Steve Randy Waldman has a characteristically excellent post where he argues that the monetary policy we observe in Japan, the Eurozone and to a lesser extent America, is simply the result of the preferences of the political influential class of savers.

I love this post for a lot of reasons but one is that it gives me a chance to say: I just don’t buy it.

Lots of time in intellectual discourse we don’t buy the arguments from others and feel compelled to give reasons. This results in a lot of – for lack of a better term – intellectual bullshit.

I don’t have a clear well defined reason for rejecting Steve’s contention. I am just not yet convinced. So rather than committing myself to a half hearted argument and muddying the conversation with junk talking points its better just to announce that I am not sold.

This has the tendency to lower my status as any good intellectual should be able to defend his position, but luckily with Steve this is not a concern.

I can feel comfortable simply saying, I like it but still no. At least not yet.

Among other things this makes it much easier to change my mind if he does convince me as my defensive arguments are likely to trick my subconscious into being more committed to the notion that he is wrong.