This episode unpacks the third sentence from Nick Land's "Meltdown."

"As markets learn to manufacture intelligence, politics modernizes, upgrades paranoia, and tries to get a grip."

What does it mean for markets to "manufacture intelligence"? Drawing on Hayek and Mises, we discuss how this phrase is not merely a figure of speech. The earliest stock markets around the year 1600 illustrate the concept.

We then consider the reaction of politics to this ascendant market intelligence. Much of political modernism, along with its heightened paranoia, is an attempt to cope with or "get a grip" on forces it cannot control. We discuss examples from Soviet collectivization to the "paranoid style" in American politics.

The idea finds surprising applicability in the contemporary debate around Artificial Intelligence. As AI accelerates, familiar calls for control and "safety" emerge. Referencing Land's "Machinic Desire," we discuss "Politically Organized Defensive Systems" (PODS) and their core rule: "the outside must pass by way of the inside." This is what's going on when it comes to AI governance and the push to centralize oversight of a rapidly escalating new form of intelligence.

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