Nothing I said was anti-cash!

In an alternate universe, Twitter would have allowed @jpkoning.bsky.social, Dan Awrey and others (including some actual government officials) to debate the merits of this framework. But instead we're stuck with either that cesspool or this silent cavern of echoes. Sigh!...

But not as a means of payment.

Many wanted the Bank of Canada to do a similar thing when it was created in 1934. The idea wasn't to deposit agricultural products (which I think was in the subtreasury plan, but correct me if I've forgotten!), but was to lend against them at set rates to provide liquidity outside of the banks.

Obviously! Have a great sleep

Ha! Boy do I agree. All I ever do is complain about Polyani...

You're clearly right that the old order isn't dead yet. But, when we look at the future, do we really think we're going back to it? I'm extremely skeptical.

Tariffs are just one example. Countries are exploring domestic vaccine production after covid. Cimate change is affecting all kinds of supply chains. It's not just Trump's tariffs that are pushing protectionism!

Furthermore, late 20thC neoliberalism and 'free-trade' ideology thrived on a certain stability (obviously stability for some, not everyone!) guaranteed by a global hegemon enforcing a global order. All we have now is growing instability, which will only grow with global politics and climate change!

Doesn't that seem like a specific order fraying? You then have popular support for neoliberal policies losing popularity on both the left and the right (even if the parties are sometimes slow to accept this)...

Second, agree that it's not a foregone conclusion. However, what if we look at the shift starting around 9/11 & the GFC? Don't you see increased exercise of power by specific neoliberal institutions (central banks e.g.) alongside a decay of the political power of relying on technocratic expertise?

On that, I'd rather respond to your more interesting point about whether we really are moving past neoliberalism! I think we definitely are, though with the caveats. First off, I agree with you about the pacing here: these things develop over time, not simply with one president pushing tariffs...

I actually agree with all of this! Maybe I'm just reading his piece too generously. (Also liked the cotton book, just haven't read Global History. My small beef with the cotton book is his treatment of law, but I know I can be too nit-picky on that stuff.)

Suppose I just didn't read him that way. I read him (perhaps too generously) as saying: 'neoliberalism hived markets off from politics to protect them from democracy. Trump is making markets political again, just not democratic. In opposing Trump, let's not try to put the genie back in the bottle.'