It must be snowing in hell today....

Good article on the front page of today's WSJ:

Actually there's a sh@tload of good (i.e. interesting) articles in the WSJ today. Most days I skim thru it in 5 minutes. Today, I spent well over 1/2 hour and am still not done. Biofuels, Cuba, bamboo, idiotic lead editorial, plus much else.

The Malthusian component of our economy is our banking system, more specifically 'debt based leveraged banking' misnamed by the Banks as 'fractional reserve banking'.

Without geometric expansion of debt the whole system crashes as new money must be forever increased to pay the interest on the ever larger existing debt. It is leveraged debt on the way up and leveraged money destruction on the way down. A debt spiral up and down.

To monetize this ever increasing debt economies must forever expand using more and more natural resources. This is why growth is considered imperative, because our financial system collapses without ever more growth.

Is there a way out? Yes ... Public Central Banks that create their own money and act as a lender at interest to banks whose loans must be made on a one to one basis with private deposits and borrowed deposits from the Public Bank.This takes the leverage out of the system and empowers private deposits to capture a real rate of return. Frugality is rewarded instead of taxed by inflation. The Public Central Bank garners income from its lendings to Private Banks while shedding interest paid to the Federal Reserve. And really, why shouldn't the public garner income from its money, and indeed, Why the Hell should it pay interest on its' own money?