suggests the founders would not react so quickly against a president who led an insurrection. Washington led an army of 13,000 people against a small group of farmers who wouldn't pay their taxes on whiskey.

For those who say that what has happened in the last week will permanently damage America's standing in the world, a short list of reasons why, bad as it was, it won't even make the top 30 things that have really harmed our standing.

1. A coup against our government led by our president
2. Support for the coup from the entire Republican Party
3. A major political party (see above) dedicated to dismantling democracy in the United States
4. A president impeached for encouraging the coup

5. A president impeached for trying to blackmail a US ally
6. A president who bullied & insulted our allies for 4 years
7. A president and party who have actively promoted racism and ethno-nationalism
8. A president & party who sought to shut our borders to people of color

9. Re: the preceding, a president & party who sought to block the entry of Afghan (& Iraqi) allies into the country
10. A president who helped deepen the global COVID crisis through selfishness, ignorance and corruption
11. US having the highest COVID death total in the world

12. A president cozying up to dictators worldwide
13. A president corruptly profiting from the presidency
14. A president who was a serial sex offender
15. A president who is a serial tax cheat

This might be a good time for folks to take a deep breath before interpreting election results. We don't know how much of victory was due to Biden's campaign message, Biden's record, Kamala's boost to the ticket, hatred for Trump, Trump errors on the campaign trail...

...the enduring appeal of Trumpism, the effectiveness of GOP campaigns for the Senate or the House, the mistakes made in Dem campaigns for the House, vice versa on both the preceding counts, the role of the GOP disinformation echosystem, COVID, the economy...

...mobilizing progressives, mobilizing centrists, racism, anti-racism, the movement to defund the police, the use of the word socialism, media blunders, voter ignorance, the impeachment process, corruption in DC, campaign finance abuse, the power of the establishment...

...the power of the Murdoch's, the hard right, the evangelicals, the Russians, the young, the old, whites, Latinos, blacks, women, men or any of the other countless factors (divine intervention, etc.) that have been cited in the media, by pols, on social media, in the days since.

For Dems, this is definitely not the time for finger pointing and division. There must be a laser-like focus on winning the run-offs in Georgia. There should be a widespread effort to mobilize the broadest possible support for the agenda of the Biden-Harris administration.

Pretending that voting for Trump or denying climate change or suggesting the solution to every problem is more guns is a legitimate point of view, worthy of respect is not "how America works." It is how it dies.

People in a free society are entitled to any point of view no matter how obviously wrong or outlandish or destructive provided they do not impose their views on others.

But suggesting that something ignorant or divorced from reality warrants the same kind of treatment in public debate as something based in fact or at least credible is absurd and when done on behalf of a society in public media or academic settings it is self-destructive.

We would not grant media coverage or much bandwidth at all to a group that argued that unicorns exist or that there was a pot of gold at the end of the rainbow. Yet views like denying climate change or basing policy decisions on sweeping, obvious lies, are just as unsound.

Somewhere, somehow, judgments must be made. Some behaviors are wrong and must be condemned. Someone must challenge lies and demand facts. Coddling people who embrace idiocies does not help them no matter how loudly they demand to be coddled.

I've led a fortunate life, much to be thankful for. I've been to 80 countries. Wherever I went I was thankful I lived in the U.S. where evils like autocracies & theocracies were impossible. Since 2017, we've discovered that's not so. Today's SCOTUS decision underscores that.

If there is anything to be thankful for in it, it is the hope it will serve as a wake-up call to those who do not realize the threats that lie ahead. Recent elections have reminded us how important it is to wrest democracy out of the hands of the donor class that's seized it.

Our recent experiences have also made it painfully clear that our system contains deep imperfections that assure that a minority will have disproportionate power in our Senate, our electoral college and, thanks to the Senate, our courts.

Either we, the majority that elected our next president, will continue our activism & engagement & work to fix what's broken in that system or we will drift further toward the kind of dysfunctionality that has led to so much suffering around the planet.

Our work, in short, has just begun. Removing Trump was an essential step toward preserving our democracy. But it was just one of several such steps. Winning back the Senate, rebalancing the courts, changing our campaign finance and election laws, are all essential.

Trump on climate: I don't believe it. Trump on Khashoggi: I don't believe it. Trump on Russia: I don't believe it. Idiocy? A canny game? Doesn't really matter as much as the underlying intellectual autocracy. In this administration only one opinion matters.

It's an assault on facts and reason. It's an assault on good governance. It's an assault on the bureaucracies that are being discounted. It's an assault on science and history. But it is also an assault on one of the underpinnings of democracy.

We live in a system that is grounded on the idea of collaborative government. Leaders may have a final word but even then, there are typically checks and balances. Hopefully, in this case, such checks and balances may work. But they also are being tested.

The president's position that he is smarter than all the world's scientists, than the entire intelligence community, than experts who have studied any issue all their lives, is, of course, asinine. But his belief that government turns solely on his opinion, is monarchic.

Louis XIV reportedly said, "L'etat est moi." That he was the state. Trump asserting that he knows better than all, discounts all advice, that his brain is enough to chart the course for America alone, is essentially saying the same thing.

1/ My most popular tweets of 2020 by month (thread)

January:

A reminder of @morganhousel cash strategy.

For every $1,000 in cash:

More: ⬇️⬇️⬇️⬇️⬇️

2/ February

If you've truly found the next $AMZN, $AAPL, or $NFLX and can hold for years, it's nearly impossible to overpay.

But finding them is hard.

3/ March

Millennials have seen tech crash, 2008, and now #COVID19

I'm worried that many of them will swear off the stock market -- the greatest wealth-building device ever -- for life.

4/ April

Want to see the checklists used by

Buffet
Dalio
Fischer
Graham
Greenblatt
Klarman
Marks
Munger

and

5/ May

When the P/E ratio is:

Useless (Stage 1, 4) - $MDB, $SHOP, $PINS, $GME, $JCP

Semi-useful (Stage 2) - $TTD, $NFLX

Useful! (Stage 3) - $MSFT, $AAPL, $V

In determining valuation

Travelogue: Ibadan-Hills, Bottoms, Masquerades & Research

More than 15 years ago, I met an Italian who had lodged at KS Motel at Total Gardens, Ibadan.

He was in Ibadan for the first time and he was very fascinated with the city when I informed him that Rome and Ibadan shared a very unique similarity: both of them are built on seven hills. He asked me to take him round Ibadan which I did.

The seven hills are Oke Padre, Oke Ado, Oke Bola, Oke Mapo, Oke Are, Oke Sapati and Oke Mokola. But Ibadan is not just a city of hills. It is also a city of 'bottoms'. Loosely translated, 'idi' means bottom or the backside.

Several people have attached sexual innuendoes to the names. However, the actual translation indicates that some of the 'idis' indicate how the settlers converged at a point thereby leading to how they arrived at the names given.

Go round the city and you can locate Idi-Arere, Idi-Ose, Idi-Ishin, Idi-Ape, Idi-Ayunre, Idi-Obi and Idi-Ito.

@JSG_54 I’d like to make a list of which ones and when they were put on the payroll from the attorneys. Also, others like Caleb Alexander and Tim Munson. Anyone that has had their hand in policy or publicly demonized pain meds and then profited off of litigation, get em on the list.

Here’s #ArtVanZee

#AnnaLembke

#DaneshMazloomdoost

#AndrewKolodny

A potential problem is looming, and the media are pursuing a new story that builds on the following chain of reasoning: 1) higher inflation is coming;2) if CBs increase interest rates debts will explode and recession may ensue; 3) CBs are caught in an impossible dilemma 1/12

It´s perhaps too complex for some tweets, but.. Registered inflation this year is bound to be higher than present forecasts, resulting from one-off price spikes and base effects That will not start a sustained high inflation process, but temporary higher inflation is possible 2/

For example, Euro Area inflation increased suddenly from several months at -0.3% to +0.9% in Jan. This jump resulted mostly from several base effects, especially the change to German VAT. Inflation expectations increasing but higher in the US than in the EA 3/

The major one-off base effect will come from oil prices that decreased abysmally in March 2020 and have recovered. Some estimates put US inflation in April reaching 4%! After vaccinations, later in the year, pent-up consumer demand will also increase prices.4/

Despite the increased spending of accumulated savings, the savings rate will remain higher than before Covid for precautionary reasons (Fig 1). No permanent spending spree will materialise. Wages will remain subdued for a while (Fig2). Higher but not high inflation is coming.5/