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Only puny secrets need protection. Big discoveries are protected by public incredulity. (M. McLuhan) April 20, 2008

Posted by olvidadorio in Economics.
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Check out this blogpost on loan-based economy. Especially “Money as Debt“, a thoroughly-explained, opinionated walkthrough of our monetary system:

I don’t quite agree with (or even fully follow) a few thrusts that are developed (specifically the whole business about right-out government-created money, i believe ripple offers a much better, IOU-based model), also it has been criticized that the film bluntly underplays the role that respending of interest on behalf of banks/shareholders plays to avoid money shortage, but the beginning is just right on.

But how far corrupted is the system really? I believe the fundamental problem about necessary growth is quite ingrained. I don’t think that anyone (I know of) really has a good idea of how far down the tubes our economic system may be. I dare say it’s a fair guess that it won’t be going on forever, but it doesn’t look as if it all’l be grinding to a stand-still any time soon, either.

So if there’s a risk ahead, it’s really important to get a clear idea of its “shape & texture”. What this all boils down to: “In my lifetime?” – possibly. “In my kids’ lifetime?” i’d say: quite possible. I’m 24 now – and my children will live through the big oil crisis and what not. I guess it’ll start during my lifetime, even my active lifetime.

What do you guys think?

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Comments»

1. Sharing A Currency System « what? - October 6, 2008

[…] (money not backed by commodities, i.e. gold) then one should either not go for fractional reserve banking or totally not go for free-wheeling, no-state-intervention, market capitalism. Simply because this […]

2. jill - July 10, 2009

hey gabriel! i was googling my name (gotte keep on top of my copyrighted photos, eh?) and found your blog! wicked 🙂 i had no idea. well its nice to see your blog, i will read it in a minute, and thanks a ton for linking my website! i really appreciate it.
Jill


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