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You're right, but I think this also means that we should take another look at the similar encrustations around real economies. Part of the reason the cryptocurr
by wpietri 4y ago
You're right, but I think this also means that we should take another look at the similar encrustations around real economies. Part of the reason the cryptocurrency thing took off so thoroughly is that a lot of financialization was already in extremely tenuous contact with reality. It was easy enough to sever the link entirely and focus on pure dreams of digital gold.
We need look no further than the 2008 financial crash for evidence of that; The Economist was reporting for years that there was clearly a lot of risk being shuffled around such that nobody was quite sure where it was. We all found out, but not until after a lot of the shufflers made their money and got out.