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This system is the root cause of the industrial economy.
What are the lessons in all this?
1. Exponential growth, powered by the financial system, is unsustainable, and doomed to collapse. This is the nature of any exponential process.
2. The true villain of the piece, and the cause of exponential economic growth, is our current, outrageous financial system, defined by the lending of money at usurious and therefore exponential interest rates by a private monopoly backed by the state.
3. The vast power unleashed by this financial-industrial revolution has completely corrupted those who have been able to manipulate and benefit from it, resulting in an inhumane, narcissistic culture of arrogance, contemptuous of traditional, sustainable ways of being.
4. Our financial system is a relatively recent invention, devised by clever, selfish men for their personal gain. It is not the product of any natural or inevitable process, nor of democratic deliberation. It is a scam. We need not be stuck with it, and the sooner we rid ourselves of it the better.
5. A sustainable, post-collapse economy on a finite planet will require a return to reciprocal, cooperative arrangements for the exchange of goods and services. Loans will have to be based on current collateral, not on leverage or on speculative exploitation of (increasingly non-existent) resources.
6. Usury will have to be prohibited in future lending. The monetary system, by which money is created through lending, cannot be a for-profit monopoly, whether it be private or public.
7. Any future financial system will have to be designed to avoid concentrations of financial power, making it possible for it to be held accountable by the public. If money creation is to serve the public, it must be done locally by institutions that are locally controlled.
This system is the root cause of the industrial economy.
What are the lessons in all this?
1. Exponential growth, powered by the financial system, is unsustainable, and doomed to collapse. This is the nature of any exponential process.
2. The true villain of the piece, and the cause of exponential economic growth, is our current, outrageous financial system, defined by the lending of money at usurious and therefore exponential interest rates by a private monopoly backed by the state.
3. The vast power unleashed by this financial-industrial revolution has completely corrupted those who have been able to manipulate and benefit from it, resulting in an inhumane, narcissistic culture of arrogance, contemptuous of traditional, sustainable ways of being.
4. Our financial system is a relatively recent invention, devised by clever, selfish men for their personal gain. It is not the product of any natural or inevitable process, nor of democratic deliberation. It is a scam. We need not be stuck with it, and the sooner we rid ourselves of it the better.
5. A sustainable, post-collapse economy on a finite planet will require a return to reciprocal, cooperative arrangements for the exchange of goods and services. Loans will have to be based on current collateral, not on leverage or on speculative exploitation of (increasingly non-existent) resources.
6. Usury will have to be prohibited in future lending. The monetary system, by which money is created through lending, cannot be a for-profit monopoly, whether it be private or public.
7. Any future financial system will have to be designed to avoid concentrations of financial power, making it possible for it to be held accountable by the public. If money creation is to serve the public, it must be done locally by institutions that are locally controlled.
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