the camel’s philosophy of the future

gillies, in the comments to a post of Brad Setser’s, writes a parable of the age:

the camel’s philosophy of the future.

the camel’s back will probably be broken.
– that is a fairly predictable future event.
the last straw will be responsible.
– that is for sure.
(it is a fundamental law of backs and camel loading.)
but which is the last straw
– that is not easily predictable.
and when it goes on the camel’s back
– that is not predictable at all.
therefore those who make their millions loading camels
– cannot easily be deterred from adding straw.

Reposted with gillies’ permission. gillies writes at, where a wealth of material awaits.