Trust

Trust is a critically important feature of successful relationships and of flourishing societies. Enduring trust builds on honestly and truth.  I have just finished reading Jonathan Rauch’s exposition of these truths in The Constitution of Knowledge: A Defense of Truth and his enlightening exploration of how to find and defend truth in today’s challenging environment. 

How can we determine what is true and what is not? Rauch’s book explores this question. In sorting out fact from fiction we must recognize the personal and social biases through which we evaluate claims and the factors that motivate them. The task is made even more difficult by the fact that there are some who deliberately propagate falsehoods for their own purposes. Whatever else might motivate them, political and other leaders act to gain or retain their power. They often have an incentive to misrepresent facts, i.e., to lie. Former President Trump and his Big Lie (and his many, many other lies) is by no means the only President to have lied to the American public. Many other Presidents have also lied.

Ken Burn’s documentary, The Vietnam War, is a brilliant expose of such lies and yesterday I watched for the first time the 2010 Goldsmith and Ehrlich directed documentary The Most Dangerous Man in American: Daniel Ellsberg and the Pentagon Papers. Lyndon Johnson and Richard Nixon almost give Trump a run for his money as liars, though I think that they thought they were lying for the benefit of our country along with their reelection (which by no means excuses it).

Our constitution provides limited, enumerated powers to our government and checks and balances of the powers between its branches and its citizens. But the power of free speech and a free press to expose lies is an indispensable check on the lies of public officials. Our republic has been defended from foreign attacks by many brave solders. But we should also be grateful for the self-sacrifices of a few brave whistleblowers for exposing government lies and thus defending our republic and the individual liberty in which we have flourished.

Wednesday, I watched Daniel Ellsberg receive the Committee for the Republic’s Defender of Liberty award. We are still meeting virtually, but the event was a fascinating discussion of the Vietnam war decision making. The discussion included the Pentagon Papers movie directors, Goldsmith and Ehrlich; the official head of the Pentagon project that wrote the Pentagon Papers history of the war, Morton Halperin; the New York Times reporter who wrote the first article on the Papers given to him by Ellsberg; and Ellsberg himself who went on at great length. It was a riveting two-hour discussion. You can watch it here: https://youtu.be/l7L3DOhakNU

I hope that we can present this award to Edward Snowden in the future.  

Holding our government officials accountable for speaking the truth and for abiding by the law are critically important in preserving (or restoring) trust and in determining “the truth.” Each one of us contribute to (or detract from) those goals. But I am in awe at the personal sacrifices of Ellsberg and Snowden in the service of truth, which so badly needs defending. If there is hope of saving our fractured and disbelieving Republic, it will be because of the bravery of such people and the embrace by the rest of us of the wisdom expressed by writers like Rauch. It requires our individual commitment to truth and the institutions and norms that facilitate and incentivize finding it (filtering falsehood from truth). It requires an effective Constitution of Knowledge.

About wcoats

I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy.  I joined the International Monetary Fund in 1975 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank's World Development Report team in 1989.  After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017.  Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75.  I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise.  In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.”  My most recent book is One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon.
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1 Response to Trust

  1. Roberto Brauning says:

    As always with Warren, a deeply insightful view, and extremely well written. Thanks for your continuing service!

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