  We argue that there exist simple effective field theories describing the
long-distance dynamics of holographic liquids. The degrees of freedom
responsible for the transport of charge and energy-momentum are Goldstone
modes. These modes are coupled to a strongly coupled infrared sector through
emergent gauge and gravitational fields. The IR degrees of freedom are
described holographically by the near-horizon part of the metric, while the
Goldstone bosons are described by a field-theoretical Lagrangian. In the cases
where the holographic dual involves a black hole, this picture allows for a
direct connection between the holographic prescription where currents live on
the boundary, and the membrane paradigm where currents live on the horizon. The
zero-temperature sound mode in the D3-D7 system is also re-analyzed and
re-interpreted within this formalism.
