The story goes that canaries were kept as pets in coal mines. While alive, their bright plumage and cheerful song lightened the mood in an otherwise dreary, dusty, dark, loud, and cold environment. More than a mere mascot though, the presence of a perky canary meant that the air in the mine was sufficient to keep workers’ oxygen saturation high enough that they would stay alive. If the canary ceased singing or just plain dropped dead, the miners knew that there were toxic gasses present and they should head upstairs into the open for some fresher air. Despite what this authentic photograph of an historic mine illustrates, canaries were always kept in cages. Even with their peanut-sized brains they were smart enough to fly out of the black lung petri dish as fast as they possibly could if ever given the chance.
Though they seem small and insignificant, being attentive to harbingers of danger is critical for the well being of those living and working in peril. We have like auguries in our midst, and they are equally difficult to hear given the ubiquitous ambient noise. But they’re there, and they chirp in every now and again. Here is a direct quote from one of them, a certain Jerome Powell, in the FOMC’s official policy statement yesterday, when they also announced that the Fed would immediately lower their overnight rate by 1/4%. “The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate”. Meaning that the Fed is lowering interest rates because the danger of inflation is about to be superseded by the concern to provide maximum employment so Americans can afford to pay their bills and don’t drop dead. They are also seeing the effects that higher interest rates are having on the YUGE amount of government and private debt. IE, it’s growing at a rate that is dangerously unsustainable. So if you find that the air around you is making it difficult to breathe, it’s probably time for some fresh air.
