The Architecture of Fragility: From Glass-Steagall to CBDC

This article provides an in-depth analysis of the evolution of systemic financial instability, moving away from the perception of crises as random anomalies. The author traces the transformation of risk into the illusion of security, examining key historical moments such as the repeal of the Glass-Steagall Act and the development of shadow banking. The text details the mechanisms of securitization, the functioning of the repo market, and the role of central banks as liquidity guarantors. Through an analysis of phenomena such as the Greenspan put and quantitative easing, the publication demonstrates how contemporary financial architecture generates moral hazard. The paper concludes with a look at the future of digital money (CBDC) in the context of the stability of the global economic system.