Ah, yes.

    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. 

    Henry Farrell:

    “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.



    With notably rare exceptions, the US never dropped an atomic bomb on civilians.

    With notably rare exceptions Governor Walker is a staunch advocate for collective bargaining by Wisconsin public service employees

    The only thing Adam Smith's hand is good for is whacking off the rich while stealing from the poor and middle class!

    With notably rare exceptions, Native Americans are quite happy with the way things have worked out.

    Competitive markets (international or other wise) are driven entirely and exclusively by greed.

    I think what you mean to say is, with notable exceptions, competitive markets (international or otherwise) are driven by altruism.

    with notable exceptions, competitive markets (international or otherwise) are driven by ethics and fair dealing.

    With notably rare exceptions, birther Donald Trump doesn't believe in nepotism.

    With notably rare exceptions Richard Nixon was not a crook

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