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JakeS:
I think the biggest problems are 19th century problems that have been resurrected after already being solved (more or less) once before (at least in the First World(TM)).

I see the Credit Crash as a 21st Century problem due to its rapid - IT expedited - time horizon, and global extent. However, the underlying problem - unsustainable debt bearing compound interest - dates back thousands of years, and the concept of "Jubilee" was historically used to address it.

The problems caused by debt-inspired growth have never been "solved", because the cause has never been addressed. We have always, one way or another, "reset" the system. We have never solved the underlying problem.

What is entirely new IMHO is that due to direct Internet connections we are seeing the end of the middleman. This is - as migeru puts it - a "Telluric", once in a thousand years, shift.

I see the possibility of a once and for all Jubilee whereby dated debt issued by centralised middlemen/credit institutions will be replaced by undated credit issued by a networked clearing union of actual producers of value, within a framework of trust.

I believe that the Peer to Peer finance already out there will spread virally because those who do not use it will be at a disadvantage to those who do.

Classic emergence.

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

by ChrisCook (cojockathotmaildotcom) on Sat Feb 21st, 2009 at 01:55:35 PM EST
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