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Originally Posted by MariconesUnited  I think they're more of a symptom than a cause. Essentially all money created creates more debt. In other words if we could somehow gather all the available money and paid it back to the central banks we would still be in the red due to interests and other factors. I think the problem stems out of the underlying philosophy itself. Unlimited growth. On a world with limited resources. We're seeing more and more that most of this growth is imaginary. We're forgetting concepts like sustainability due to the myopic self-interested view that the system promotes. |
This is an interesting point, and indeed, all money created creates more debt.
But, who "creates" the money? Back in the days of the gold standard, no one "created" the money (it wasn't created at all, in fact, but mined and minted)--what there was, was held in reserve: limited money supply. Such might limit growth, but at the same time it limits debt.
And, for those who believe in the unlimited growth potential for fiat currency, well, as I ask in the O.P., what's happening in the E.U. right now?
But, we've been on a digression of sorts (not that there's anything wrong with that). I was really looking to see if any Europeans could chime in (but thanks again to Pete for doing so). Seems like they just don't want to talk about it.