The latest book review at Mr. and Mrs. Psmith’s Bookshelf begins with a brilliant explanation for the coming fall of western civilization at the hands of Twit-, er, I mean “X”:
The greatest gift bestowed by admittance to elite institutions is that you stop being overawed by them. For instance, there was a time when upon hearing “so-and-so is a Rhodes Scholar”, I would have assumed that so-and-so was a very impressive person indeed. Nowadays I know quite a lot of former Rhodes Scholars, and have seen firsthand that some of them are extremely mediocre individuals, so meeting a new one doesn’t phase me much. My own cursus honorum through America’s centers of prestige has been slow and circuitous, which means I’ve gotten to enjoy progressive disenchantment with the centers of power. Trust me, you folks aren’t missing much.
I have a theory that this is why Twitter has been so destabilizing to so many societies, and why it may yet be the end of ours. Twitter offers a peek behind the curtain — not just to a lucky few,1 but to everybody. We’re used to elected officials acting like buffoons, but on Twitter you can see our real rulers humiliating themselves. Tech moguls, four-star generals, cultural tastemakers, foundation trustees, former heads of spy agencies, all of them behaving like insane idiots, posting their most vapid thoughts, and getting in petty fights with “VapeGroyper420.” There’s a reason most monarchies have made lèse-majesté a crime, there’s a level at which no regime can survive unless everybody pretends that the rulers are demigods. To have the kings be revealed as mere men who bleed, panic, and have tawdry love affairs is to rock the monarchic regime at its foundations. But Twitter is worse than that, it’s like a hidden camera in the king’s bedroom, but they do it to themselves. Moreover it seems likely that regimes like ours which legitimate themselves with a meritocratic justification are especially fragile to this form of disenchantment.
This is also why the COVID pandemic was so damaging to our government’s legitimacy. I’ve been inside elite institutions of many different sorts, and discovered the horrible truth that most of the people in them are just ordinary people making it up as they go along, but one place I hadn’t quite made it yet was the top of our disease control agencies.2 So in a bit of naïveté analogous to Gell-Mann amnesia, I just assumed that there was some secret wing of the Centers for Disease Control which housed men-in-black who would rappel out of helicopters and summarily execute everybody in Wuhan who had ever touched a bat. And I was genuinely a little bit surprised and disappointed when instead they were caught with their pants down, and a bunch of weirdos on the internet turned out to be the real experts (the silver lining to this is that now we all get to be amateur scientists).
So much for public health. But if there’s one institution which still manages to shroud itself in mystery while secretly pulling all the strings, surely it’s the Federal Reserve. You can tell people take it seriously because of all the conspiracy theories that surround it (conspiracy theories are the highest form of flattery). And there’s a lot to get conspiratorial about — the Fed manages to combine two things that rarely go together but which both impress people: technocratic mastery and arcane ritual. The Fed employs a research staff of thousands which meticulously gather and analyze data about every aspect of the economy, and they have an Open Market Committee whose meeting minutes are laden with nuanced double-meanings that would make a Ming dynasty courtier blush, and which are accordingly parsed with an attention to detail once reserved for Politburo speeches.
And they also control all of our money! Is it any wonder that people go a little bit crazy whenever they think about the Fed? I can’t think of a more natural target for the recurring cycles of ineffectual populist ire that characterize American politics. So it is with great regret that I’m here to report that they, too, are making it all up as they go along.
1. And that lucky few have much to gain by maintaining the charade. A stable ruling class is one that has much to offer potential class traitors, so they don’t get any ideas. It’s when the goodies dry up, whether due to elite overproduction or to a real reduction in the spoils available, that things fall apart.
2. That’s not quite true: I did once attend an invite-only conference at the United States Army Medical Research Institute of Infectious Diseases. The food was awful, and I wasn’t even able to find the lab where they created crack cocaine, HIV, and Lyme disease.
