Energy delusions aggravate European economic problems

05/21/2012
Political revolt against fiscal austerity underscores laws governing energy and money to which European leaders should pay more heed: Neither can be created from nothing. No one, not even politicians, can create energy. All people can do is make available energy useful. People can, in a sense, create money. Individuals and corporations can earn profits. And governments can increase the amount of currency in circulation. In neither case, however, does the money come from nothing. Generating profits expends some combination of land, labor, and capital. Raising money supply, unless compensated by productivity gains, lowers currency value. Problems arise when governments act as though they ca...
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