The unstated premise of our society is that all of us are born at some level on a socio-economic ladder. Our prime directive is that we must dedicate a substantial part of our waking hours and efforts to climb to higher and higher steps on that ladder. At any step on the ladder we can look down to the comparatively diminished lives we had on the lower steps. And at the very top we–or our descendants–will have attained that perfect Nirvana, the frictionless existence that comes in tandem with virtually limitless wealth.
There is no “silver bullet,” no magic solution that will turn back the clock to an era of abundant resources and easy growth. For now, all that governments can do is buy time through further deficit spending—ideally, using that time to build infrastructure that will continue to function in the coming era of reduced flows of energy and resources. Meanwhile, we must all find ways to come out from under a burden of debt that will otherwise crush us. The inherent contradiction within this prescription is obvious but unavoidable.
The reckoning will be global because the money and banking regime is global — and deeply flawed.