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There are three major interconnected points in the evolution of the economy and in the science of economics: in 1971 all currencies became definitely tradable goods; slightly later neoliberalism became predominant; and then financial mathematics began to fascinate most standard model economists who forget the essence of their science: the wellbeing of everyone. This paper summarizes the consequences: the decline of the welfare state all over the West, the rise of inequalities, and huge public debt and instability of banks. But while the ruling class largely denies it, the worst is probably to come.