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INSTITUTIONAL GLITCH +++ Drop via @verse_works
Auction opens Nov 12 at 6:00pm
Fiat money runs on a promise: that a number in an account will hold the same value tomorrow as it does today.
Since 2008, that promise has increasingly rested on tools that were exceptional a few years earlier and are now routine: negative interest rates, unprecedented balance sheets, abrupt rate reversals.
Each response to a crisis lays the ground for the next. The system becomes more fantastical without becoming more stable, producing new crises in ever shorter intervals, from the eurozone debt crisis to the recent resurgence of inflation.
Auction opens Nov 12 at 6:00pm
Fiat money runs on a promise: that a number in an account will hold the same value tomorrow as it does today.
Since 2008, that promise has increasingly rested on tools that were exceptional a few years earlier and are now routine: negative interest rates, unprecedented balance sheets, abrupt rate reversals.
Each response to a crisis lays the ground for the next. The system becomes more fantastical without becoming more stable, producing new crises in ever shorter intervals, from the eurozone debt crisis to the recent resurgence of inflation.