And of course, peer to peer trade credit and direct investment will not eliminate positive feedback loops that lead to credit cycles ... while it is certainly likely to lead to the breaking of some existing positive feedback loops, it will create new ones, and we will come across the adverse consequences as we experience our first peer to peer credit crises.

Positive feedback arises out of the deficit basis of the credit currently created ex nihilo by credit institutions.

If "Peer to Peer" trade credit, and peer to peer investment through "unitisation" of value such as energy and land rentals could lead to positive feedback loops then I would be interested to know how.

The instability of our system is caused by the deficit basis of credit creation: if you get rid of that deficit basis you get rid of the valueless credit that causes the feedback, and therefore the cycle.

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