Gabriele Pinosa

• Macroeconomics & Financial Markets
• History of money, seignioraige and Bitcoin
• Financial Crises: reasons, developments and effects

GLOBAL DISORDER: ECONOMIC&FINANCIAL IMPACTS FROM THE END OF HYPER-GLOBALIZATION pandemic and war have imposed the end of the last decades hyperglobalized model, by affirming supply chains no longer based on cost reduction but on strategic security and diversifying supplies (nearshoring, freindshoring). Energy, from “granted commodity” is back to the core global attention, because of both the supply fragmentain and the ongoing energy transition. The World is waking up from the hyperglobalization dream, finding itself in the nightmare of history and geography. Which effects from these new global paradigms on economic&finacial system?

BITCOIN, STABLECOINS AND CENTRAL BANK DIGITAL CURRENCIES (CBDC): THE CLASH OF SEIGNIORAGE the rise of Bitcoin, after Great Financial Crisis burst, has focused the attention on currency. Worlddwilde american dollar seigniorage, established in Bretton Woods, had a turning point with Nixon shock (1971), which has created the fiat money, setting the stage for a monetary hypertrophy potential limitless. While the american dollar’s dominance is questioned by the currency affirmation of the emerging powers, the advent of digital technology does lead to establishing new private digital currencies. Will the Central Banks answer, by CBDC (digital fiat money), be able to stop the ascent of other monetary forms? How is global seigniorage changing?

ECONOMIC AND MONETARY SCENARIO: STRATEGICAL IMPACTS ON ASSET CLASSES the return of inflation, at first dismissed as “only temporary” by several institutions, has radically changed the last decades economic paradigm, impacting both on interest rates and on fiscal and monetary policy. Why is inflation destined to last? Is it only “part of problem” or also “of solution”? The systemic necessity of financial repression does lead Central Banks to forced choiches, in a dead end, of which they are meantime victims and executioners. Which effects on economic system? And which ones on main financial asset and commodities?

FROM CRISIS TO CRISIS: COMMON REASON AND SYSTEMIC IMPACTS during the last decades financial crises follow one another with increasing frequency and intensity. Why? Is there a common thread that ties them all together? The gap between Finance and Economy has supported a gradual increase both of systemic debt and derivative financial instruments bubble. Financial gain, disconnected from real economy, is actually unsustainable. Finance from the “necessary oil” of economy functioning, has become a “self-referential monster” able to push but also to destroy real Economy. How are sociology, anthropolgy and ethics linked to this trend? Is it possible, and at what cost, to tame Finance, making it go from “ultimate end” to a “mean at economy and development service”?