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Life After Growth: How the global economy really works - and why 200 years of growth are over by Tim Morgan

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Chapter 13: Value Destruction – the Financial Economy

THE SLOWING AND REVERSAL of growth in the real economy has undermined the financial system to the point where huge quantities of supposed ‘value’ are going to be destroyed. Although inflation will play a role in the process of value destruction, defaults are inevitable, and will include both bank failures and sovereign bankruptcies.

One of the fundamental weaknesses of the monetary economy is that, in its anticipatory function, the system remains predicated on the no-longer-valid assumption of perpetual economic growth. Together with the excesses of the super-cycle and the structural distortions of globalisation, this has resulted in the creation of claims (in the form of money and debt) ...

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