ALIBEK BEKZHIGITOV
This paper examines how the modern financial system, utilizing the mechanism of Quantitative Easing (QE), bypasses the First Law of Thermodynamics on a macroeconomic scale. Central banks generate massive liquidity out of thin air, backed neither by physical production nor by breakthrough technologies. Within this model, the citizen ceases to be a free economic agent and transforms into a perpetual rent stream. This paper serves as Part 2 and a continuation of the theoretical framework established in "The Velvet Leviathan".