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Dear Luc

There is nothing more powerful than Greed.

For 25-years I've held in memory a sign over a Lloyd's Syndicate -  
"Greed Overcomes Discretion" or the 'GOD Principle'

It was their God not mine but it seems all pervasive.

It is not just the compound interest curve that is at fault but the  
underlying data, manner in which pricing is conducted and Statistics  
itself.

Please keep that objective head going, I'll need it soon.

Stefan

On 20 Oct 2008, at 19:15, Luc Hoebeke wrote:

> Dear all,
>
> The New Scientist of 18 october 2008 has a series of interesting  
> articles about the folly of growth: how to stop the economy killing  
> the planet.
>
> Apparently economists have not yet understood the 1963 paper: limits  
> to growth.
>
> Why not? Because they are hooked on a simple mechanism: compounded  
> interest. Its consequences is that debts are profitable (for a  
> certain time as we experience now), that money can generate money  
> through debts and that somewhere these debts shall never have to be  
> repaid. The compound interest curve is a simple exponential curve.  
> And indeed for exponential minded people: the sky is the limit.  
> Unfortunately the vacuum of the space is rather difficult to live in.
>
> Somehow medieval christianism and islamic ethicists got it right  
> when they claimed that usury (making money out of money) is a  
> destructive sin.
>
> But I didn't hear any economist-pundit (strange how they are not  
> ashamed to appear as pundits after what happened) reflect upon that  
> simple mechanism leading to the material impossibility to pay back  
> debts. Have one really to be a cybernetician to become aware of  
> vivious circles?
>
> Kind regards,
>
> Luc
>
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