The cod fishery example is an exact example of what I talk about when I say markets that don't collapse, they empty. Everything might look fine on the surface, right up until the slow signal comes as a wall instead of a warning. I think that's actually the same point you're making about coherence, too; the fishery lost the ability to let the slow signal constrain the fast one. I know you frame selection as environmental, almost neutral, like rising oxygen, but someone built the incentive structure that made fast signals dominate slow ones. I don't think cod got selected by nature alone. I think the incentive structure was designed. Appreciate the tag, LaSalle! Great thoughts here.