Betting in the dark
in Casino Capitalism
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Instead of offering some protection against the uncertainties of life, money has itself become the cause of new uncertainties. Not only is there uncertainty over the duration of the world depression, we do not know when or if inflation will ever return. We can only guess what will be the divergence in the exchange rates between the dollar and other currencies. Oil prices in 1990 are anyone’s bet. At a time when the most secure jobs are apt suddenly to vanish and still more people are made redundant, the capacity of the monetary system to offer – as it should – a secure store of value that people can use to cushion themselves against such misfortunes or against illness or old age, seems less than ever it was.

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