THE FINANCIAL REGIME

Abstract

Starting from the premise that the financial regime has become a power in and of itself—a fourth, ‘monetative’ power as it were—this essay gives an account of the ascendancy of finance and the shift from geopolitical to geo-economical order, within which there is no democratic legitimacy and no legal accountability and within which a new class conflict also emerges. It goes on to advance five theses on this new financial sovereignty, concluding that sovereign is he, who can transform his risks into other’s dangers and position him-self as the creditor of last resort.