Wright: The Bogus Idea That Will Not Die

Indeed:

…What we are describing is essentially a Ponzi scheme. All Ponzi schemes ultimately collapse when it becomes impossible to recruit enough new “investors” to keep the scheme going. The longer it goes on, the bigger the eventual collapse. You can’t fix a Ponzi scheme by keeping it going.

And yet, that is essentially what the proponents of greater population growth are offering as the solution – their advice is to keep the Ponzi scheme going.

In the next few posts, we will look at this in a little more detail – how the terms of the senior promise arose, what we can do to make it sustainable going forward, and the intergenerational consequences if we instead keep the Ponzi scheme going.

Source: The Bogus Idea That Will Not Die