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. Hence money was given an extended life in its role as the externalization of the nineteenth-century self. Money could do things the body couldn't as it travailed about the social in high style hidden from view by the fetishism of commodities. But the bodies in the twentieth-century have been invaded, and blown apart. The fetishes have grown up.