Onement - An Update

During the past two years – since publishing New Currency – I have been immersed in a singular question. In fact, it is probably the most frequently asked question that I have received from readers as well. It could generally be expressed as: “I understand how demurrage could eliminate our compulsion for exponential growth and shift our focus towards a more co-creative and integrated society… But how on Earth can it ever happen?”

The implicit assumption is that the economy is out of our hands, that the powers that be would never agree to such a change due to their investments in the current system, the intense lobbying pressure, the potential backlash and negative impact on their careers or simply due to their inability to agree on pretty much anything.

My standard answer to this problem has always been that the crisis itself is forcing economists and politicians alike to reevaluate everything. Even Alan Greenspan had admitted that his entire intellectual edifice had crumbled. As the economy continues to endure hardship and recurring crises, I would argue that eventually the pain and challenge would force politicians and economists to confront the problems they’ve long relegated to the sidelines because they had no answers and had discounted their importance. Read more »