From Brad Delong today, quoting Henry Farrell, quoting Alan Greenspan and a whole series of commenters. Here's an excerpt and a link to Delong's Blog where it's embedded.
“With Notably Rare Exceptions” — Crooked Timber: Alan Greenspan is back as free market evangelist, and it’s rather wonderful.
Today’s competitive markets, whether we seek to recognise it or not, are driven by an international version of Adam Smith’s “invisible hand” that is unredeemably opaque. With notably rare exceptions (2008, for example), the global “invisible hand” has created relatively stable exchange rates, interest rates, prices, and wage rates.
It’s best not to interpret this as an empirical claim, but a carefully-thought-out bid for Internet immortality. It has the sublime combination of supreme self-confidence and utter cluelessness of previously successful memes such as “I am aware of all Internet traditions” and the “argument that has never been made in such detail or with such care,” but with added Greenspanny goodness. I tried to think of useful variations on the way in to work this morning – “With notably rare exceptions, Russian Roulette is a fun, safe game for all the family to play,” and “With notably rare exceptions, (the Third Punic War for example), the Carthaginian war machine was extremely successful,” but none do proper justice to the magnificence of the original. But then, that’s why we have commenters. Have at it.
Stu 03.30.11 at 1:39 pm “With notably rare exceptions, Newt Gingrich is a loyal and faithful husband.”
Andrew Edwards 03.30.11 at 1:44 pm “With notably rare exceptions, Japanese nuclear reactors have been secure from earthquakes”
Sufferin' Succotash 03.30.11 at 1:54 pm With notably rare exceptions, Adolf Hitler was extremely tolerant of diverse religions and cultures.
Sev 03.30.11 at 2:03 pm Though unredeemably(sic) opaque, Mr. Madoff’s operations delivered excellent returns, with notably rare exceptions.
Jeff 03.30.11 at 2:08 pm With notably rare exceptions, Germany remained largely at peace with its neighbors during the 20th century.