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A very clear explanation, Chris. It is the "gearing" of fractional reserve banking that fixes the game in the lender's favor. Owning a thousand bucks lets the lender loan out ten grand, at interest, and away we go. Perhaps deficit-based finance WAS the closest thing to a perpetual motion machine ever invented.

But it has its limits, and as you say it is meeting its limits in the shortage of limitless, cheap energy.

I often muse about what will be owned in future? What will be ownable by any individual person?

Perhaps the very notion of "owning" a million acres of rainforest as personal property will one day be considered outright insanity, on the basis that those million acres are vital machinery in a thousand human lives. It will be considered as crazy as saying you own two percent of those thousand people's noses.

Thank you for spelling out what I was writing in watercolors.

Frames exist within larger frames. Draw a larger frame around your opponent's frame; he will appear wrong or insufficient. This is how wizards play.

by Antifa (antifa@bellsouth.net) on Wed Jan 17th, 2007 at 02:27:48 PM EST
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