As mentioned in the first part, the generations that have thrived in the 20th century have left us an unsolvable mess at our doorstep. They have amassed astronomical riches by wasting the following generations (our) resources and demand that the next generations will clean up the mess.
The most mind boggling thing is that the capitalists see it just the other way round. In the capitalist thinking we are indebted and are supposed to pay them interest for the riches they have raked in by greedily and stupidly wasting the resources for no other reason than being richer than the next man.
Please think about this once again. This generation that has been bereft of their part of the riches of this planet by the previous generations capitalist is now asked by the thieves them self’s to pay them interest as if we were indebted to them? This is far beyond sanity.
As growth comes to a halt the amount of interest in relation to the GDP will skyrocket. The global amount of liquidity (that is of course balanced out by a similar amount of debts) is today ten times the global GDP. 90 % of these riches are in the hand of us-americans, and most of it is owned by the top one percent.
How could the rich get that rich? How could they accumulate that much power? One of the reason is that it seems socialism failed us. As mentioned in the previous post, this power and money was not earned by the working class or the farmers, it was accumulated by exploiting the natural ressources of the planet while the socialists were bought off just enough to be content to let it happen.
We can not blame it on the left though, the sad truth is, that all members of society seemed to be content to adjust to capitalism if the “benefits” of growth would to some degree trickle down to them. In capitalism the future generation painfully lacks a lobby. Most people were content with “enough” and didn’t bother that some accumulated riches of astronomical magnitudes, not thinking that these riches would amount also in debts and interests to be paid.
The GDP, limited by services and goods produced and therefore by energy, will stop growing as the oil production peaks. No, it has already stopped growing 2006 when peak crude oil was reached. Growth as (ostensibly) happened afterwards happened in the virtual world of financial industry and was, by all means, a sham.
For the amount of interest people around the world have to pay alone, when considering a rate of 5%, half of the global GDP will be needed! This means, 50% of the time we work will be for paying for the interests of the rich without ever having the remotest chance to paying these imagined debts back and while the interest will rise every year because the amounted liquidity will rise exponentially.
This is the future we are presented with from a monetary side, if (or while) capitalism is not overcome. While the demands of the rich will rise, our means of living will diminish drastically. Without enough oil we will not be able to produce the same amount of food and famines will spread around the world.
Oil is the basis for all products we make, especially in the chemical industry. Oil is needed to get to or exploit every other resource while these will also get rare, harder to find and further to transport. Transportation, logistics and personal mobility will be more and more of a problem.(see i.e. Hirsch report)
Al these problems are not insurmountable with enough time and resources, but the time we had was wasted with accumulating riches instead preparing for a steady state economy. The people these riches belong to fail to see these problems, ignore them or choose to not care about them.
In order to have any chance to successfully transition into a steady state economy we will have to wrest the future from the hands of those that have stolen it. This is not a class struggle, but the most vicious conflict between generations this world has ever seen.
It is also struggle for which we almost have no energy left because of the weight of the ostensible debts for which we are supposed to pay interest, a struggle against an enemy that is more powerful than any power in the world has ever been. We would need all our abilities and what is left of the resources to solve all of the overwhelming problems caused by the diminishing oil resources.
Instead we will have to use all of our energy to topple the corrupt governments that side up with the rich old men that give a rats ass about our future. This is why young people ”see no future”, these are the hurdles we have to take, and I did not even mention global warming that is left to us as a special gift from the 20th century.
Read on in Part 3