Second-Order Weather

Folio 1/2

Nobody trades the rate. They trade the dollar that fears the rate, the metal that distrusts the dollar, the coin that mimics the metal — and at the far end of the corridor, ten thousand small tokens that have never met any of them. By the time the impulse arrives it is not information. It is weather.

Folio 2/2

Every coupling in the chain absorbs some of the fact and re-emits it as mood. The question worth a decade of attention is not what the fact was — it is how much of it survives each body.