The crisis undermined any presumption that money was still straightforwardly privy to the sovereignty of states and accountable to politics. The newly visible agency of central banks uncomfortably raised the possibility of political choices in a system that was supposedly without alternatives. A massive private global financial system had emerged that operated outside of the bounds of government or any sort of popular democratic power.
Episode two of our two-part series on cryptocurrency: political theorist Stefan Eich on how crypto fits into Hayek's old neoliberal dream of private money and why that vision emerged in a new form in the wake of the 2008 financial crisis.
Read Stefan's article: static1.squarespace.com/static/5ae8a7b625bf02c0b85aec02/t/5c923c13eef1a1ce843836ff/1553087508427/Stefan+Eich%2C+Old+Utopias%2C+New+Tax+Havens+%282019%29.pdf
Support The Dig at Patreon.com/TheDig
Check out We're Not Here to Entertain: Punk Rock, Ronald Reagan, and the Real Culture War of 1980s America by Kevin Mattson global.oup.com/academic/product/were-not-here-to-entertain-9780190908232