In the first place, because we are a highly financialised world economy, in which the destabilising role of finance - when it goes wrong - is in proportion to its highly stabilising and dynamic role when it works right.

BBC: Thinking outside the 1930s box

From this moment you get true fiat currencies, the takeoff of financialised capitalism and the emergence of the central bank in each country as money creator on behalf of the state, and thus a major centre of political power.

BBC: Central banks are part of the state