Hypermodernity: The financial sphere

People, of course, go to work and produce goods and services. But these days there is a stunningly colossal/bizarre world above. The vast pools of money, credit, debt, “derivatives,” and paper representations of wealth in general slosh around above the economy like ocean waves during storms.

The monetary authorities try to smooth the waves. They have some control, but not much. For a whole period it had seemed as if they could create money without inducing inflation. It seemed as if governmental deficits didn’t matter (per MMT). The creators and the spenders got more and more brazen about it. Then an inflation wave developed.

The vaster the globalized pools of money, credit, debt, and paper representations, the more that people worldwide will be subject to the vagaries of financial gyrations.