PowerSwitch

“Debts are subject to the laws of mathematics rather than physics. Unlike wealth, which is subject to the laws of thermodynamics, debts do not rot with old age and are not consumed in the process of living. On the contrary, they grow at so much per cent per annum, by the well-known mathematical laws of simple and compound interest … It is this underlying confusion between wealth and debt which has made such a tragedy of the scientific era.”

–- Frederick Soddy, in Wealth, Virtual Wealth and Debt (1926).

stevecook172001 wrote:I was particularly struck by this quote at the beginning of the article:

“Debts are subject to the laws of mathematics rather than physics. Unlike wealth, which is subject to the laws of thermodynamics, debts do not rot with old age and are not consumed in the process of living. On the contrary, they grow at so much per cent per annum, by the well-known mathematical laws of simple and compound interest … It is this underlying confusion between wealth and debt which has made such a tragedy of the scientific era.”

–- Frederick Soddy, in Wealth, Virtual Wealth and Debt (1926).

Some people understood the essential problem way back it would seem.

Also, it's entertaining to see an article on website like that essentially pushing for a socialist solution to the problem in terms each receiving according to their "needs" instead of "wants". The guy's a socialist, but he just can't quite bring himself to use the word.

emordnilap wrote:Looks good, I'll study it, thanks UE and happy new avatar.

Charles Eisenstein has a lot of interesting stuff to say about money too, such as the need for a system which discourages hoarding of the stuff.

peaceful_life wrote: And yet, positive money, doesn't propose a monetary system without usury.