This week Phil and Steve examine the concept of compound interest and its inextricable link to exponential growth in a world with finite resources. They discuss how interest was historically viewed as a sin—the crime of usury—across major religions until the industrial revolution provided the physical growth and energy consumption necessary to support such financial claims. The duo highlights the systemic risk posed by the expectation of permanent improvement in living standards, noting that while interest rates may not have an inherent limit, the biosphere certainly does.
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