Cover of Broken Money

Broken Money

Lyn Alden

Monetary systems as technological stacks.

Alden frames monetary history as a succession of technological stacks — commodity money, bank credit, fiat, and now programmable digital currency — each with its own throughput characteristics, failure modes, and geopolitical implications. The frame is useful because it de-mystifies monetary transformation: the question is not whether the current stack will be replaced but when, and by what, and who controls the upgrade.