When the world’s second-largest stablecoin became embroiled in the collapse of a California bank late last week, it echoed the now-famous maxim of Nobuhiro Kiyotaki and John Moore. “Evil,” the economists claimed in a 2001 lecture that was later published as an essay of the same name, “is the root of all money.”
Turning a popular aphorism on its head was a trick used by the professors to stimulate a professional discussion. “Evil is a strong word,” they wrote. “You may find the moral category too rigid for something as lenient as breaking a promise. In this case you might want to change the title to “Distrust is the root of all money”. But that wouldn’t have the same sound.”
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