This gathering brought together people from many countries and different walks of life to consider how we can best stabilise our increasingly rocky and ecologically toxic global financial system. Report by Caroline Whyte.
Graham Barnes identifies five sources of credit creation and suggests some ways in which we could privilege the most desirable ones and discourage the others.
Graham Barnes argues that the misallocation of credit by banks exacerbates instability and inequality, and results in the neglect of projects that aren't profitable. He proposes two possible solutions.
Graham Barnes writes that "creating and maintaining a currency without any interaction with fiat is clearly a challenge. It's like asking fish to reinvent water while they are swimming around in it. But if we consider the main forms of interaction with fiat, some clues as to the management of the difficulties may emerge."
In this week's Fleeing Vesuvius article, Nate Hagens and Kenneth Mulder explain why today’s prices and costs provide a very bad basis for making investment decisions. They reflect temporary relative market scarcities rather than long-run underlying physical ones. The world needs to abandon money as its measure when determining energy and economic policy if it is to invest its scarcest, most limiting resources in the best possible way.