Sublime

The central relationship that money crystallizes is between lender and borrower.

Securitization had produced the most toxic financial assets in the world – Fabrice Tourre was just one of an army of financial engineers manufacturing them – and had spread them far beyond the originating banks; revealingly, the near-total collapse of securitization in the course of 2008 was a key feature of the crisis.

Once again, however, the opportunity for financial innovation was provided by war.