Part I: Faith

Faith—confidence of belief based not on proof but trust in a person, thing, or teaching.

In the later half of the twentieth century, a money culture dominated. Money changed from a mechanism of exchange into something important in its own right. It ceased to be a claim on real things, becoming instead a way to create wealth, increase economic activity, and promote growth.

Money came to dominate individual lives, through saving for retirement and debt to finance consumption. Companies relied on money games to boost profit. Newly deregulated banks took advantage of the new opportunities to move into central roles in modern economies. Cities and countries became financialized.

Financialization was reinforced by the media, which increasingly provided 24/7 coverage of money matters.