always plagues and wars take people equally by surprise.... A pestilence isn't a thing made to man's measure; therefore we tell ourselves that pestilence is a mere bogy of the mind, a bad dream that will pass away. But it doesn't always pass away and, from one bad dream to another, it is men who pass away.

Albert Camus, The Plague

Life During COVID-19

Dolce far niente.

(The sweetness of doing nothing.)

The births of all things are weak and tender; and therefore we should have our eyes intent on beginnings; for as when, in its infancy, the danger is not perceived, so when it is grown up, the remedy is as little to be found.

'Tis a misfortune to be at such a pass, that the best test of truth is the multitude of believers in a crowd, where the number of fools so much exceeds the wise.

Montaigne

“Debt, the private money that has fueled capitalism since its inception, is coded in law and ultimately relies on the state to back it up,” by way of the courts under normal circumstances and through bailouts if a debtor is too big to fail:  The history of debt finance can therefore be retold as a story about how claims to future pay have been coded in law to ensure their convertibility into state money on demand, without suffering serious loss…. By dressing private debt in the modules of the legal code of capital, it is possible to mask the liquidity risk for a while, but not forever. Whenever investors realize that, contrary to their expectations, they may not be able to convert their debt assets into cash, they head for the exit; and if many do so simultaneously, this will precipitate a financial crisis.

Adam Tooze (quoting Katharina Pistor), "How ‘Big Law’ Makes Big Money," NYRB Feb. 13, 2020