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Friday, 25 January 2008

It's Broke, Fix It

The international money markets, and the world capitalist system, were thrown into turmoil this week, and it now seems an eccentric lone young French man, like someone out of an existential novel, had much to do with the problem. His $7 billion losses may have done more financial damage than any terrorist - or anarchist - could have dreamed of. This raises questions, some of which may not put the banking system in a good light - and one of the questions is, surely, what connection to reality does some of this "trading" bear? If it is possible for one person to concoct a virtual, imagined alter-ego, or series of identities, and therefore conduct business in this post-modern, post-identity fashion, has the economy become a cyborg, or cyber-untrustworthy? I imagine a poetics of money - or economics of poetry - can be derived from this - he was, after all, into derivatives. What is the difference between imagining one is a billionaire, and being one? No difference - all the difference. It depends on whether you are the trader, or the bank.
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