"...the economy is a function of surplus energy, and money is the medium with which this energy surplus is quantified. From its origins as a claim on human energy (in the form of labour), money has become a claim on energy, past, present or future. At the same time, debt is by definition a claim on future money. So the ultimate nature of debt is that it is a claim on future energy.From: End Game - The Denouement of Exponentials, Tullett Prebon
A debt-driven system is thus viable if – and only if – the energy of the future is sufficient to meet the claims that exist on it. And the payment of interest in turn requires that the money (that is, the energy-claim) of the future has to be greater than it is today."
Tuesday, April 5, 2011
Quote of The Day
... and, possibly, the rest of the century: