21 Oct '11, 10pm

The role of energy in economic growth

I'm going to have to disagree here Nick. There is very little need for, and value from, banking in the modern world, despite what all the grand HSBC ads plastered all over everywhere would like us to believe. Fractional reserve banking was invented as a way to fund the European expansion and conquest of the rest of the world -- to facilitate rapid economic growth. Since continued economic growth is neither viable in most countries, nor desirable, we no longer have a need for fractional reserve banking. I'd argue that we have no more need for banking, period, at least in terms of supplying credit. Banks do not invest anymore; what they now do is enable and promote misallocation of resources (ie, excess labour and increasingly scarce raw materials) into hopelessly misdirected pursuits to fund one ponzi scheme after the next, to skim wealth off from the middle class through d...

Full article: http://www.theoildrum.com/node/8476#more

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The Role of Energy in Economic Growth

The Role of Energy in Economic Growth

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