A mathematical consequence of debt-based fractional reserve monetary system is that inflation and money supply will grow exponentially, even if this exponential growth rate is "small." As time is infinite, borrowing from the future is also infinite (You can always borrow from generations farther and farther in the future to pay for Ponzi Medicare and Ponzi Social Security). Money supply and credit are mathematical constructs that exist in banks' computer memories and they can be infinite. Consequently, cost of all things will increase exponentially with time. It makes no difference to a human being to ingest 2000 Calories a day in the year 2010 or in the year 1900; it is the same daily energy requirement; the only difference may be that in 1900, the cost of 2000 Cal was 5 cents and in 2000, 20 dollars. The cost is a mathematical construct and has little material meaning as long as people have comparable means to obtain credits to purchase 2000 Cal of food (or other items). If the amount of labor to procure $20 in 2010 is the same as the amount to procure 5 cents in 1900, life is not worse off due to inflation and expansion of money supply or debt. Only the carrying capacity of the physical world can limit the insanity of exponential population and credit growth.
Debt and Money is basically the same, the only difference is time; hence the future evolution of money would be debt.
What is going to happen eventually is global government. It is necessary, and it is inevitable. Homo Sapiens Sapiens are a singular species whom at the present time feel the need to kill each other over imaginary lines drawn on pieces of paper called maps. As the human species evolves, we will also recognize that what today we call money is equally meaningless. It has no real value beyond what is given to it in the mind of the bearer and the receiver. Caveat Emptor
Human beings are no different than any other territorial animal. If a Lion wanders into its neighbors territory it gets killed or kills the other Lion and claims its territory. The lines that make up the Lion's territory certainly aren't imaginary and neither are the ones that create man's territory.
you have touched upon the supply side economic theory, part of it anyway. the problem is not so much the infinite growth but the fact that people who have return based on debt will not receive expectations as a result of the principle sum not being repaid as the money supply grows. effectively it is not going to pay back savers and people will lose money when the bubble bursts. one persons debt is anothers asset so if that debt is not repaid they will be peasants.
Humans are primitive thinking in the concept of nationalism. We are not lions, as another poster alluded to. Scarcity on this planet is an illusion, there is plenty to go around. Until we stop warring with each other, thereby destroying human potential and natural resources, we will descend into an untenable situation with untenable weaponry. The scant survivors of the next war will see that we will either get together, or we will die out completely. The next war will destroy nations as they defined today. It is going to happen, one way or the other.
There is a famous quote from a guy in Los Angeles a while back. " Can't we all just get along?" He was suing the city for 1 million dollars at the time. The progressive highly educated intellectuals have never understood the common man but continue to idealize him in an ideal world.Perhaps when they have succeeded in selectively breeding out the traits that make us human the utopia they dream can be put into effect.
I don't agree. Throughout history, borders have been redrawn many times. Some nations fail, some nations prosper. Who would be president of this government of the world? Do you Arabs would have a problem being governed by an American? What about how Japan would feel being governed by a Chinese president or vice versa? I don't think the scenario you're speaking of is likely or possible. Not any time in the foreseeable future anyways.
The EU will be the model for the one world government would be my best guess. And u are right it would take severe trauma to make this happen.