Verbatim quote · from the corpus

“Still, there’s a “spectre”—the chances of the evacuation of the outside spread and the emergence of the outside option can never be zero. Center study implies what I think is a unique politics: placing all the bets on a center or prospective or type of pointman so inside as to turn the central bank and central intelligence into a single entity, thereby abolishing both, along with the outside spread and outside option. Everything is to circulate through succession practices. I would also add that, if degree and quality of obedience constitute a bet on the continuance of the pointman, we can say all bets, i.e., investments, are themselves ultimately bets on the degree of oscillation within succession, which is to say how much credit-wrecking each side in the rotation of power is likely to do, with zero being the point at which we have the center study bet. This assumption would be consistent, I think, with Capital as Power’s definition of capital—the oscillation within succession (and the way it plays out in specific sectors) determines the expected future earnings against which current value is discounted. In this way we bring “politics” and ‘economics” within a single category: confidence in the pointman. It’s obviously, even trivially, true that any investment is ultimately a bet on the regime being able to protect that investment.”

— Adam Katz, Notes on Governance and Center Study Politics · Sep 13, 2025 · Bouvard Substack