Predictive (speculative). In the latter half, the author speculates on the technological transition underway from a traditional (analog) monetary system to a digital one — and the implications thereof.
The implementation of central digital currencies, which are a control mechanism, requires the physical extension of hardware and software—which is well underway—as well as concrete territories of applicability. Perhaps that is one of the reasons why we are seeing a return to the “zone of influence” concept.
If this is to happen—which I think is a question of time—there will be fundamental changes in how our societies work. In a financialized society, in which an individual needs money to eat, drink, sleep, and perhaps soon to even breathe, a change in the nature of money is not a mere secondary consequence but a foundational aspect of how the system works.
This type of change, which is akin to a revolution, will displace some elites and will elevate others. Which is why we are seeing some politicians in Davos coming to terms with an inescapable reality: the system they upheld was a fraudulent design to keep some elites in power.
It was none other than Mark Carney, Prime Minister of Canada, who said those words. He, who previously was the governor of the Bank of England, is realizing his class is being pushed aside. The financiers will be replaced by the technologists.
That is the war being fought right now in the United States. Matt Stoller, in his latest newsletter, brilliantly summarized the conflict and offered this as an update of the current status:I want to highlight an important moment on Capitol Hill last week that could dictate the future of finance in America. On Thursday, the Senate Banking Committee abruptly canceled its meeting, known as a mark-up, to write little-noticed legislation to deregulate the financial system. And the reason is that two of the more powerful forces in D.C.—the banking lobby and the new MAGA-powered crypto world—came into conflict. The result, so far, is a stalemate.
Naked Capitalism
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