News Summary

• The global economy is highly unequal, dangerously over-indebted, prone to recurring financial crises, and ecologically disastrous.
• In such a context, radical reforms will be needed, beginning with the rejection of money as a commodity.
• Musk does not know it, but he is indebted to the Geneva School of economists.
• This is the intellectual foundation on which plutocrats like Musk now construct their citadels of wealth and power, at the expense of democracy.
• It was this now largely forgotten group that, combining the Austrian school’s emphasis on free markets with German ordo-liberalism, developed in the 1930s the theory that paved the way for greater private control over the creation, pricing, distribution, and marketing of money.