We had all just watched as trillions of dollars were marshaled in a moment when our elites decided to declare a crisis. If the banks were allowed to fail, we were told, the rest of the economy would collapse. It was a matter of collective survival, so the money had to be found. In the process, some rather large fictions at the heart of our economic system were exposed (Need more money? Print some!). A few years earlier, governments took a similar approach to public finances after the September 11 terrorist attacks. In many Western countries, when it came to constructing the
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