Digitalization

The other day I was in a shopping mall looking for an ATM to get some cash. There was no ATM. A week ago, there was still a branch office of a local bank – no more, gone. A Starbucks will replace the space left empty by the bank. I asked around – there will be no more cash automats in this mall – and this pattern is repeated over and over throughout Switzerland and throughout western Europe. Cash machines gradually but ever so faster disappear, not only from shopping malls, also from street corners. Will Switzerland become the first country fully running on digital money?

The transnational capitalist class is pouring billions of dollars into the rapid digitalization of global capitalism as the latest outlet for its surplus accumulated capital and hedging its bets on new investment opportunities in a global police state. But will these ballooning sectors of the global economy allow the world capitalist system to avoid another catastrophic crisis?