by Omar Ali
On the 27th of January, while driving through Mozang (an extremely crowded section of Lahore city) in a rented Honda Civic, American citizen Raymond Davis shot two men who were riding a motorcycle. Soon afterwards, another vehicle that was racing to (presumably) rescue Mr. Davis, ran over a third person and killed him too. These seem to be the only undisputed facts about the event. Shortly afterwards, Pakistani TV channels showed one of the dead men with a revolver and an ammunition belt around his waist. It was also claimed that the two men were carrying several mobile phones and possible some other stolen items. But soon after the event, the story began to change. From a robbery attempt gone bad, it morphed into Mr. Davis assassinating two young men without obvious cause. Raymond’s own status was immediately in dispute and within a few days the network of websites that is thought to represent the views of Pakistan’s deep state were stating that Davis was a CIA agent, he was being tailed by the ISI and he had shot two ISI agents. They also claimed Davis was working with the “bad Taliban” to do bad things in Pakistan, while trying to spy on the “good Taliban” and other virtuous jihadist organizations like the LET.
Since then, the US has itself admitted that he worked for the CIA and relatively sober Pakistani military analysts have hinted that the two victims were ISI agents who had been tailing Raymond for over an hour.

The late economist Hyman Minsky wrote that after fortunes inflate on the back of a speculative bubble, and after investors’ irrational optimism and overvalued assets inevitably collapse, an economy enters a “period of revulsion,” when people remember that it’s risky to bet big on an uncertain future. Likewise, it’s always during the depths of a hangover that a drinker remembers how whiskey invites its own overconsumption and swears that the only way to avoid another descent into this purgatory is to never touch the stuff again. But after the fog leaves and with a clear head regained, he forgets the pain after the party and declares another Manhattan to be an eminently reasonable investment. Of course, the trick is to recall at just that moment how miserable you’ll be after another three. A pessimistic economist faces the same cyclical popularity as a tee-totaling friend; a consoling voice the morning after becomes a buzz killer as soon as night falls again.