The phrase to be chiseled on the grave of our current economic order is “too big to fail.” Did it not strike you as odd, back when it was first being tossed around, that scale was taken as the analogue of necessity? There’s a basic human bias that equates largeness with importance, and by extension with endurance. I see no reason at all to believe this is universally, or even generally, true. Wouldn’t the better phrase be “too unwieldy to succeed”? We live in the Cenozoic era, after all, and the natural truth of our current world is that big, lumbering things tend toward extinction at the slightest change in the weather.

Who Is IOZ?: Megatherium bailoutum