Somehow waiting for Something

Somehow waiting for something.

I find right now it can be hard to speak about anything going on in the world: it’s all moving so fast, very little seems clear, and there is a strange indefinable sense that we are all somehow waiting for something.

Paul Kingsnorth

I suggest we’re waiting for two tangled somethings:

See whether, and how, and how radically, AI shakes up the world as we’ve known it.
See if the tech sector bubble (AI market valuation collectively has reached $27 trillion) bursts and worry #1 flees like a dream in the night.

With all the buzz and confidently-voiced narratives, it’s easy to forget that AI has not yet been profitable, and may never be profitable, but is up to its eyeballs in debt or in equity that likely never will generate enough free cash flow to justify it.

Running on steroids

It was on Wall Street that Luana Lopes Lara, the 30-year-old co-founder of Kalshi, was inspired to start a prediction-markets exchange. As an intern at hedge funds such as Five Rings Capital and Citadel Securities, she was baffled to find fund managers building elaborate portfolios to take positions on forthcoming elections and interest-rate decisions. Kalshi’s users bet directly on events instead. “What we are building is a financial exchange where anyone from a Robin Hood trader to Goldman Sachs to someone in an MIT dorm could trade directly in what their thesis was about the future,” Ms Lopes Lara says.

Among amateur traders, prediction markets have taken off. Everyone from students to delivery drivers seems to be having a flutter. Kalshi processed $33bn of trades in June, according to the Block, a data provider. Its main rival, Polymarket, did $10.7bn on its crypto-based international exchange, plus $3.3bn on its regulated American version. These are tiny sums next to those on big derivatives exchanges. But they are growing fast (see chart). Kalshi and Polymarket are reportedly fundraising at valuations of $40bn and $15bn.

The Economist. I’m pretty certain I’ve voiced by hatred of gambling, and gambling apps, and perhaps even Kalshi and Polymarket by name. But I confess to not having connected them to what was already going on at hedge funds.

Our “healthy” economy is running on steroids and crack even beyond what I thought. For “hedge funds” are available only to accredited and institutional investors (who can afford getting hosed) while Kalshi and Polymarket are available to any random chud. That democratic gesture bodes ill for just about everyone but the owners of Kalshi and Polymarket.

Barbarian art-destroyers

Many fresco paintings were whitewashed away in the so-called Enlightenment; it was that same Enlightenment, in its sanguinary French eruption, that smashed priceless stained glass windows in churches and cathedrals across the country. “Four fifths of [man’s] greatest art,” said Henry Adams, was created in those supposedly dark days, to the honor of Jesus and Mary. The Enlightenment destroyed more great art than it produced, and what the harbingers of the novus ordo saeclorum did not get around to destroying they slandered.

Anthony Esolen, Out of the Ashes

Mature enough for the humanities

I was having a blast. I started looking forward to my evening ‘community service’ with enthusiasm. This was what education was supposed to be like. But why was it happening here, instead of with the young geniuses I was teaching during the day?

Here’s the kicker. When I talked to other Stanford faculty members who were teaching community classes, they all had the same experience.

The adults were more impressive than the college students.

Maybe that wouldn’t have been true if I’d been teaching calculus or computer science or engineering. But anything related to the arts and the humanities needed—and deserved—a mature mind with some experience of the world before it could bear fruit.

Ted Gioia

The Odyssey

Christopher Nolan evidently has taken some artistic license in telling a story about men and women who never actually lived and the war they never actually fought as related by an ancient oral tradition attributed to Homer, a poet who (probably) did not exist. I am not at all sure that a military historian is the person I would consult to evaluate a story about sea monsters and one-eyed giants and witches who (3,000-year-old spoiler alert!) turn men into pigs. In a mythological milieu in which the Greeks’ chief lightning guy turns himself into a swan to rape an entirely different Spartan queen (queen of Sparta is one of the toughest jobs in mythology), you’re telling me that the actor formerly known as Ellen Page cannot play the role of a scrawny Greek redshirt who gets left behind on the beach to take one for the team? If you’re going to complain about Sinon, maybe start with the fact that the character does not appear in the original Odyssey at all—he is imported from the Aeneid.

Kevin D. Williamson, who I’ll read even when he’s writing about a movie I don’t plan to see.

Elena Kagan

I keep and regularly review a list of my truly unpopular opinions — not the edgy things one says or write in hopes of being thought courageous, but the things one dare not say or write in the current milieu.

This is not one of them, though it may be a bit edgy in “conservative” (whatever that term means after ten years in the Trumposcene) circles: Justice Elena Kagan is more than just one of three “liberal” justices on the Supreme Court. She is a diplomat, with stratospheric emotional intelligence, who managed to make conservative students feel welcome at Harvard Law and not infrequently attended Federalist Society meetings. When I hear discussions of SCOTUS decisions, I frequently wonder how Justice Kagan shaped them behind the scenes.

I’ll likely be gone before she is, but I suspect she will go down in history as one of the most consequential justices of the court — top decile at least.

Mission Creeps

Amnesty International, which once “enjoyed a reputation for defending prisoners of conscience and upholding human rights for all,” appears to be succumbing to succumbing to mission creep.

This has been most clearly demonstrated by Amnesty International UK’s publication on July 8 of a report called “A Growing Threat: The Anti-Rights Movement in the UK.”

The report branded more than 100 groups as “anti-rights,” including 51 that are dedicated to protecting the freedoms of women and gay people but are dismissed as “gender critical.” The common characteristic of these organizations is that they acknowledge the fact that human beings cannot change sex and that the rights of women and gay people are underpinned by a recognition of biological sex differences. This is apparently sufficient to see them condemned.

Andrew Doyle, Amnesty International UK vs. J.K. Rowling

I’m pleased to see that the push-back is strong.

Get over yourself, JD

The Wall Street Journal’s Kimberly Strassel criticized Vice President JD Vance’s absenteeism from the Senate, where he is ex officio Senate president. His enforcers came down hard on her:

uniparty mouthpiece
billionaire lackey
corrupt
liberal
Marxist
deep state
captive tool
liar
establishment
RINO

She responds:

Can Mr. Vance possibly think this is smart? Successful politicians seek to find new allies, not to alienate longstanding ones, whether elected colleagues, interest groups, the entrepreneurial class or conservative media. Winning is hard enough without a right-on-right cage match. One answer is simply that Mr. Vance is a sensitive bunny. If he wants to be president, he’ll need to get over that.

But the other answer is that Mr. Vance knows his “national conservative” ambitions for the GOP aren’t landing. Republicans are increasingly up in arms over a Vance agenda that sounds like Bernie Sanders. Hence his Vance team’s need to invalidate anyone who disagrees as a “RINO” or a “tool” of special interests or an “elite”—the better to allow them to define what counts as a “real” Republican. A Vance Republican.

Here’s an idea: Make the argument instead. And maybe let others make theirs, too—free of the gaslighting.

How to Lose Friends and Alienate People, by JD Vance

I was reading Rod Dreher when he “catapulted JD Vance into fame.” Understandably, considering what followed, Dreher and Vance remain close. But even Rod, because he actually cares for Vance, with skin in the game, has written some critical things.

I once cared moderately for Vance, thinking he might reprise the role of Mike Pence. I care for him a little less every week.

Shorts

From Barcelona to Bruges by way of Florence, vast swathes of Europe’s once-idyllic cities are a procession of foreigners shopping for souvenirs. Some hilltop villages in Provence or Tuscany now seem to exist chiefly as backdrops for linen-clad types sipping spritzes. … In summer Europeans are not so much residents of their home cities as extras in someone else’s social-media feed. (The Economist)
It turns out that when you mix narcissism and nihilism, you create an acid that corrodes every belief system it touches. (David Brooks)
Build a techno-social system which demands that humans act like machines and it turns out that machines can eventually be made to displace humans with relative ease. (L.M. Sacasas. This is a periodic, pithy gut-check. It evokes a lot.)

Elsewhere in Tipsyworld

Your enemies are not demonic, and they are not all-powerful and the right hasn’t always lost and the left hasn’t always won. But if you convince yourself of that, you give yourselves all sorts of permission to do a lot of stupid and terrible things under the rubric of “Do you know what time it is?”

Jonah Goldberg

I don’t do any of the major social media, but I have two sub-domains of the domain you’re currently reading: (a) You can read most of my reflexive stuff, especially political here. (b) I also post some things on my favorite no-algorithm social medium.