> This time, the danger isn’t financial engineering. It’s that our financial system has attached itself to the vulnerabilities of our physical world — power grids, water, land, supply chains — and created hazards that markets have no framework to analyze.
Why is it a danger for the value of money to be correlated with major things happening in the real physical world.
If my house burns down, the value of my house changed.
If a bank gambles it's deposits on snake oil like Tesla or Ai Companies, and the market wakes up to the true value of those companies, the worth of that bank rightfully collapses.
Is the author arguing the value of money should be divorced from the physical world?
> This time, the danger isn’t financial engineering. It’s that our financial system has attached itself to the vulnerabilities of our physical world — power grids, water, land, supply chains — and created hazards that markets have no framework to analyze.
Why is it a danger for the value of money to be correlated with major things happening in the real physical world.
If my house burns down, the value of my house changed.
If a bank gambles it's deposits on snake oil like Tesla or Ai Companies, and the market wakes up to the true value of those companies, the worth of that bank rightfully collapses.
Is the author arguing the value of money should be divorced from the physical world?
https://archive.ph/2026.03.17-135001/https://www.nytimes.com...
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Paywall thanks