7 C
Byron Shire
May 17, 2021

End interest rates

Latest News

Bluesfest announces October dates for 2021 festival

After two disappointing cancelations of their event, Bluesfest has announced that they will hold the 2021 festival over the...

Other News

Byron Comedy Festival launched with a laugh

At a hilarious sold-out launch of the Byron Comedy Festival, Dr Karl Kruszelnicki had the entire Byron Bay Surf Club giggling last night

Father and son win first sailing race

Sixteen boats competed in the Tweed Valley Sailing Club’s race day earlier this month in a 10-12 knot breeze...

Plans to increase building heights in Byron CBD may be shelved

Byron Council’s controversial plan to increase building height limits on a block in the centre of Byron Bay looks set to be abandoned at this week’s planning meeting.

Flickerfest tour returns to the Northern Rivers

Celebrating 30 years in 2021 Flickerfest is bringing its National Tour to The Regent Cinema Murwillumbah for one big film packed this weekend

A hands up poll

Helena Norberg-Hodge and John Page, Byron Bay Hands up everyone who wants another high-end tourist resort in Byron: a place...

Re Netflix

David Gilet, Byron Bay You would have to say that the Byron district has more than its fair share of wankers,...

Good to see the Echonetdaily delving into a major issue of our time by broaching the question of a steady-state economy. With the GFC still a close memory, Greece on the verge of financial collapse and Australia stuck in a two-speed economy, you have to wonder where traditional economic policies will ultimately lead us? It has been a gospel truth since the Great Depression of the 1930s that economic growth is the answer to all our financial questions. But could it be the opposite?

The Echonetdaily article overlooked a fundamental point close to most people’s hip pockets – interest rates. In reality interest rates are the driver of the growth economy – not global corporations or national politicians. Put simply, if I lend you $100 and expect $110 in return (ie at a 10 per cent interest rate) you have to come up with an extra $10 from somewhere. That is, you have to dig stuff up from the earth such as coal or sell stuff that was once free, such as water. That’s what economic growth really means. Economists and politicians speak as if we just grow from nothing. Nothing is further from the truth. We grow because we take it from the earth or from future generations.

On the other hand, if interest rates were zero per cent there is no necessity for economic growth. You don’t have to dig up more stuff to pay your ever-increasing debts. You just produce enough to cover your needs and maybe even share the rest with your neighbours. In this way communities are built and not destroyed. We start to live within our means and the earth is protected now and for future generations. This is a true steady-state economy, one that is balanced, sustainable and in tune with nature.

Get rid of interest rates and you change the world.

One author who has described this in much more eloquent detail is Charles Eisenstein who wrote the book Sacred Economics. Charles is emerging as one of the ‘poster boys’ of the global occupy movement. He is turning classical economics on its head and offers a road map for an alternative economic future. He has outlined how the global money system has contributed to alienation, competition, scarcity and community destruction – and necessitated endless growth. He argues for a transition to a more connected, ecological and sustainable way of living.

Do yourself a favour and Google him.

Paul Spooner, Byron Bay

Support The Echo

Keeping the community together and the community voice loud and clear is what The Echo is about. More than ever we need your help to keep this voice alive and thriving in the community.

Like all businesses we are struggling to keep food on the table of all our local and hard working journalists, artists, sales, delivery and drudges who keep the news coming out to you both in the newspaper and online. If you can spare a few dollars a week – or maybe more – we would appreciate all the support you are able to give to keep the voice of independent, local journalism alive.


Please enter your comment!
Please enter your name here

Power outage in Byron Shire

Power supply company Essential Energy says that approximately 1,780 homes and businesses were without supply this morning.

Filming of Byron Baes begins with no indigenous consultation

Filming of the Netflix series Byron Baes has reportedly commenced without any effort made by the show's production company – Eureka Productions – to consult with local indigenous groups or the local Council.

Byron Comedy Festival launched with a laugh

At a hilarious sold-out launch of the Byron Comedy Festival, Dr Karl Kruszelnicki had the entire Byron Bay Surf Club giggling last night

School Strike for Climate next Friday

Next Friday from 10am Byron Shire students will be demanding political action on the climate emergency in what they and their supporters say is our present, future and reality.