The Great Decentralization, by Joel Bowman

Decentralization is the growing counter-force to centralization and tyranny. From Joel Bowman at

May the forces of history be with you

Joel Bowman, appraising the situation from Buenos Aires, Argentina…

Welcome, dear reader, to a new year and another Sunday Session… that time of the week where we pull back from the granular and ponder the grander, all with the abiding help of a glass or two of Bonarda. Today, we widen the lens even further…

Inflation and deflation… tyranny and liberty… bulls and bears… Betty and Veronica.

History is full of epic matchups. Apparently equal, yet wholly opposing forces wrench at the heart… the brain… the wallet… and other vital organs… tearing us in impossible-to-reconcile directions.

The story is the same in markets, in politics, in love and in life…

Take, for example, the economy, our primary area of concern in these here pages.

On the one side, innovation and competition tend to exert downward pressure on prices over time. It is the natural outcome of competition, of creative destruction, where weaker hands and lesser ideas are weeded out over time. Lessons are learned… skills acquired… processes bettered. The resulting price deflation should deliver, as Jim Grant once phrased it, a kind of “dividend for the working man.”

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