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It is easy to point system failures, but in reality even 10 months into the pandemic, many analytical functions everywhere around the world are still struggling to keep up. +
Suddenly overwhelmed, Ireland says thousands of COVID-19 cases yet to be added https://reut.rs/3aYTp52
Suddenly overwhelmed, Ireland says thousands of COVID-19 cases yet to be added https://reut.rs/3aYTp52
+ The lessons to be learned from this are multiple, but the main one has to be humility: without realizing just how insanely complex the reality of systemic crises (yes, pandemic is one of these) is, we will never reach the point of properly structuring & resourcing our systems +
+ to deal with such crises. This lesson has NOT been learned by the judiciary, legislative & administrative systems across the advanced economies post-Global Financial Crisis. In fact, the opposite took place: we achieved complacency of over-confidence in the wake of the GFC. +
+ Not only did we forget the importance of 'Cassandras' in our systems of early warning of the systemic crises, but post-GFC we simply fell back into 'do nothing' mode when it comes to early warning systems for VUCA-type events. Why? Because we simply admired ourselves for +
+ the 'robustness' of 'monetary policy tools' in dealing with systemic crises. In other words, we reaffirmed our belief in panacea. #Covid19 is a daily test of this belief that we are failing, and yet, we are still to acquire ANY serious correction on overconfidence. +
+ Hence, just as in 2009-2011, today in 2021, we are still seeing any analysis that errs on the side of precaution being actively shutdown by the public/media talking heads as being 'too alarmist'. We also constantly seek out 'other countries' failures to contrast with our own.+
+ And we turn these failures into 'evidence' of 'us' doing things 'better' than 'them'. It is propagandistic bullshit that can only exist in a society besieged by overconfidence. The corollary to it is the endless repetition of 'revisions' to data, methodologies, +
response prescriptions that would have signified 'system learning' were they not all together nearly identical to each other (thus, really, signifying our stupidity instead of learning).
