Quoth the Raven
· QTR’s Fringe Finance
· May 22, 2026 at 07:01
· ⏱ 8 min read
| Read on Substack ↗
Summary
The article argues that a pervasive lack of impulse control—visible in government overreach, excessive regulation, and central bank monetary expansion—drives societal discontent and economic distortion. It offers no market-specific analysis or actionable trade ideas, instead presenting a moral-philosophical critique with no direct market implications.
•Impulse control is identified as a meta-vice that fuels government power expansion, cultural discontent among the right, and misguided regulatory solutions from the left.
•Central banks are accused of devaluing currency and exacerbating natural economic cycles due to lack of impulse control.
•The pre-Trump right's concern about entitlement is linked to impulse control, with past success attributed to hard work and deferred gratification.
•Large corporations exploit regulatory arbitrage and lobbying, benefiting from government protection rather than genuine competition, again attributed to impulse failures.
•The article references Adam Smith's 'Theory of Moral Sentiments' to argue that greater beneficence and impulse control would improve society regardless of existing legal structures.
•No specific companies, industries, or financial instruments are mentioned; the piece is purely philosophical and macro-oriented.