“The idea of a super Bretton Woods would be to cancel the obligation to convert into a capital account. This convertibility has, since the 1980s, represented the precondition of international market liberalization and the accumulation of global imbalances that repeatedly produced the financial crises of the last 30 years. Today even the IMF recognizes that this freedom of movement of capital significantly contributed to the destabilization of the system of commercial exchanges and international financial flows. However, the removal of the convertibility obligation into a capital account from the statuses of a hypothetical new IMF—that has its fundamental objective the reestablishment of the economic sovereignty of nations and the symmetry of exchange relations guaranteed by a supranational monetary system—would have the inevitable consequence of disabling the apparatus that ensured, although with an impressive accumulation of contradictions and financial drifts, the development and affirmation of biocapitalism.”
—Christian Marazzi, The Violence of Financial Capitalism
STEVEN WEXLER 