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French economist Jean Tirole warns that inadequate regulation of stablecoins could lead to government bailouts costing billions of dollars if they collapse during a financial crisis.
Is this a truthful warning? Or is it a nudge so the public accepts more regulation, control and, ultimately, tokenisation of societies?
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Jean Tirole, a professor at the Toulouse School of Economics and a Nobel Prize-winning economist, has issued a stark warning that inadequate regulation of stablecoins could lead to government bailouts costing billions of dollars if these digital assets collapse during a financial crisis.
In an interview with the Financial Times, Tirole said he was “very, very worried” about the current supervision of stablecoins, cautioning that a loss of confidence in their reserves could spark a rush of withdrawals, undermining their peg to sovereign currencies such as the US dollar.
“Global use of stablecoins has already risen to around $280bn as US President Donald Trump pushes to establish them as a pillar of mainstream finance,” the Financial Times said.
Tirole’s concern is that if a stablecoin becomes systemically important and fails, it could cause widespread financial contagion, necessitating a taxpayer-funded bailout to prevent a broader economic collapse.
The warning comes as global regulators, including those in the US and EU, are actively developing comprehensive frameworks to manage the systemic risks posed by stablecoins, according to Coin World.
Crypto News noted that the Economist argues that the risk of a bailout could be contained if supervisors had enough resources and incentives to act diligently. “The debate comes as stablecoins continue to anchor much of global crypto trading. Supporters see them as essential for bridging fiat and digital finance, while critics worry about the lack of transparency and the potential burden on taxpayers if a collapse occurs.”
The Financial Times noted that “Tirole’s warning comes a month after the European Central Bank [ECB] cautioned that the rise of US dollar-backed stablecoins threatened to undermine its control over monetary policy.”
Is the ECB battling with the US for control merely over monetary policy?
At the Technocracy Roundtable at the end of last month, Aaron Day, Courtenay Turner, Patrick Wood and Craig Wenclewicz discussed the concept of tokenisation. Day explained:
“CBDCs or stablecoins are just a digital token that represents a dollar … But in the technocratic version of this, there are some features about these tokens that are alarming. They can be centrally controlled and issued. They can be programmed. They can be tracked. And they can be censored.”
He continued, “But [the Technocrats are] not just stopping at tokenising money. They literally want to tokenise every asset on Earth. They want to tokenise stocks, bonds, commodities, everything that you can imagine, they want to tokenise.”
Combined with a social credit system, this would mean that not only can they stop you from using your money if you behave in such a way that they do not permit, but “they can actually stop you from moving any of your assets or even potentially using your assets.”
The GENIUS Act and the Clarity Act establish stablecoins and digital assets that are centralised versions of tokens which are controlled and managed by third parties, Day explained. “So, it is really the platform by which they implement technocracy.”
Technocracy Roundtable: What is tokenisation? The Exposé, 30 August 2025
If you want an understanding of what Technocrats are doing concerning stablecoins and other cryptocurrencies, we recommend you listen to the 50-minute discussion at the Technocracy Roundtable beginning at timestamp 22:39.
Is Tirole’s warning fear-mongering or, perhaps, serving as a trigger to push the tokenisation agenda along? It quite possibly is either. In 2017, he published a book titled ‘Economics for the Common Good’, describing “a bold new agenda for the role of economics in society.”
As we have noted previously, “the common good” is a collectivist term used for social control. Collectivism takes many forms: socialism, fascism, Nazism or National Socialism, welfare statism and communism. As German Nazi politician Hermann Goering said, the highest principle of Nazism is “common good comes before private good.”
On page 2 of his book, Tirole asked, “Have we lost sight of the common good? If so, how might economics help us get back on track in pursuing it?” And continued:
Defining the common good – our collective aspiration for society – requires, to some extent, a value judgment … It is possible, however, to eliminate some of the arbitrariness inherent in defining the common good … The key question here is not what type of ideal society you would like to live in – for example, one in which citizens, workers, business leaders, political officials, and nations spontaneously put the common interests ahead of personal interests.
This book therefore takes … the following principle: whether they are politicians, CEOs, or employees, whether they are out of work, independent contractors, high officials, farmers, or researchers – whatever their place in society – people react to the incentives facing them. These material or social incentives combined with their personal preferences, define their behaviour; and this behaviour may not be in the general interest. The quest for the common good therefore involves constructing institutions to reconcile, as far as possible, the interest of the individual with the general interest.
It sounds like Tirole is attempting to convince readers that he will decide what is “in the general interest” and is merely a verbose form of Hermann Goering’s highest principle of Nazism.
As with the Nazis, Tirole wants his control to be wide sweeping. A synopsis of his book states:
Tirole says we urgently need economists to engage with the many challenges facing society, helping to identify our key objectives and the tools needed to meet them. To show how economics can help us realise the common good, Tirole shares his insights on a broad array of questions affecting our everyday lives and the future of our society, including global warming, unemployment, the post-2008 global financial order, the Euro crisis, the digital revolution, innovation, and the proper balance between the free market and regulation.
Economics for the Common Good, T G Jones
Two questions must be answered by Tirole about his hideous worldview: Who defines what is in “the general interest” and who controls the institutions that will decide what behaviour or which people to restrict?
Perhaps a blog published by the London School of Economics (“LSE”) gives us some insight. Beginning with a quote from Tirole, LSE wrote:
“Economic agents react to incentives, some of which derive from the social groups to which they belong: they are influenced by social norms; they yield to conformism and fashions, construct multiple identities, behave gregariously, are influenced by the individuals with whom they are directly or indirectly connected in social networks, and tend to think like just [sic] other members of their communities.”
Given that anchor, he is wonderfully clear-eyed on how best to address climate change: namely, a uniform carbon price that does not allow for free riders.
Book Review: Economics for the Common Good by Jean Tirole, LSE, 9 July 2018
It seems Tirole and his admirers believe it should be they who decide what is in “the general interest.” And they, perhaps, also believe the institutions they belong to should make the rules by which all should abide, or else have their lives restricted.
From the above, we can deduce that Tirole is likely a Globalist puppet. What are the chances, then, that his warnings about stablecoins are to further a Globalist aim, such as technocracy?
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