Money as Debt

I believe it's the task of this generation to transform the paradigm of lack to one of abundance. The monetary system as we know it based in Money as Debt is rarely questioned, but its deceitfully fraudulent structure is creating anything but well-being for the masses of the world. At its core the system relies on sustained economic growth, largely based on material throughput, in a world of finite material resources--a physical impossibility that will come to a head in my lifetime--and if economies aren't growing the system fails. Recently America "dealt" with its debt crisis by printing more money and going deeper into debt to avoid default, but creating more debt to pay off debt is ridiculously illogical even to the causal observer. The budget cuts subsequently passed will do little to alleviate America's enormous debt burden in the long-run as it continually grows accruing interest--the country only postponed actually addressing the issue in a meaningful way, it will be back. In countries that don't have the luxury of printing money at will to pay off debt--Ireland, Greece, Spain, Portugal and soon Italy--debt burdens are causing national insolvency and economic depression. 

The sad thing is these are predictable results of a monetary system based on money as debt in combination with the mechanism of accrued interest. The system fundamentally perpetuates scarcity--there is never enough money in the system to pay back the principle of debt plus the interest it accrues. This creates the need to print more money, which results in inflation (devaluing of money already in existence) and the creation of more debt, which again results in the need to print more money which again means the creation of more debt and so on--its a vicious cycle. Do you see the flaw?

This is going to be a major issue in the years to come which will cause undeniable hardship in the lives of many in the short-term, but in the long-run its an opportunity to transform a system that has never really benefited the people it serves. With a better understanding of the shortcomings of the current system we can ease the burden of the transition, while more effectively influencing an ethical, equitable and sustainable metamorphosis.