Tor its evangelists, bitcoin is a frictionless, empowering form of money that liberates citizens of the world from the shackles of banks and national governments. To skeptics, the cryptocurrency is a tool of kleptocrats and gangsters, environmentally monstrous in its consumption of energy, a digitally glamorized Ponzi scheme whose eventual crash will most hurt those least able to afford a loss.
Confidence may or may not have been enhanced by the unveiling, by President Nayib Bukele, of images of a proposed bitcoin-shaped Bitcoin City in El Salvador, funded with a bitcoin bond, the currency’s logo embedded in the central plaza, a metropolis powered with geothermal energy from a nearby volcano. Bukele, the self-styled “coolest dictator in the world”, a former publicist who wears baseball caps back to front, has already made El Salvador the first country to adopt bitcoin as the official currency. “The plan is simple,” he said. “As the world falls into tyranny, we’ll create a haven for freedom.”
Leaving aside the worrisome Pompeii vibe of the city’s location, some shine has come off the president’s vision with the news that the country’s investments in cryptocurrency have lost 45% of their value, that it scores CCC with the credit rating agency Fitch, and that the perceived risk of its bonds is up there with that of war-torn Ukraine. And Bukele’s talk of freedom doesn’t sit well with Amnesty International’s claim that his recent state of emergency has created “a perfect storm of human rights violations”.
But why worry about any of this when you have shiny computer-generated images of a fantasy city to distract you?
Unsecured credit line
The use of constructional bluster by populist leaders – Trump’s wall, for example – is not in itself anything new. See also the island airport, garden bridge, Irish Sea bridge, 40 new hospitals and 300,000 homes a year promised but not delivered by Boris Johnson, and the nuclear power stations he has implausibly pledged to build at a rate of one a year.
Last week his fondness for Potemkin infrastructure took a new twist. Rather than over-promise illusory schemes and under-deliver them, I have decided to take credit for something actually built, the £19bn Elizabeth line in London, formerly known as Crossrail, whose central section opens to the public on Tuesday. “We get the big things done,” he boasted to the House of Commons, choosing to ignore the fact that the line was initiated under a Labor prime minister and a Labor mayor of London. He almost makes Nayib Bukele look credible.
behind the red wall
If you want a light-hearted night out – a date, a birthday treat – then the House of Shades, a new play by Beth Steel, might not, unless you are an unusual person, be for you. It is a cross between Greek tragedy and what was once called kitchen sink drama, a story of ever-mounting misery set in a Nottinghamshire town from 1965 to 2019. It covers the collapse of manufacturing, the rise of Thatcherism, the promises of New Labour. and the disillusionment that led to “red wall” seats voting Conservative in 2019.
It features illegal abortion, graphically portrayed, and the effects of inflation, both newly significant. All presented at the Almeida theater in the famously metropolitan London borough of Islington, not far from the former restaurant where Tony Blair and Gordon Brown did the 1994 deal that shaped some of the events in the play. There’s irony here to make this audience squirm. Which, along with several other not-comfortable emotions, is probably the desired effect.