When Control Becomes Pathological

The risks associated with cryptocurrencies have recently received attention in the media, where e.g. the Swedish Financial Supervisory Authority warns of the high volatility and risk of investments in crypto. Within the EU, as usual, significant efforts are being made to expand the already extensive regulatory framework. Meanwhile, in the US, there has been a marked turnaround. Even the presidential family has launched their own cryptocurrencies, resulting in criticism from industry experts .

Important perspectives, however, are conspicuous by their absence in the conversation.

Iain McGilchrist, a British psychiatrist and philosopher, has introduced the hemispheric hypothesis (a theory about how the brain’s two hemispheres function). The left hemisphere is more detail- and control-oriented, while the right hemisphere is more holistic. A society dominated by the left hemisphere, such as our own according to McGilchrist , “would see it as its task to control everything maximally and would have a paranoid feeling that we need to have surveillance cameras everywhere…”.

During a speech at the World Economic Forum, President Trump recently stated that conservatives complain about big banks, such as Bank of America, not allowing them to conduct business within the bank. Critics argue that the American banking system has been used to persecute political opponents, both during Obama’s and Biden’s terms. Under Obama, ‘Operation Chokepoint’ was introduced to limit certain businesses’ access to banking services. A subcommittee in the Senate now wants to eradicate this phenomenon.

More and more people are discovering that their money is not always under their control. Non-profit associations and congregations are not allowed to open bank accounts. Sometimes they are even thrown out as bank customers. Others may report being subjected to lengthy interrogations by the bank about what they intend to do with their money, even when they just want to transfer funds between their own accounts. Rejected churches are met with silence, while a bank account is necessary to fully operate in society.

When leading economists at the International Monetary Fund (IMF) argue that a cashless society can threaten fundamental rights , including property rights, when churches are refused bank accounts in what is described as “a threat to civil society” and when regulations still fail to combat organised crime , is it not reasonable to wonder if we are on the right path?

With cash, people can pay freely without intermediaries, which constitutes a form of financial freedom. The notes you hold in your hand are your own. Cryptocurrencies, such as Bitcoin, offer a similar possibility: an electronic, peer-to-peer cash system (person to person).

A society dominated by the left hemisphere results in a pathological need for control, according to McGilchrist. A more holistic perspective, taking into account the right hemisphere, would acknowledge that too much control can be detrimental, that property rights are a fundamental right, and that financial freedom is a human right. Do these perspectives not deserve more attention?

Cover image: AI