So to answer your original question, Mig and I were discussing steps 8 and 9 of the third narrative. ARG asked a question about how my recommended policy would influence step 2 of the second narrative. Which is an unanswerable question, because step 2 of the second narrative is arrant nonsense.

So the discussion switched from Mig and I geeking out over the fine details of how to turn a central bank into a useful instrument of macroeconomic policy, into disabusing ARG of the false narrative implicit in his question. And that's probably why it became unintelligible.

- Jake

Friends come and go. Enemies accumulate.