i sort of suspect that the equilibrium is breaking down because it was perhaps tacitly predicated on various things working that didnt work in the end and people trying to aggressively renegotiate arent really thinking hard about other their counterparties BATNAhttps://twitter.com/turrible_tao/status/1397592203204173826 …
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I am eternally grateful to Neal Stephenson for riffing on this in the Baroque Cycle.
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