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When you are talking about "Capital" you are essentially referring to "Property" - the legal claim to Absolute ("Divine Right of Capital") "Ownership" of productive assets and the revenues that flow from them.

Above all, we are talking about the concentration in fewer and fewer hands of "Property" in "Commons" such as Land, and, increasingly, Knowledge. We have simply accepted that privatisation of such Commons is acceptable, when in fact it is arguable - with Henry George - that those who have exclusive rights of use over such Commons should compensate those they exclude.

"Usury" is a term I detest since it immediately labels the user as some sort of medieval fundamentalist. I refer instead to "Deficit-based" finance, and the fact that Banks create interest-bearing Credit as Money at a multiple of their Capital base IMHO constitutes - with Absolute ownership of Commons - the two principal causes of the fix we are in.

It is the "gearing" to which this worthless credit gives rise that leads to a transfer of "Commons" wealth to the creditworthy (the "haves") from the rest of us.

We have reached a tipping point IMHO when the Irresistible Force of Economic Growth mandated by the mathematics of compound interest on a deficit-based money supply is running up against the Immovable Object of the lack of availability of energy, and particularly liquid fuels, to sustain that growth.

Something has to give, or something has to change, and as an optimist I believe that the emergence of new forms of property rights and monetary systems that will provide the solution.

Deficit-based Money has run its course, I believe, and the only sustainable alternative is an "asset-based" alternative.


"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Wed Jan 17th, 2007 at 01:27:21 PM EST

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