Panic Money Panic Money Advanced capitalist economies now face the severest liquidity crisis ever as the economy itself begins to liquidate.
Capital begins to disappear.
Nowhere is this crisis more apparent than in the shattering of its chief icon - money. The money illusion has become real as the economy reverses itself. No longer does one find relevance in the wrangle over monetary policy, supply side economics, Laffer curves, revealed preferences, or unrevealed preferences, but rather in the self-liquidation of value itself. Money is caught in the grand cancellation of the sign of political economy. It finds itself homeless and constantly put to flight.