In general, we’re pretty comfortable with ponzi models -we live, quite happily, in a ponzi economy, one in which the concept of perpetual economic growth is sold, divvied up again and resold. We live in a Ponzi ecology where we borrow constantly against the future to pay for our present affluence. Is this truly a Ponzi scheme? I think the answer is yes – a Ponzi scheme never really generates new wealth, it simply relies on a constant stream of new money. And since the eco-Ponzi economy relies most of all on reducing the capacity of future generations to live well – because natural resources and associated wealth are already drawn down, I think that it does meet the criteria at both the economic and ecological levels…
Growth capitalism in general and the real estate bubble in particular depended heavily on the idea that we can’t live together, that everyone has to own their own separate household. So the rise in average material living space from 250 square feet per person in 1950 to 850 square feet for each warm body in 2000 was in part a product of the constant message that living together with one’s family or friends was a measure of failure.
Sharon Astyk The Ponzi Scheme as way of life
