The Lords of Finance: From the Totem of Gold to Modern Politics

This article provides a thorough analysis of the evolution of the global financial system, tracing the path from the 'moral machine' of the gold standard to contemporary, active monetary policy instruments. The author deconstructs the myth of automatism of past monetary regimes, revealing them as tools of social and political discipline. The text provides a detailed discussion of the role of central banks in the face of historical shocks such as the Great Depression and the need to repay war reparations. The reader will learn how the dilemma between liquidity and speculation shaped modern banking and how monetary policy ceased to be a mere passive indicator and became a powerful tool for shaping socioeconomic order. This is essential reading for those seeking to understand the mechanisms of financial crises and the foundations of Modern Monetary Theory (MMT).