[p2p-research] The meltdown and its timing
Paul D. Fernhout
pdfernhout at kurtz-fernhout.com
Wed Aug 5 19:09:30 CEST 2009
Michel Bauwens wrote:
> But what if we could calculate this period more precisely?
Things are the same -- until they are different. :-)
It isn't so much that a debt bubble has burst, as the concept of a debt
bubble has burst. :-) People are getting wise to the whole "money as debt"
scam through the internet.
So, we may see other changes. We are in a new period.
But yes, IMHO mainstream economics may see a decade of, at best, a jobless
recovery. So people will increasingly be turning to alternatives (including
p2p ones). And they may demand more and more structural changes.
I personally feel the jobs issue is more important than the debt issue.
Still, everything is related, since you can only create jobs in a fiat
currency system by creating money-as-debt unless you print money, which is
forbidden in favor of borrowing from the Federal Reserve which is really
just a private bank with special aspects. See also:
"End the Fed? A not-so-crazy idea."
A related issue:
Banks' Observation on Money: "Money is a sign of poverty."
Fernhout's Corollary to Banks' Observation on Money: "The degree to which
money needs to be handled in a society is inversely proportional to the
abundance of imagination, skill, freedom, effort, and community present."
M = 1 / I * S * F * E * C
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