“We can create money, but we cannot create energy, only extract what exists — FASTER.”
“We can create money, but we cannot create energy, only extract what exists — FASTER. And importantly, when money is created the interest is not. This creates a growth imperative for our economy to be able to pay interest in the future. Whenever we’ve encountered resource or energy limits – for example, the 1970s – we started to use the social construct of credit to overcome the near-term economic pain. In every single year since 1965, the United States and the world have grown their total debt more than they’ve grown their economies.” —Nate Hagens, from his Myth #22
My transcript of this repost focuses on Nate’s 2:55-minute crash course in economics – a valiant attempt to explain to the untutored (like myself) the relationship between money and resources. Without fully understanding his explanation, I’ll just accept at face value that he effectively discredits Myth #22: “We Can Always Get More Resources If We Have More Money.” Myth #22 is one of 33 myths Nate covered in his May 21st Earth Day talk titled, Earth and Humanity: Myth and Reality. The beauty of his 2hr, 52min long, information-rich Earth Day talk is that it is more of an indexed reference tool for recurrent consultation than a lecture meant to be assimilated in one sitting.
At the bottom of this post is a complete time-stamped list of the titles of all of Hagens’ 33 myths, plus his opening Introduction and closing Interventions (and Wild Ideas). The myths can be watched in any order — but, as Hagens mentions, the order decided on seems logical.
…click on the above link to read the rest of the article…