the federal reserve vs. aristotle
Appreciated this rendering, in the New York Times, of the narrative temporality of the Federal Reserve as a sort of pseudo-Beckettian inversion of the logic of drama outlined in Aristotle’s Poetics:
It’s almost as if the Fed were designed to confound explanation of it, precisely so the Rick Sterns of the world could never hope to influence it. Aristotle, in his ‘‘Poetics,’’ described a formula for emotionally engaging drama that screenwriters still consult to this day, with central characters and a plot that moves from a beginning through a climax to resolution. Presidential elections can be molded into this Aristotelian structure perfectly, as can many major news stories.
The Fed, by contrast, seems more like somebody sat down with a copy of ‘‘Poetics’’ and carefully constructed its opposite. There is no beginning to Fed action; it’s always there, always acting, even when its action is to not make any changes. There is no natural climax. It’s just an ongoing conference between a group of economists. And it is never resolved. There is no single moment when the Fed is done.
In this formulation, the Fed is essentially an anti-dramatic, or even anti-evental, organisation. It is an institution designed, in that sense, to keep narrative from happening.